Bitcoin (BTC) rebounded toward $81,000 around Thursday’s Wall Street open as Nvidia earnings boosted US stocks.
Key points:
Bitcoin reclaims $80,000 as $96.2 billion Nvidia earnings provide a boost to crypto and US equities.Expectations are running high ahead of Fed chair Kevin Warsh’s keynote speech at the Jackson Hole economic symposium on Friday.Bitcoin analysis sees sell-side pressure lessening above $82,000 ahead of the $6.6 billion August options expiry.
Nvidia earnings beat sends stocks, crypto higher
Data from TradingView showed new local highs of $80,808 for BTC/USD, with bulls again seeking to cement the $80,000 mark as support.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Nvidia surprised to the upside after Wednesday trading, posting Q2 earnings of $96.2 billion — nearly $4 billion more than expected. On Thursday, its stock surged more than 9% and its market cap gained over $400 billion, with the tech-heavy Nasdaq Composite Index 1% higher at the time of writing.
“Nvidia is now on track to post the 3rd largest single-day market cap gain by a stock in history,” trading resource The Kobeissi Letter wrote in a reaction on X.
Nvidia stock one-day chart. Source: Cointelegraph/TradingView
Markets are now turning to the US Federal Reserve’s Jackson Hole economic symposium, already underway, ahead of chair Kevin Warsh’s keynote speech on Friday. Hopes are that Warsh, known for being tight-lipped on future policy shifts, will nonetheless tame market uncertainty amid mixed US inflation data and volatile government bond yields.
“Chairman Warsh’s address is poised to be extremely key given the jump in long-term interest rates and high uncertainty over the path of inflation and Fed’s reaction function going forward,” Nationwide chief US economist Kathy Bostjancic said, quoted by CNBC.
Analyst sees Bitcoin sell wall thinning ahead of options expiry
Crypto liquidations edged higher at around $417 million over 24 hours, per data from CoinGlass, after Bitcoin buyers chipped away at an area of significant ask liquidity.
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