Bitcoin Slides to $73,477 Before Rebounding Near $74,700 on Nvidia Probe and Regulatory Fears
Bitcoin fell to $73,477 overnight, its lowest level since August, before recovering to trade near $74,700 at the New York open on Monday. Roughly $1 billion in leveraged crypto positions were liquidated over 24 hours, with about $913 million from long positions, according to the sources.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price Action and Liquidations
Bitcoin traded near $74,700 on Monday morning after dropping to $73,477 overnight, its lowest level since August, according to Bitcoin Magazine Pro data. Buyers pushed the price back above $75,000, but the rebound stalled before the New York open. Bitcoinist framed the weekend move as a sharp two-way swing, and both outlets tie it to the same liquidation event.
More than $1 billion of leveraged crypto positions were liquidated over 24 hours. Bitcoin Magazine attributes about $913 million of that to long positions, which turned a dip into a sharp flush. The sources do not give a matching breakdown for the total, so the long-side figure should be read as one outlet's estimate.
Nvidia and the AI Trade
Crypto was the only major market open when two headlines broke. Nvidia faced an internal investigation into whether CEO Jensen Huang had been targeted by a foreign intelligence effort, and Secretary of State Marco Rubio said Iranian demands were outrageous as talks stalled. Traders treated Nvidia as the bellwether of the AI trade that has supported risk assets this year, so the news was read as a threat to the broader complex.
Equity futures were calmer. At 5:10 a.m. ET, Dow futures were up 0.73%, S&P 500 futures up 0.40% and Nasdaq 100 futures up 0.21%. Reuters reported Nvidia shares down 4.5% in premarket trading, and the Philadelphia Semiconductor Index posted its biggest weekly loss since March 2025. Bitcoin did not join the equity rebound, a pattern also seen after a hot jobs report on Friday.
Washington and Institutional Flows
Reuters linked the weekend drop to fears that a Democratic-controlled Congress will tighten oversight of the asset class after last week's midterms and the $6 billion Binance heist. Sen. Elizabeth Warren, a prominent crypto critic, is expected to lead the Senate Banking Committee. TD Cowen warned that the sweep makes a crypto-backed CLARITY Act nearly impossible, and House Democrats are reportedly preparing their own market structure bill with a larger role for the SEC.
Institutional demand also weakened. U.S. spot bitcoin ETFs shed $1.28 billion last week, their second consecutive week of outflows and the largest since late June. Those redemptions help explain why bitcoin did not follow equities higher.
Macro Catalysts and Technical Levels
October consumer price data, due Tuesday, is the next major test. Economists expect headline inflation to rise 0.3% month over month, cooling from 0.6% in September. Futures imply roughly an 80% probability of a Fed rate hike at the Dec. 8-9 meeting following the strong October jobs report.
Options markets are pricing more movement. One-week implied volatility has risen to about 43% from about 33% on Thursday, and four of the six most active bitcoin contracts are puts with strikes between $70,000 and $72,000. Weekend analysis cited in Bitcoin Magazine places bitcoin between support at its 200-day moving average near $73,150 and resistance at its 100-day average near $77,430. A close below the lower level would bring the August lows back into focus, while a move toward $77,000 would likely require a calmer Nvidia story and softer inflation data.
Why It Matters
For Traders
Bitcoin sits between its 200-day average near $73,150 and 100-day average near $77,430, with CPI data due Tuesday and put strikes clustered at $70,000 to $72,000 in focus.
For Investors
Two consecutive weeks of spot ETF outflows and a rising probability of a December Fed hike point to a tighter macro and institutional backdrop for bitcoin through year-end.
For Builders
Heightened regulatory uncertainty around a possible CLARITY Act and SEC-led market structure bill could shape compliance requirements for protocols and exchanges built on bitcoin infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
