Wong In-hoon's resignation sparked a tech sell-off, and BTC fell below $71,000 to a 3-month low

According to Woofun AI, the price of Bitcoin was squeezed by both macroeconomic sentiment and turbulence in tech stocks, and slipped to near the $71,000 mark, setting a new record low in about 3 months. This remarkable downward trajectory is not an isolated event, but a result of systemic weakness in the US technology sector caused by the sudden resignation of Nvidia (NVDA.US) CEO Hwang In-hoon, compounded by surging international crude oil prices and rising US Treasury yields. In the digital asset sector, a wave of large-scale forced liquidation has erupted, and the upcoming US Producer Price Index (PPI) data is becoming a key variable in determining the future direction of the market.

Looking at specific transaction data, as of 8:01 a.m. on the 13th, the price of BTC on the Korean digital asset trading platform Upbit fell 3.68% from 9 a.m. on the previous trading day to 96.64 million won; the price of BTC on the world's mainstream exchange Binance fell 3.43% from 24 hours ago and is now $71,421. Other mainstream coins were also under pressure, with the price of ETH falling 2.02% to $2,016 and the price of XRP falling 1.63% to $1.04.

Woofun AI on-chain data shows that in the past 24 hours, the total amount of BTC holdings liquidated was about US$275.33 million, of which up to 96.2% (or approximately US$275.36 million) of long positions were forcibly closed; the total amount of liquidations within the entire market reached approximately US$61.68 million. BTC briefly fell below $72,000 on the previous trading day, its lowest level since August 20, and has fallen by more than 7% since this month.

This negative feedback cycle spread from stock market turmoil to the crypto market, causing serial liquidations caused by falling prices to further increase selling pressure.

The core cause of this market shock directly points to the uncertainty of Nvidia's business prospects. Facing privacy disputes and external compliance investigations, Wong In-hoon suddenly resigned as CEO, causing Nvidia's stock price to instantly plummet by about 13% after the opening of the New York stock market.

Although Nvidia later appointed Chief Financial Officer Colette Kress as temporary CEO and initiated a successor search, and the intraday stock price rebounded, it ended with a decline of more than 4%. In contrast, the S&P 500 index fell 0.4%, the Nasdaq 100 index fell 0.3%, while Nvidia's rivals Broadcom (AVGO.US) and AMD (AMD.US) shares bucked the trend and rose more than 5%, indicating a divergence of trends within the AI sector.

At the same time, negative macro-level factors are also accumulating. US President Donald Trump hinted that the deal with Iran might be abandoned, heightening market concerns about disruptions in Middle East oil supply. The price of Brent crude oil surged more than 3%, breaking the $95 mark per barrel. The US Consumer Price Index (CPI) for October, which was announced earlier, was higher than market expectations. Combined with rising oil prices, it further fueled concerns about inflation. As expectations of the Federal Reserve's interest rate hike heated up, interest rates on US 2-year Treasury bonds rose by 14 basis points, and interest rates on 10-year Treasury bonds rose by 13 basis points. A strong dollar weakened investors' confidence in risky assets.

From a technical perspective, BTC has once again fallen below the 21-week simple moving average, which is regarded as an important trend indicator. As of the 11th, the EMA level was around $73,078, and as BTC failed to reestablish this support level, the price increase faced significant resistance in the short term. The market's attention is currently focused on the US PPI data to be released on the same day. Given that the increase in CPI in October exceeded expectations and concerns about further interest rate hikes by the Federal Reserve continue to ferment, PPI data will directly influence interest rate trends and the direction of BTC prices. MaterialIndicators co-founder Keith Allen predicts that if PPI data falls short of expectations, the possibility of a sharp interest rate hike in December and January next year will decrease, and the market trend is expected to rise; if PPI meets expectations, the BTC price may fluctuate within the price range where exchange trading orders are concentrated. Macro data has once again become the core force dominating short-term fluctuations in the crypto market following a chain reaction caused by personnel changes at leading tech stocks.