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 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. This is unusual: At 2:20 PM, there was an $8 million s...