Bitcoin Price Crashes as DOJ Subpoenas Nvidia – $129M in Liquidations Hit Hard

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

September 5, 2024

Bitcoin (BTC) dropped below $57,000 early Wednesday, continuing its downward spiral amid market-wide losses. Other leading altcoins, including Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL), also saw sharp declines. The Market Fear & Greed Index slid to a fearful 34 out of 100.

The crash is largely driven by the U.S. Department of Justice’s recent antitrust investigation into Nvidia, causing a wave of uncertainty across both stock and crypto markets. Bitcoin briefly dipped to $55,673 before staging a minor rebound.

At the time of writing, the global cryptocurrency market cap was $1.98 trillion, reflecting a 24-hour decline of 4.13%.As of writing, the global cryptocurrency market cap stands at $1.98 trillion, marking a 4.13% drop over the past 24 hours.

Broader market concerns, fueled by weak ISM Manufacturing PMI data, continue to weigh on Bitcoin’s price. Investors now await U.S. economic reports that could shape Federal Reserve interest rate decisions.

At the time of writing, the global cryptocurrency market cap was $1.98 trillion, reflecting a 24-hour decline of 4.13%.

DOJ’s Probe into Nvidia Triggers Market Turmoil and Crypto Price Drops

The U.S. Department of Justice (DOJ) has intensified its investigation into Nvidia’s antitrust practices by issuing subpoenas. This step marks a significant escalation from earlier questionnaires and is focused on whether Nvidia’s market dominance in AI chips has unfairly restricted competition.

Reports suggest that Nvidia may be penalizing customers who use AI chips from other suppliers.

The investigation comes at a tough time for Nvidia, which recently saw its stock drop sharply after a disappointing quarterly forecast.

The company has also faced regulatory inquiries from other countries, adding to the uncertainty surrounding its market position.

This DOJ probe has contributed to a broader downturn in the crypto market, with Bitcoin (BTC) and Ethereum (ETH) experiencing significant price drops.

In the past day, Bitcoin fell to around $55,673 before recovering slightly, while Ethereum dropped to $2,375. The market saw $129 million in liquidations, including $118 million in just four hours.

This turmoil highlights the interconnected nature of technology and financial markets, as regulatory news about major companies can significantly impact broader investor sentiment.

Bitcoin Faces Bearish Pressure Below $58K, Key Support at $55K in Focus

Bitcoin (BTC/USD) trades within a descending channel on the 4-hour chart, indicating a bearish outlook in the near term. The price faced rejection at the upper boundary of the channel near $58,000, which also aligns with the 50-period EMA at $58,800, reinforcing selling pressure.

The next significant support level is at $55,600, with a key support zone around $55,000. A break below this could drive Bitcoin toward the $52,100 level.

On the upside, Bitcoin needs to break above the descending channel and the resistance at $58,000 to shift toward a more bullish tone.

The Relative Strength Index (RSI) is near 44, showing bearish momentum with potential for further downside unless a reversal happens soon.

In summary, Bitcoin is likely to remain bearish unless it breaks above $58,000, with immediate support around $55,600 and further downside risk if it breaks below $55,000.

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