Bitcoin Fell to $71,800 After Nvidia CEO Jensen Huang Resigned. Is That Why BTC Hit Its Lowest Price Since August?
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Bitcoin (CRYPTO:BTC) has fallen to its lowest price since August, trading at approximately $71,300 after the announcement of Jensen Huang’s resignation as CEO of NVIDIA (NASDAQ:NVDA | NVDA Price Prediction). As of November 12, 2026, Bitcoin is down 3.9% in 24 hours. It hasn’t traded this low since August 20, when it hit a daily low of $68,853.
However, Bitcoin had been in a downward trend for weeks before Huang’s exit, down 14.2% over the past month. So, did NVIDIA’s news drive Bitcoin lower, or did it hit an already struggling market?
Bitcoin’s Decline Started Before NVIDIA’s CEO Change
NVIDIA’s release filed with the SEC says Huang “has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately.” Chief financial officer Colette Kress will step in as interim CEO while the board searches for a permanent replacement, with Harvey C. Jones becoming the board’s first-ever chair.
Investors had a heads-up, as reports on November 11 indicated that the board was considering Huang’s removal. After the news, NVIDIA’s stock fell 6.4% in early trading and has dropped 18.8% over the past week.
Bitcoin’s decline had already begun before Huang’s resignation. It closed at $80,428 on November 4 and fell to $75,969 the following day. By November 10, Bitcoin had hit an intraday low of $72,643, already its lowest level since August at the time.
Bitcoin opened the session at $73,928 and has since broken below the $72,643 support level, a price where buyers have stepped in before. So Huang’s resignation pushed an already weakened market through support.
NVIDIA’s Drop Spilled Into Bitcoin Because the Same Investors Own Both
Many Bitcoin investors also hold shares in AI companies like NVIDIA. Hedge funds, ETF buyers, and retail investors often have positions in both markets. When one asset drops, these investors tend to sell their other holdings to raise cash, and Bitcoin is particularly exposed because it trades around the clock.
Analysts at Bitfinex put Bitcoin’s 30-day correlation with the Nasdaq 100 at 0.72 in a November 9 report, a reading that shows the two moving closely together. That’s why Bitcoin has been trading like a tech stock again, and why it fell with tech stocks after the Binance hack.
Bitcoin miners create another link. CoinShares reported on November 10 that around one-third of miner revenue now comes from AI hosting, leasing miners’ power and data center space to AI companies. Uncertainty at NVIDIA, the biggest AI chip seller, could raise concerns about that income, and miners who need cash might sell more Bitcoin.
The decline hit all three major cryptocurrencies. Ethereum (CRYPTO:ETH) fell 4.1% to around $1,995, while Solana (CRYPTO:SOL) dropped 4.9% to about $81. Over the past 30 days, Bitcoin’s 14.2% drop was less severe than Ethereum’s 19.9% and Solana’s 24.3% declines. Bitcoin has the biggest base of ETF and institutional holders, so it tends to be sold last, while smaller coins usually fall harder.
ETF Outflows and Shrinking Stablecoin Supply Added Pressure
On November 11, spot Bitcoin ETFs, funds that hold actual Bitcoin and trade like stocks, saw net outflows of $299.8 million, marking the fifth consecutive day of withdrawals. So fund investors had been pulling money out of Bitcoin all week before Huang’s resignation.
Additionally, the supply of stablecoins, tokens pegged to the dollar that traders use as cash to buy crypto, has been decreasing. A lower supply means less money is waiting on exchanges to buy crypto during price dips.
Bitcoin trades below its 20-day moving average of $77,736, about 9% higher, its 50-day average of $81,140, about 14% higher, and its 200-day average of $73,125, about 3% higher. Trading below all three averages shows sellers in control of the short-, medium-, and long-term trends. Bitcoin also remains 43.4% below its all-time high of $126,080, reached on October 6, 2025.
Did NVIDIA’s CEO Departure Push Bitcoin to Its Lowest Price Since August?
Huang’s resignation explains part of Bitcoin’s decline, but ETF outflows and a month-long downward trend also played substantial roles. NVIDIA will release its quarterly results on November 17, as scheduled. A rebound could depend on that report, the first under an interim CEO, showing that AI demand is holding up.
The last time Bitcoin traded this low, on August 20, it closed the next day at $78,326 and reached $86,597 by September 21. If Bitcoin closes above its 200-day average of $73,125 after November 17, the drop could prove a temporary reaction to NVIDIA’s news. However, if ETF outflows stretch to a sixth day and Bitcoin closes below the August 20 low of $68,853, about 3% lower, the downward trend could run further.
Contact [email protected] for any questions or corrections.
Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
