The market closely monitored Nvidia's earnings as a crucial barometer for the growth factor that has propelled equity markets higher in recent months. While many mega-cap technology stocks, which Bitcoin is highly correlated with, have declined in recent weeks, Nvidia surged to new all-time highs in post-market trading.
KEY STORIES
NVIDIA Earnings Blow Past Estimates, Mark ‘Tipping Point’ for AI - Decrypt
Coinbase urges SEC to approve listing of Grayscale's proposed spot ether ETF - The Block
DCG Calls Out Subsidiary Genesis' Settlement With New York as 'Subversive' - CoinDesk
Terraform Labs' Do Kwon set to be extradited to the U.S - The Block
VanEck's Bitcoin ETF Records 2,200% Volume Surge in a Day - CoinDesk
FEATURED CHART
Here is the iShares Technology ETF $XLK which holds a variety of large and mega-cap technology stocks. Bitcoin and crypto assets are correlated with this group of stocks over longer time periods, so whether we see a continuation of this recent selling pressure will have a flow on effect to crypto as an asset class.
WHAT TO LOOK OUT FOR
We are closely monitoring whether the short-term tides swiftly return in favor of growth, which would provide further support for crypto assets, or whether we witness a continuation of a strengthening dollar amidst a weak seasonal period.
TODAY’S EVENTS
Avalanche $AVAX will be unlocking $365M worth of AVAX tokens.
Berkshire Hathaway is releasing earnings after the close.
Initial jobless claims get released at 8:30am ET.
You’re all caught up.
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