Bitcoin Soars as Nvidia Earnings Beat Ignites Risk Asset Rally
Bitcoin's price rebounded towards $81,000 on Thursday as Nvidia's earnings beat sent risk assets soaring. The tech giant's Q2 earnings of $96.2 billion were nearly $4 billion more than expected, causing its stock to surge over 9% and adding over $400 billion to its market cap.
Nvidia's impressive earnings report boosted US stocks, with the Nasdaq Composite Index rising by 1%. The company's market cap gain is now the third-largest single-day increase in history. Markets are now looking forward to Federal Reserve chair Kevin Warsh's keynote speech at the Jackson Hole economic symposium on Friday.
Analyst David Eng pointed out that the sell-side pressure on Bitcoin above $82,000 is weakening ahead of the $6.6 billion August options expiry event on Deribit exchange. This could create a clearer path for Bitcoin to break through resistance and reach prices above $85,000.