Nvidia’s quarterly report, which showed a significant increase in revenue to $30 billion, has led to unexpected reactions in the cryptocurrency markets. Despite the tech giant’s financial success, reflecting a 122% year-on-year increase, the crypto sector experienced a downturn. Bitcoin fell to $59,000 and Ethereum to around $2,500, while AI-related cryptocurrencies fell, indicating a “sell the news” reaction among investors.
Nvidia earnings trigger “Sell the News” event
The release of Nvidia’s latest earnings report sparked a widespread sell-off in cryptocurrency markets, with investors immediately reacting by pulling out of major cryptocurrencies such as Bitcoin and Ethereum following the announcement.
This phenomenon, in which traders sell assets after the announcement of seemingly positive news, highlights the unpredictability of the crypto markets.
Despite the financial performance, the immediate market reaction was less positive than expected. The tech giant’s impressive revenue growth was overshadowed in the crypto markets by a rapid decline in the value of several digital currencies, including AI-driven tokens.
Nvidia Q2 earnings details
Nvidia reported a significant increase in quarterly revenueand reached $30 billion, up 122% year-on-year. Earnings per share also rose significantly to $0.68, beating the expected $0.64. This growth was mainly driven by strong demand for artificial intelligence and gaming products.
Despite these strong numbers and the fact that Wall Street forecasts were beaten, investor reaction to Nvidia stock was mixed. After the initial surge, the share price experienced a decline, suggesting that market expectations may have already adjusted.
AI Coin, BTC, ETH Price Action
Following the release of Nvidia’s results, certain AI-related cryptocurrencies showed significant price fluctuations. Tokens such as Artificial Superintelligence Alliance (FET) and Bittensor (TAO) saw declines of 6% and 4.5%, respectively. At the same time, Render (RNDR) fell 6.4% at press time.
At the same time, cryptocurrencies such as Bitcoin and Ethereum also experienced a decline. Bitcoin PriceFor example, Bitcoin fell sharply to $59,000 before recovering, while Ethereum fell to $2,500. These moves highlight the high volatility of cryptocurrency markets and their sensitivity to developments within the technology industry.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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