Bitcoin fell over 1.5% to around $114,900 as pre-market weakness in Nvidia (NVDA) weighed on risk sentiment. 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. Details of the alleged breaches were not disclosed.
The decline in NVDA coincided with losses in AI-focused crypto tokens, including ICP, RENDER, FET, and GRT, which fell more than 4.5% over 24 hours.
As the world’s largest publicly traded chip-maker, Nvidia is a key gauge for market risk appetite. Bitcoin has historically moved in line with NVDA, showing a three-month rolling correlation of 0.76 with BlackRock’s spot bitcoin ETF, according to Macroaxis.
