Bitcoin Slips Under $72,000 as Nvidia's Jensen Huang Resigns as CEO

Bitcoin fell below $72,000 on Thursday, trading near $71,700 at 12 p.m. ET, down 3.4% over 24 hours, CoinGecko data show. It was the same morning Jensen Huang resigned as Nvidia's chief executive.

Ether did no better (near $2,006, down 3.3%).

Nvidia names its CFO interim chief

Huang, who co-founded Nvidia in 1993, stepped down and will also leave the board, Reuters reported. Chief Financial Officer Colette Kress takes over as interim CEO while the board searches inside and outside the company for a permanent successor. Nvidia also named former Synopsys CEO Harvey Jones as its first board chair.

Nvidia's board met Wednesday to consider removing him after reports about his personal relationships, Reuters reported, citing a person familiar with the matter. Huang holds about 3.61% of the company, making him its fourth-largest shareholder.

Nvidia stock fell more than 12% in early trading, on course to erase about $500 billion of market value, before paring losses. By late morning it was down about 4%, while AMD gained 7% and Broadcom 5.4%, according to a later Reuters market report. The S&P 500 was up 0.29% at that point.

Why a bond yield matters here: the 5% line

That same Reuters report said the 10-year Treasury yield climbed back above 5%. A Treasury yield is the interest the U.S. government pays to borrow. When it rises, a safe bond pays more, and assets that pay no interest at all, like bitcoin, have to compete harder for the same money.

No source has tied bitcoin's drop to Nvidia directly. Stocks steadied by late morning. Bitcoin had not.

In our opinion: the number worth watching is that 5% yield. Stocks shook off a $500 billion scare by late morning, while bitcoin kept sliding. No source has explained that gap yet. The next Nvidia checkpoint is Kress's Nov. 18 employee meeting (Reuters reported the date), and the next bitcoin one is whether the 10-year holds above 5%.