Nvidia Earnings Spark Bitcoin Surge to $80K
Nvidia's earnings beat sent shockwaves through markets on Thursday, lifting risk assets and sending Bitcoin above $80,000. The chipmaker reported Q2 earnings of nearly $96.2 billion, a figure that exceeded expectations by nearly $4 billion. This unexpected windfall sparked a rally in Nvidia's stock, which surged over 9% at one point.
The Nasdaq Composite also gained about 1%, as investors rotated back into high-growth equities. The momentum was enough to send Bitcoin back above the psychological $80,000 level, with TradingView data showing BTC/USD pushing to a local high of $80,808 around the Wall Street open.
The market's focus is now shifting towards Jackson Hole, where Fed chair Kevin Warsh will deliver a keynote speech on Friday. Investors are bracing for guidance on interest rates, which could influence expectations for inflation and the Federal Reserve's reaction function.