#btcdrop #REASONS
Bitcoin Drops Alongside XRP, ADA After Nvidia’s $5.5B Blow from China Ban
Investor sentiment soured late Wednesday as Nvidia shares plunged 8% to $89.10 after the U.S. banned its H20 chip sales to China. This move forced Nvidia to disclose a $5.5 billion quarterly charge, sparking a broader market downturn.
The crypto market followed suit:
Bitcoin dropped to $83,600, retreating from its earlier $86,440 high.
XRP fell over 2% to $2.08.
Cardano (ADA) slipped 4% to $0.61.
The CoinDesk 20 Index declined more than 2%.
AI-linked tokens were hit hardest amid NVDA's slide.
Market jitters were amplified by unusual NVDA put option activity suggesting bearish bets.
Futures tied to the Nasdaq fell over 1%, reflecting a broader risk-off tone.
Traders now await key economic signals:
U.S. retail sales report for March, expected to show a 1.2% rise.
Fed Chair Jerome Powell’s speech in Chicago, where markets hope for clues on potential rate cuts.
With Trump’s trade war escalating and recession fears brewing, any dovish signal from Powell could shift sentiment. Recent comments from Fed Governor Waller hint at possible rapid rate cuts if trade tensions worsen.
