Bitcoin Falls More Than 2% to $73,708 as Crypto Pressures Widen
Key Facts
Bitcoin fell more than 2% to $73,708 in late trading on Sunday, Nov. 8, its lowest level since August, according to Reuters. The decline came as cryptocurrencies faced pressure from investor concerns about a potential tightening of U.S. regulation. Reuters linked those concerns to the possibility that the U.S. Congress, controlled by Democrats, could tighten rules for the sector. On the same day, Nvidia said it had begun an independent investigation after a report said its chief executive and founder, Jensen Huang, had been the target of a foreign intelligence effort. Available data do not establish that the Nvidia news or developments in talks with Iran caused Bitcoin's move.
The decline spread to other major cryptocurrencies, with Ether falling about 5% to $2,223 in late trading on Sunday, its lowest level since August, according to Reuters. The agency said crypto markets had been shaken in recent sessions by a $6 billion theft from Binance, the world's largest trading platform, and the election of prominent cryptocurrency critics in last week's U.S. midterm elections. These developments provided a backdrop to broader pressure on the sector, alongside investors' regulatory concerns. Sources did not provide a single figure for the market's move during the session or a comparison with previous expectations. EL7 data show Bitcoin closed at $75,844 on Nov. 6 and then at $74,851.44 on Nov. 8, while Nvidia shares closed at $186.64 on Nov. 6.
Nvidia said it had launched an independent investigation following a report that Huang was targeted in a foreign intelligence effort. The AP reported that the company's board would investigate the matter and that Huang would remain chief executive during the inquiry. The board said there was “no reason to believe” national security or Nvidia secrets had been compromised. In a message to company employees, Huang acknowledged that he had not been faithful to his wife and apologized to his family and colleagues. Coverage also addressed an alleged relationship with a woman suspected of being a Chinese spy, while open sources did not describe the incident as corporate fraud.
The investigation comes as Nvidia is linked to large chip purchases. The AP, citing The New York Times, reported that Megaspeed bought more than $4.8 billion worth of Nvidia chips during the two years before the AP report on Nov. 8. The figure did not state the company's total sales or the investigation's impact on its business, but it places Nvidia in a broad commercial context that extends beyond the personal matter covered in the report. The board said it saw no reason to believe there had been a breach of national security or company secrets, its conclusion on security risks. Sources provided no figure for Nvidia's share move after the investigation was announced. The stock had closed at $186.64 on Nov. 6, according to EL7 data.
The course of mediation between Washington and Tehran had not been settled in the available statements. Qatar's International Media Office denied reports that the prime minister had announced the United States and Iran failed to reach an agreement, calling them “false and misleading.” U.S. Secretary of State Marco Rubio said indirect talks had largely been unproductive, adding: “I'm not saying we're on the verge of a breakthrough.” Axios reported that mediators discussed a two-phase proposal involving confidence-building steps over two days: the United States would lift the naval blockade and release some frozen Iranian funds in the first phase, followed by reopening the Strait of Hormuz and resuming nuclear talks in the second. According to the AP, Iran was reviewing Qatari proposals to address disputes over its nuclear program, with Tehran requiring its core demands to be met before negotiating over its nuclear activities.
U.S. President Donald Trump was scheduled to meet Qatar's prime minister on Monday to discuss efforts to reach a new ceasefire and resume nuclear negotiations with Iran, according to Axios. The Qatari prime minister said de-escalation efforts had continued over the previous two weeks and that Washington still intended to reach a diplomatic solution. In contrast, the AP reported that the U.S. military had carried out limited strikes on Iran, including on its air defenses, at least twice during the previous week. Trump said the United States had identified 38 bridges among infrastructure targets it could strike if military action resumed. The statements put negotiations and the potential for escalation among the developments to watch after cryptocurrencies fell, without sources establishing a direct causal link between the Iran issue and Bitcoin's move.