Congress Wants Huang Testimony in December as BTC Slides to $68,000
Tim Scott wants Huang to testify Dec. 3 and Lutnick Dec. 10; House chairs want Huang Dec. 1. Bitcoin hit a twelve-week low near $68,000, $1.65B was liquidated and NVDA perp volume on Hyperliquid hit a record $2.14B.
Senate Banking Chair Tim Scott asked Jensen Huang to testify publicly on Dec. 3 and Commerce Secretary Howard Lutnick on Dec. 10. House chairs want Huang in a closed-door interview on Dec. 1. Bitcoin hit a twelve-week low near $68,000, down from above $76,000 earlier in the week.
Huang quit as Nvidia CEO on Nov. 12, with CFO Colette Kress stepping in as interim CEO, as detailed in our earlier coverage.
Congress moves on export controls
Scott posted his request on X and warned of subpoenas.
"The American people deserve answers"
Sen. Tim Scott
The House side is moving too. Chairs Mast, Moolenaar and Crawford want closed-door interviews with Huang on Dec. 1 and Nvidia counsel Tim Teter on Dec. 2. Deadline to agree: 8 p.m. Friday, or face a subpoena.
The inquiries center on export controls and Megaspeed, a Singapore-based Nvidia customer. Trade records cited by the NYT show its Malaysian sister company bought at least $4.8B of AI equipment containing Nvidia chips between June 2024 and February 2026. Nvidia says it complies with export laws. Its board said it has no reason to believe national security or company secrets were compromised, and Attorney General Blanche said DOJ has reached no conclusion on the intelligence-asset claim.
Crypto takes the hit
BTC: $69,450.50, down 5.3% over 24 hours. ETH: $1,958.71, down 4.1%.
Exchanges liquidated 187,389 traders for $1.65B over 24 hours, per CoinGlass data. 88% were longs. Bitcoin traders lost $919.56M, Ethereum traders $297.24M. Bitcoin ETFs posted $48M of net outflows Thursday; Ether ETFs, $8M.
NVDA perps hit a record
Traders went to crypto venues to trade the stock itself. NVDA-USDC perpetual volume on Hyperliquid reached a record $2.14B, per CoinGlass. Only Bitcoin saw more volume on the platform. Combined Nvidia derivatives volume across tracked crypto exchanges hit $9.51B.
Nvidia futures liquidations totaled $40.86M: $26.23M from XYZ:NVDA, $14.63M from base NVDA. XRP futures saw $20.75M. The largest single Hyperliquid liquidation was a $1.54M long.
On Nasdaq, NVDA fell as much as 14% before closing at $166.19, down 4.34%.
What comes next
Nvidia reports fiscal Q3 earnings on Tuesday, Nov. 17, its first under Kress. Bulls see a possible floor there. Bitcoin also touched its 200-week moving average, and ETF outflows were the smallest in seven sessions.
Reaction to the exit itself is split. CZ said:
"it's a mistake for Nvidia to let Jensen resign"
Tech and crypto founders largely blamed Nvidia's board rather than Huang. After earnings, the congressional window runs Dec. 1 to Dec. 10.
