Global investors are turning risk-averse after the abrupt resignation of former Nvidia CEO Jensen Huang, sending major cryptocurrencies lower.
According to the global cryptocurrency tracker CoinMarketCap on the 13th, Bitcoin was at $71,339 as of 8:16 a.m. It was down 3.12% from 24 hours earlier.
Altcoin prices are also falling. Solana is down 1.2% at $81.54, and XRP (Ripple) is trading down 0.59% at $1.03. Ethereum fell 1.61% to $2,013.
News overnight of the former CEO Huang's resignation rattled markets. He stepped down after reports alleged an improper relationship with a woman suspected of ties to Chinese intelligence and an extramarital affair with a female executive who reported to him directly.
Political uncertainty in the United States and outflows from institutional investors are also adding downward pressure. In last week's U.S. midterm elections, the Democratic Party won a landslide, taking control of both the House and Senate starting next year. That has raised the likelihood of policy clashes between the crypto-friendly Republican administration of President Donald Trump and the Democratic-led Congress.
