Bitcoin’s Bounce Fizzles as Nvidia Probe and Iran War Rattle Markets

Bitcoin’s bounce above $75,000 faded on Nov. 9 after liquidations wiped out more than $1 billion in leveraged positions. At 08:02 UTC, Bitcoin traded near $73,850, down 2.7% over 24 hours.

Traders were also digesting Nvidia’s investigation into a possible foreign intelligence effort targeting its chief executive, alongside uncertainty over U.S.-Iran talks. The recovery had already lost ground before Wall Street’s regular session.

Ether Takes the Bigger Hit as Long Positions Unwind

Bitcoin initially fell to around $73,761 before recovering above $75,000. However, the bounce did not hold, and Coinbase’s 24-hour low stood at $73,477 in a 07:57 UTC check.

Ether was also struggling to recover. At 08:02 UTC, it traded near $2,092, down 6.5% over 24 hours, after an earlier rebound to around $2,144.

CoinGlass’s overnight snapshot put total liquidations above $1 billion, including $913 million in long positions betting on rising prices. Ether positions accounted for approximately $448 million, compared with $272 million for Bitcoin. The largest individual liquidation was an Ether position worth about $48 million.

Those overnight liquidation figures cover a rolling 24-hour period. They describe forced position closures, rather than a direct tally of traders’ cash losses.

Where the pressure dropped can be seen by the longs’ intense concentration. Exchanges shut down positions with insufficient margin as prices fell, adding forced selling into an already volatile market.

Huang Admits Affair as Nvidia Investigates Intelligence Allegations

Nvidia’s board opened an independent investigation on Nov. 8 after reports that CEO Jensen Huang had an affair with Alice Huang, a former executive at Singapore-based AI infrastructure company Megaspeed. U.S. intelligence officials reportedly assessed that she was passing information to Beijing.

In a message to employees, Jensen Huang acknowledged being unfaithful to his wife and apologized to his family and colleagues. He accepted responsibility and pledged to cooperate with the review.

A committee of independent directors, supported by outside independent lawyers, will oversee the inquiry. Nvidia’s board said:

“[…] the Board has no reason to believe that either national security or NVIDIA secrets were compromised.”

The directors also expressed confidence in Huang and his leadership team.

Chip-Export Allegations Put Megaspeed Under Scrutiny

Nvidia supplies the processors behind much of the AI data-center buildout, making uncertainty around its leadership relevant well beyond the company itself. The review comes as technology investors are already questioning the sustainability of AI spending.

Access to those processors is also a sensitive part of U.S.-China competition. U.S. export controls limit which advanced chips can be sold to Chinese buyers, while Megaspeed has faced scrutiny over allegations that it helped Chinese companies obtain restricted Nvidia chips. Megaspeed has previously said it complies with applicable laws, including U.S. export controls.

Singapore’s police have confirmed an ongoing investigation into Megaspeed. However, the country’s government has denied investigating Alice Huang’s alleged intelligence ties.

Nvidia-linked perpetual futures on Hyperliquid and shares on the Blue Ocean overnight system traded near $180.30 early Monday, about 3.4% below Friday’s $186.64 Nasdaq close.

The company is scheduled to publish its quarterly results on Nov. 17, followed by a call with analysts and institutional investors.

Asian Stocks Steady Despite Uncertainty Over Iran and U.S. Rates

U.S. Secretary of State Marco Rubio said negotiations with Iran were not close to a breakthrough, citing demands Washington considered unacceptable.

President Donald Trump, however, said fresh attacks were highly unlikely as long as negotiations continued to make progress. Oil fell at Monday’s open after his comments, although reports of shipping attacks near the Strait of Hormuz kept the conflict in focus.

Early Asian trading also offered a less uniformly negative picture. MSCI’s broad index of Asia-Pacific shares outside Japan rose about 0.8%, while Japan’s Nikkei gained approximately 2.5%. U.S. stock futures edged higher.

The Asian index had lost 4.6% last week, while Friday’s Wall Street rally followed heavy selling in AI shares. Monday’s gains offered a breather after a bruising stretch.

Meanwhile, Friday’s U.S. jobs report had strengthened bets on a December Federal Reserve rate increase. A U.S. inflation report is due Tuesday.

Wall Street’s Opening Session Becomes the Next Test

The regular U.S. stock session begins at 14:30 UTC on Nov. 9. It will be the first regular session since Nvidia’s board announced the investigation on Sunday, following an initial markdown in overnight trading.

The regular session has the deepest concentration of liquidity and includes the main opening and closing price-setting auctions. Overnight indications provide an early reaction, while the regular session brings a broader test of demand.

For crypto traders, the leverage clear-out has so far failed to produce a lasting recovery. Bitcoin’s return below $74,000 leaves the earlier bounce looking brief as that next trading session approaches.