Bitcoin fell more than 1.5% over the past two hours, trading near $114,900, as pre-market losses in Nvidia (NVDA) weighed on the market. Shares of the chip-maker dropped nearly 3% after China’s market regulator alleged that Nvidia violated anti-monopoly laws during its 2020 acquisition of Israeli networking firm Mellanox Technologies. The regulator cited breaches of the conditional approval for the deal, though specific details were not disclosed.
The sell-off in NVDA coincided with weakness in AI-linked crypto tokens, with ICP, RENDER, FET, and GRT all down more than 4.5% over 24 hours.
Nvidia, the world’s largest publicly traded chip-maker, often serves as a gauge for risk sentiment, including in crypto markets. Bitcoin has historically moved in tandem with NVDA, with a three-month rolling correlation of 0.76 to BlackRock’s spot bitcoin ETF as of Friday, according to Macroaxis.
