Nvidia Earnings Boost Bitcoin Above $80,000 as ETF Inflows Reach Record
Nvidia's surprise earnings beat sent shockwaves through the financial markets, pushing Bitcoin back above $80,000. The tech giant reported a Q2 revenue of $96.2 billion, exceeding Wall Street expectations by nearly $4 billion.
The strong report lifted Nvidia's stock by over 9%, adding more than $400 billion to its market cap in a single session. This tech rally also had a positive impact on the cryptocurrency markets, with Bitcoin climbing above $80,000 for the first time since August 25th.
The NASDAQ Composite index rose 1% alongside Nvidia's surge, pulling crypto markets higher as well. Analyst Ted Pillows noted that Bitcoin has reclaimed both its 200-week EMA and Bull Market Support Band, with a weekly close above $83,000 confirming the bear market bottom is in place.
US spot Bitcoin ETFs have seen nine consecutive days of net inflows, totaling $3.51 billion since August 18th, according to SoSoValue. BlackRock's IBIT has led the charge, with many of these ETFs using Coinbase as a custodian.