Bitcoin slid to its lowest level since August over the weekend of November 8–9 before rebounding near $74,000. The swings wiped out more than $1 billion in leveraged positions as an Nvidia board investigation and stalled U.S.-Iran talks weighed on risk sentiment.
Bitcoin dropped to its lowest level since August over the weekend of November 8–9, 2026, then recovered quickly. The moves erased more than $1 billion in leveraged positions.
Nvidia probe pressures the AI trade
Nvidia's board opened an independent investigation after reports that CEO Jensen Huang had a relationship with a business executive whom U.S. intelligence officials suspect of passing information to Beijing. The company said it has no reason to believe national security or Nvidia secrets were compromised.
Nvidia shares slid more than 4% in pre-market trading on Monday. Related AI infrastructure names, including IREN, CoreWeave and Cipher Digital, also declined around 2%. Because Bitcoin has increasingly traded in sympathy with high-growth technology stocks, the uncertainty spilled into crypto.
Longs take most of the $1 billion in liquidations
The volatility triggered more than $1 billion in liquidations within 24 hours. Long positions accounted for roughly $913 million of that total.
Ether traders suffered particularly heavy losses. ETH liquidations reached about $448 million, nearly double Bitcoin's approximately $272 million, and the single largest liquidation was an ether position valued at $48 million.
Traders tend to add leverage on the long side during calm periods. When a surprise headline hits, stop-outs and margin calls can exaggerate the initial move before buyers step in.
Bitcoin holds above its 200-day average
Bitcoin fell as low as approximately $73,761 before recovering above $75,000 at points. It later hovered near $74,000, just above its 200-day moving average around $73,151.
Bitcoin was trading roughly 1% lower on the day after the rebound. Gold held above $4,000 per ounce and traded near $4,100, while silver was around $52.50.
Crypto now awaits the reaction of U.S. equity markets. How stocks respond, and whether the Nvidia investigation stays contained, will likely influence whether Bitcoin can stabilize above the 200-day average.
Source: Bitcoinist
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