Top digital assets like Bitcoin (BTC), XRP, Ethereum (ETH) and Shiba Inu (SHIB) are facing heavy selling pressure following a severe setback in the crypto market after the sudden exit of Nvidia CEO Jensen Huang.
The unexpected exit of the Nvidia co-founder has created pandemonium in the financial world as shares of the artificial intelligence company have been hit by a heavy sell-off, further straining an already weak crypto market.
According to reports by Reuters, Nvidia chief executive Jensen Huang resigned on Nov. 12. Chief Financial Officer Colette Kress has taken over as interim chief executive.
There are controversies surrounding Huang's personal life and doubts about his future at the company he co-founded over three decades ago.
The news of Huang's exit has triggered a heavy sell-off in Nvidia stock, with shares dropping over 12% in early trading, wiping out an estimated $500 billion in market value.
The sell-off has also affected crypto-related trading markets.
As recently revealed by blockchain analytics platform Lookonchain, a trader known as 0x7368 had his leveraged long position in Nvidia stock fully liquidated.
According to Lookonchain, the trader had 9,959 units of Nvidia (NVDA), worth about $1.54 million, liquidated after news of Jensen Huang's resignation hit the market.
Meanwhile, the crypto market itself is reeling from heavy losses as some top altcoins are faring worse than Bitcoin.
XRP, Bitcoin and Ethereum prices take a plunge
The recent crypto market data shows that Bitcoin (BTC) is currently trading around $71,323, shedding about 3% in the last 24 hours.
Over the last seven days, the largest cryptocurrency by market cap has lost even more, shedding about 10.2%.
However, XRP has seen a more pronounced sell-off.
The Ripple-linked cryptocurrency currently trades at about $1.02 after losing 3.3% in the last 24 hours.