Bitcoin slipped more than 1.5% over the past two hours, trading around $114,900, as pre-market weakness in Wall Street shares added pressure. Nvidia (NVDA) fell nearly 3% following an announcement from China’s market regulator, which alleged the company violated the country’s anti-monopoly laws during its 2020 acquisition of Israeli networking firm Mellanox Technologies.

The regulator stated that Nvidia breached the terms of its conditional approval for the acquisition, though specific details of the violations were not disclosed.

The sell-off in NVDA coincided with weakness across the broader crypto market. Top AI-related tokens—including ICP, RENDER, FET, and GRT—were down more than 4.5% on a 24-hour basis.

As the world’s largest publicly traded chip-maker by market value, Nvidia often serves as a barometer for risk sentiment in financial markets, including cryptocurrencies and AI-linked assets. Bitcoin has historically moved in tandem with NVDA, with both bottoming out together in late 2022 before starting a record bull run.

Data from Macroaxis shows a three-month rolling correlation of 0.76 between NVDA and BlackRock’s spot bitcoin ETF as of Friday, highlighting the close link between tech equities and crypto performance.