Bitcoin falls below $69,000 as Nvidia turmoil and rate hike fears weigh on markets

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Bitcoin fell 7% over 24 hours to $68,408 during Asian trading on Friday, its lowest level since 20 August. Ether declined 6% to $1,921, while BNB lost 6.3% and XRP fell 3.5%.

The sell-off came as traders assessed the fallout from Nvidia CEO Jensen Huang’s resignation and the prospect of another Federal Reserve rate hike. Nvidia launched an investigation into Huang’s alleged links to a suspected Chinese spy. Reports also raised questions about his relationships with two employees, including an executive who reports directly to him.

Crypto liquidations reached $1.47 billion over 24 hours, affecting 175,299 traders, according to CoinGlass. Long positions accounted for $1.31 billion of the total. Liquidations reached $798 million in the final four hours, including $718.5 million in long positions.

Rick Maeda, head of markets at Laevitas, attributed the sharp decline partly to leveraged positions being forced out after Bitcoin fell below key price levels. He also cited thin market liquidity following this week’s US inflation data and attempts by traders to buy the dip amid broader risk aversion.