Nvidia Earnings Boost Bitcoin to Near $81K Ahead of Fed Speech

Nvidia's earnings beat has boosted US stocks and Bitcoin, propelling it toward $81,000.

The tech giant posted Q2 earnings of $96.2 billion, nearly $4 billion more than expected, sending its stock up over 9% and adding over $400 billion to its market cap.

As a result, the Nasdaq Composite Index rose 1%, with Nvidia on track to post the third-largest single-day market cap gain in history, according to The Kobeissi Letter.

The Federal Reserve's Jackson Hole economic symposium is now underway, ahead of Chair Kevin Warsh's keynote speech on Friday, which is expected to address market uncertainty amid mixed US inflation data and volatile government bond yields.

Analyst David Eng suggests that Bitcoin's sell wall is thinning ahead of the $6.58 billion August options expiry event on Deribit, potentially paving the way for a price increase above $82,000.