Nvidia's Hotly Anticipated Earnings May 'Trigger' Bitcoin and Crypto Correction
The bitcoin (BTC) and the broader crypto rally could come to a halt if Nvidia's {{NVDA}} fourth quarter earnings fail to live up to the lofty Wall Street expectations, Singapore-based QCP Capital said in a recent note.
Another crypto sub-sector that could see a volatile trading session from Nvidia's earnings is the artificial intelligence (AI) -related tokens such as Ocean Protocol’s OCEAN and Fetch.AI’s FET. Given the influence the chip maker has on the sentiment of the AI industry, crypto traders will be keeping an eye on assessing Nvidia's outlook on the sector and trade accordingly.
Nvidia, the GPU giant that designs chips necessary for the AI revolution, is set to report its earnings on Wednesday after the market closes in the U.S. The chip-maker's stock is up nearly 220% over the last year. The market will be sharply focusing on the potential for the stock to sustain the face-melting rally. In fact, the rally has been so hot that Goldman even called it "the most important stock on planet earth" as options traders are betting on a move in either direction of 11%
