Bitcoin tumbles below $69,000 as Nvidia turmoil adds to Fed-driven market jitters

Scott Bessent and Howard Lutnick, U.S. Treasury and Commerce secretaries respectively, clashed over adding Megaspeed to the Commerce Department's Entity List, which would restrict its access to advanced Nvidia (NVDA) chips. Megaspeed is accused of routing Nvidia processors to China illegally. Meanwhile, Nvidia's CEO Jensen Huang resigned amid an investigation into his extramarital affair, with no direct link to the Megaspeed case established. Lutnick's future at Commerce is now in question.

Glassnode reports 35.4% of Bitcoin (7.12M BTC) is at risk from potential quantum computing threats. Exchanges like Robinhood, Binance, and Coinbase hold exposed addresses. Coinbase's CEO has stated they are working on post-quantum upgrades. Satoshi Nakamoto's coins, about 1M BTC, cannot be fixed. The exposed coins are worth over $500B at current prices, but no quantum computers capable of this threat exist yet.

Nvidia's stock fell 2% on Nov. 13, losing nearly $1 trillion in market value this month after CEO Jensen Huang's resignation. Colette Kress is interim CEO. Broadcom dropped 5% after a downgrade by Rothschild Redburn, citing concerns over future earnings and growth.

Wall Street stocks mostly fell Friday, led by tech shares. Nvidia dropped 2% after its CEO resigned due to personal scandals. AMD and Broadcom also declined, with AMD down 8.8%. US inflation data showed a 0.3% rise in the Producer Price Index, fueling expectations of a Fed rate hike. The dollar strengthened against the euro. Microsoft shares recovered after an Outlook email app outage.

Nvidia's board has approached Arm CEO Rene Haas as a potential successor to Jensen Huang, who resigned due to personal misconduct allegations. Arm shares fell 4.63% on Nov 13. Nvidia employees have expressed support for Huang's return. Colette Kress is interim CEO. The board prioritizes US national security. According to the FT, no final decision has been made.

Denny's removed a plaque honoring Nvidia's founding after CEO Jensen Huang's resignation due to scandal. Huang admitted to affairs, including one with a woman alleged to be a Chinese spy. Nvidia's stock fell over 30% from its October peak, closing at $162.85 on Friday. Colette Kress was named interim CEO.