Bitcoin holds near $75,000 after tech stock rout, altcoins suffer steeper losses | Fortune
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Bitcoin traded near $75,000 on November 9, down about 1% over 24 hours, outperforming a tech-led selloff that pushed the Nasdaq down more than 5% last week. The crypto market absorbed three shocks: a Democratic takeover of Congress that hurt crypto-backed candidates, a hack draining roughly $6.3 billion from Binance, and weekend revelations about Nvidia CEO Jensen Huang's affair and a company probe into whether he was targeted by Chinese intelligence. Ned Davis Research's John LaForge called Bitcoin holding the $75,000-$80,000 range a mild positive given the backdrop. Altcoins posted steeper losses than Bitcoin. Investors now await Tuesday's inflation report and a widely anticipated Federal Reserve rate hike in December, both potential headwinds for crypto.
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Bitcoin (BTC), Binance, Nvidia (NVDA), Jensen Huang, Federal Reserve
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