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Bitcoin Price Slips as Nvidia Shares Drop 3% Amid China Probe
- Bitcoin's (BTC) price has been declining in the past two hours, coinciding with a nearly 3% drop in Nvidia (NVDA) shares during pre-market trading.
- The decline follows China's market regulator accusing Nvidia of violating anti-monopoly laws during its 2020 acquisition of Mellanox Technologies.
- Specific details of the violations have not been disclosed.
- The weakness in NVDA is reflected in the crypto market, with BTC trading around $114,900, down from a high of $116,755 earlier today.
- AI-related tokens like ICP, RENDER, FET, and GRT are also down over 4.5% on a 24-hour basis.
- Nvidia, as the largest publicly listed chip-maker by market value, serves as a barometer for risk sentiment across financial markets, including cryptocurrencies and AI-related tokens.
- Historically, Bitcoin has moved in tandem with NVDA, sharing a concurrent bottoming out in late 2022 before a significant bull run.
- The rolling three-month correlation between NVDA and BlackRock's spot Bitcoin ETF was 0.76 as of Friday, per Macroaxis data.
