Bitcoin, Crypto Slide As Nvidia Stock Plunges 7% On $5.5 Billion China Hit Ahead Of Powell Speech

Bitcoin tumbled 2% as market sentiment plunged following a sharp drop in Nvidia’s stock price during pre-market trading, fueling uncertainty ahead of a closely watched speech by U.S. Federal Reserve Chair Jerome Powell later today.

The tech giant had plunged almost 7% as of 4:23 a.m. EST after disclosing that the Trump administration’s decision to ban H20 chip sales to China would cost it $5.5 billion.

The crypto market followed Bitcoin’s lead, sliding 3.2% in the past 24 hours to a market capitalization of $2.62 trillion, according to CoinMarketCap. Ethereum and XRP plunged 4% and Solana slid more than 5% as markets turned negative again.

Nvidia Anticipates Huge Hit From H20 Chip Ban

Nvidia said in an April 15 regulatory filing that it anticipates the massive charge due to significant export restrictions imposed by the US government, which are negatively impacting the company’s business with China.

This is unusual:

At 2:20 PM, there was an $8 million spike in puts on the Nasdaq 100 ETF.

4 hours later, the US banned Nvidia, $NVDA, from selling their H20 chips to China.

The Nasdaq is now down nearly -300 points since.

Someone always knows. pic.twitter.com/sRik5guA6n

— The Kobeissi Letter (@KobeissiLetter) April 15, 2025

Nvidia was banned from shipping its H20 chips to China, Hong Kong and Macau. The US government said the restrictions address the risk that the chips “may be used in, or diverted to, a supercomputer in China.”

Investors Brace For Powell Speech Later Today

The corrections seen in Bitcoin, the crypto market and Nvidia shares come ahead of a keenly awaited speech by Fed Chair Powell at The Economic Club of Chicago later today

Investors will be looking to Powell for guidance amid the ongoing trade war with China. Powell’s comments could shed some light on issues such as the impact tariffs may have on jobs, inflation, and the overall outlook for the economy.

Markets are also looking to a report on March US retail sales that will be released later today for clues on the strength of the economy, though that data was collected before Trump unleashed his main tariffs barrage on so-called ”Liberation Day.” He has since paused for 90 days many of those tariffs.

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