{"id":644251,"date":"2025-04-16T08:54:32","date_gmt":"2025-04-16T08:54:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=644251"},"modified":"2025-04-16T08:54:32","modified_gmt":"2025-04-16T08:54:32","slug":"bitcoin-crypto-slide-as-nvidia-stock-plunges-7-on-5-5-billion-china-hit-ahead-of-powell-speech","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-crypto-slide-as-nvidia-stock-plunges-7-on-5-5-billion-china-hit-ahead-of-powell-speech","title":{"rendered":"Bitcoin, Crypto Slide As Nvidia Stock Plunges 7% On $5.5 Billion China Hit Ahead Of Powell Speech"},"content":{"rendered":"

Bitcoin tumbled 2% as market sentiment plunged following a sharp drop in Nvidia’s stock price during pre-market trading, fueling uncertainty ahead of a closely watched speech by U.S. Federal Reserve Chair Jerome Powell later today.<\/p>\n

The tech giant had plunged almost 7%<\/a> as of 4:23 a.m. EST <\/span>after disclosing that the Trump<\/span><\/a> administration’s decision to ban H20 chip sales to China would cost it <\/span>$5.5 billion.<\/p>\n

The crypto market followed Bitcoin’s lead, sliding 3.2% in the past 24 hours to a market capitalization of $2.62 trillion, according to CoinMarketCap. Ethereum and XRP plunged 4% and Solana slid more than 5% as markets turned negative<\/a> again.<\/span><\/p>\n

\"NVIDIA\"<\/p>\n

Nvidia Anticipates Huge Hit From H20 Chip Ban<\/span><\/h2>\n

Nvidia said in an April 15 regulatory <\/span>filing<\/span><\/a> that it anticipates the massive charge due to significant export restrictions imposed by the US government, which are negatively impacting the company’s business with China.<\/span><\/p>\n

\n

This is unusual:<\/p>\n

At 2:20 PM, there was an $8 million spike in puts on the Nasdaq 100 ETF.<\/p>\n

4 hours later, the US banned Nvidia, $NVDA<\/a>, from selling their H20 chips to China.<\/p>\n

The Nasdaq is now down nearly -300 points since.<\/p>\n

Someone always knows. pic.twitter.com\/sRik5guA6n<\/a><\/p>\n

— The Kobeissi Letter (@KobeissiLetter) April 15, 2025<\/a><\/p><\/blockquote>\n