Bitcoin, Crypto Slide As Nvidia Stock Plunges 7% On $5.5 Billion China Hit Ahead Of Powell Speech

Bitcoin tumbled 2% as market sentiment plunged following a sharp drop in Nvidia’s stock price during pre-market trading, fueling uncertainty ahead of a closely watched speech by U.S. Federal Reserve Chair Jerome Powell later today.

The tech giant had plunged almost 7% as of 4:23 a.m. EST after disclosing that the Trump administration’s decision to ban H20 chip sales to China would cost it $5.5 billion.

The crypto market followed Bitcoin’s lead, sliding 3.2% in the past 24 hours to a market capitalization of $2.62 trillion, according to CoinMarketCap. Ethereum and XRP plunged 4% and Solana slid more than 5% as markets turned negative again.

NVIDIA

Nvidia Anticipates Huge Hit From H20 Chip Ban

Nvidia said in an April 15 regulatory filing that it anticipates the massive charge due to significant export restrictions imposed by the US government, which are negatively impacting the company’s business with China.

Nvidia was banned from shipping its H20 chips to China, Hong Kong and Macau. The US government said the restrictions address the risk that the chips “may be used in, or diverted to, a supercomputer in China.”

Investors Brace For Powell Speech Later Today

The corrections seen in Bitcoin, the crypto market and Nvidia shares come ahead of a keenly awaited speech by Fed Chair Powell at The Economic Club of Chicago later today. 

Investors will be looking to Powell for guidance amid the ongoing trade war with China. Powell’s comments could shed some light on issues such as the impact tariffs may have on jobs, inflation, and the overall outlook for the economy.

Markets are also looking to a report on March US retail sales that will be released later today for clues on the strength of the economy, though that data was collected before Trump unleashed his main tariffs barrage on so-called ”Liberation Day.” He has since paused for 90 days many of those tariffs.

Related Articles:

  • Bitcoin Held By Listed Companies Surges 16% In Q1
  • Bitwise Says Bitcoin Could Outlast Dollar
  • The SEC Ends Probe Into Ethereum NFT Project CyberKongz

Comments

Post a Comment

Popular posts from this blog

MEXC Maintains Strong Financial Stability with Over 100% Proof of Reserve Across Major Assets

Image
Victoria, Seychelles, October 29, 2025 – MEXC , a leading global cryptocurrency exchange, reported its highest stablecoin reserve ratios this year in its October Proof of Reserve (PoR) audit. USDT reserves increased to 118% from 113% in August, while USDC rose from 105% to 112%. The exchange now holds $2.25 billion in USDT reserves against $1.91 billion in user deposits—$343 million above full backing. Bitcoin reserves maintained 123% coverage (3,978 BTC backing 3,231 BTC in user balances), while Ethereum stood at 103%. The bi-monthly audit, conducted by an independent third party, confirms all user assets remain fully backed with excess collateralization. Results are verifiable on-chain. “Maintaining a PoR ratio above 100% is not just about compliance — it’s about trust,” said Cecilia Hsueh, Chief Strategy Officer of MEXC. “We aim to set a higher standard for the industry by ensuring user assets are always secure, verifiable, and pro...
Read more

Ripple’s $10M London Office Expansion

Image
Ripple’s London office expansion marks a pivotal moment for institutional crypto adoption. The blockchain payments company is finalizing plans to lease approximately 90,000 square feet at One Leadenhall, a prestigious skyscraper in London’s financial district. With annual rent exceeding £10 million, this Ripple London office move positions the firm directly beside the Bank of England, signaling serious intentions to capture institutional demand and boost crypto trading volume. RIPPLE $XRP IN TALKS TO LEASE TOP FLOORS OF ONE LEADENHALL IN LONDON’S FINANCIAL DISTRICT pic.twitter.com/ltYftaefjv — The Wolf Of All Streets (@scottmelker) October 22, 2025 Ripple London Office Boosts Institutional Demand And Crypto Trading Volume Ripple XRP coin London – Source: Cryptoslate Strategic Location Targets Financial Institutions Ripple CEO Brad Garlinghouse Source: Bloomberg The new Ripple London office occupies the upper floors of One Leadenhall at approximately £140 per squ...
Read more

Euroclear launches digital securities issuance service, settles World Bank bond

The settlement service is far from the first to issue digitalized securities, but it is a significant step because of its size. Euroclear has launched a digital securities issuance service and settled a 100-million-euro ($106 million) digital World Bank bond. This is the first step in the Brussels-based settlement house’s digital infrastructure strategy, it said. The three-year bond, which is being called a digitally native note, was issued by World Bank lending arm International Bank for Reconstruction and Development to raise funds for sustainable development. It was listed on the Luxembourg Stock Exchange and was completed on Oct. 23. Related: Europe drives institutional crypto adoption: Blockchain Expo Amsterdam Euroclear’s digital infrastructure is connected to its traditional platform for secondary operations and is compliant with the European Union’s Central Securities Depositories Regulation. It operates on R3’s Corda blockchain technology. World Bank Group managing dir...
Read more