What happened?
US stock markets ran out of steam, and the nervousness spilled over into crypto as well. According to BitHub.pl, Nvidia shares were down 2.5% around 4:00 p.m. on November 13, deepening the selloff from the previous day. The Nasdaq 100 lost more than 1%, and the S&P 500 handed back the gains from the opening phase of trading.
At the same time, producer price inflation data (PPI, the Producer Price Index, which measures prices on the producer side rather than for consumers) arrived. According to BitHub.pl, October's PPI came in slightly below forecasts, but still marks the highest reading since 2022.
How far did Bitcoin fall?
Here we need to be honest: the individual sources cite different price levels, so below we list each one separately and do not pretend there is a single "correct" number.
| Source | Reported Bitcoin level | Additional context |
|---|---|---|
| Decrypt | drop to around 68,000 USD | new three-month low |
| The Block | below 69,000 USD | see liquidations below |
| Cointelegraph | drop toward 71,000 USD | lowest level since August 20 |
The differences may stem from different moments of measurement during a volatile day or from the differing data sources used by each outlet. We were unable to assemble a single, verified figure from the available materials, so we do not provide one.
How many positions were liquidated?
The Block reports that over the course of four hours, a total of 798 million USD in positions was liquidated across the crypto market, of which 718.5 million USD was in long positions, meaning bets on a rise. This is a typical picture of a situation where a rapid price drop triggers a chain of forced closures of leveraged positions.
What role do Nvidia and Jensen Huang play?
The drop in Nvidia shares is the common denominator across all four reports. Two sources, Decrypt and Cointelegraph, link the turbulence around Nvidia to the departure of CEO Jensen Huang (Decrypt writes about his "exits," Cointelegraph about a "resignation"). BitHub.pl and The Block focus more on the share movement itself and on the macroeconomic context (PPI, expectations regarding the Fed), and do not explicitly confirm this personnel event in their summaries.
Because we only have access to summaries of the sources and not the primary announcement from Nvidia, we classify Jensen Huang's departure as a claim that some sources report but which we cannot independently verify from the available materials. Readers should treat this information as a report from two outlets, not as a confirmed fact from a primary source.
What connects stocks and crypto?
The Block describes the current situation as a combination of uncertainty around Nvidia and tension caused by expectations regarding the US central bank (the Fed). This is a common pattern: when tech stocks fall and macroeconomic uncertainty grows, riskier assets including cryptocurrencies often move in the same direction. An important caveat: concurrent movement (correlation) does not automatically mean causation. From the available data, it is impossible to pin down exactly how much of Bitcoin's drop was caused by Nvidia, how much by the PPI, and how much by general market sentiment.
What to watch for in situations like this?
- Liquidations of leveraged positions. Figures like the 718.5 million USD in longs from The Block show just how "stretched" the market was to one side.
- Macro data. The PPI and the follow-up consumer inflation data influence expectations regarding the Fed and thereby risk appetite.
- Confirmation of personnel news. For information such as a CEO's departure, it is wise to wait for a primary source (an official company announcement) before taking it as a done deal.
This is not investment advice. It is a description of what four sources report about a single day, including where they disagree with one another.