The mood in the equity and crypto market turned sour late Wednesday as Nvidia shares crashed in after-hours trading following a $5.5 billion charge tied to the Trump administration’s decision to ban the company’s H20 chip sales to China.

Bitcoin, the leading cryptocurrency by market value, fell to $83,600, extending the retreat from the two-week high of $86,440 reached earlier in the day, CoinDesk data showed. Payments-focused XRP followed a similar trajectory, falling over 2% to $2.08, while Cardano’s ADA token slipped 4% to $0.61. The CoinDesk 20 Index, a broader market gauge, weakened over 2%.

Meanwhile, coins supposedly associated with artificial intelligence (AI) continued to fare worse as shares in NVDA tanked 8% to $89.10 after the company disclosed in a regulatory filing that it expects to write down $5.5 billion in the fiscal first quarter due to the new restrictions on exports of its H20 chip to China.

The news came a day after unusual activity in NVDA put options pointing to an impending market swoon.

The futures tied to the Nasdaq index fell over 1% as well, offering negative cues to risk assets in general.

The next catalyst awaiting release Wednesday morning Eastern time is the U.S. retail sales report for March. Per economists polled by Dow Jones, the data is expected to show a 1.2% increase in consumer spending on the month, up from a 0.2% climb in February.

A better-than-expected report will likely help assuage recession fears triggered by President Donald Trump’s trade war with China and other trading partners. However, there is a risk that markets will dismiss it as backward-looking, failing to account for the major escalation in trade tensions seen this month.

Federal Reserve’s Chairman Jerome Powell is also scheduled to speak on Wednesday at the Economic Club of Chicago on his outlook for the U.S. economy.

«All eyes are on Powell. Markets are holding their breath for Powell on Wednesday. Between the trade war and rising recession chatter, traders are watching for any hint the Fed might be forced to cut sooner than expected,» Secure Digital Markets said in Tuesday’s research note.

The forward-looking market-based measures like the inflation breakevens have dropped amid trade tensions, pointing to the disinflationary impact of Trump’s tariffs. That could provide the Fed with a leeway to cut rates.

Early this week, Federal Reserve Governor Christopher Waller said the bank would be forced to quickly make a series of «bad news» rate cuts if the U.S. president reimposes the levies unveiled on April 2. Trump announced sweeping tariffs on 180 nations on April 2 but quickly suspended the same for most nations, excluding China, for 90 days.

Read more: Bitcoin Hovers at $85K as Fed’s Waller Suggests ‘Bad News’ Rate Cuts if Tariffs Resume

Healthcare technology firm Semler Scientific has reached a tentative settlement agreement with the U.S. Department of Justice (DOJ), disclosing in a Tuesday filing that it was prepared to pay a $29.75 million fine in order to settle all claims tied to potential violations of a federal anti-fraud law related to its marketing of QuantaFlo, its flagship product.

Last month, Semler Scientific disclosed that it had received a civil investigative demand, or CID — essentially, a subpoena from a federal agency that typically precedes a lawsuit — from the DOJ back in 2017. In a filing with the U.S. Securities and Exchange Commission (SEC) Semler Scientific said it had complied with several subsequent subpoenas over the following years and began initial settlement discussions with the DOJ in February.

The investigation into Semler Scientific’s marketing of QuantaFlo is unrelated to its bitcoin holdings.

In its Tuesday 8-K filing with the SEC, Semler Scientific — a large corporate holder of bitcoin — said that it had inked an agreement with crypto exchange Coinbase allowing it to borrow both cash and digital assets, using its bitcoin holdings as collateral. If the company’s settlement agreement with the DOJ is approved, it said in the filing, Semler Scientific “intends to borrow under the Coinbase master loan agreement and use such proceeds (along with its cash on hand) to pay the proposed settlement with DOJ.”

Semler Scientific’s settlement agreement with the DOJ is in principle, meaning that it is not yet set in stone. In its Tuesday filing, the company warned investors that if the parties are unable to come to a final agreement, there is still a risk that the DOJ could file charges against the company “seeking damages in excess of such agreed settlement amount.”

“Should the parties not be able to reach settlement and DOJ file a complaint, Semler Sci intends to vigorously defend itself in any such action,” the firm said in its filing.

Semler Scientific currently holds 3,192 bitcoins, a stockpile worth approximately $267 million at today’s price.

Securitize, one of the largest tokenized asset issuers, said on Tuesday it has acquired MG Stover’s fund administration business, making its subsidiary Securitize Fund Services the largest digital asset fund administrator.

MG Stover’s team will now operate under Securitize Fund Services (SFS), enhancing the company’s institutional-grade offerings, the company said in a press release.

With the acquisition, SFS now oversees $38 billion of assets under administration across 715 funds, including Securitize’s tokenized fund offerings such as BlackRock’s $2.45 billion tokenized U.S. Treasury fund (BUIDL). Securitize now offers an integrated suite of services: fund administration, token issuance, brokerage, transfer agency, and an alternative trading system (ATS).

The deal signals growing consolidation in the digital asset infrastructure space, where companies are racing to build compliant platforms that mirror traditional finance but live on blockchain rails. For asset managers, this means they can issue tokenized securities, administer them, and trade them—without leaving the ecosystem.

Carlos Domingo, co-founder and CEO of Securitize, said that the acquisition «cements our role as the most comprehensive platform for institutional grade real-world asset tokenization and fund administration.»

Asset tokenization is perhaps the fastest growing digital asset sector, as global traditional finance firms and banks increasingly use blockchains for moving and managing instruments like funds, bonds and credit. BCG and Ripple projected the tokenized asset market to reach $18 trillion by 2033. However, the rapid growth also comes with risks, including operational inexperience, according to a Moody’s report.

Read more: Tokenized Funds’ Rapid Growth Comes With Red Flags: Moody’s