Bitcoin Dips Below $64k as AI Tokens Dominate the Market Ahead of Nvidia Earnings Report
Following a moderate market recovery over the weekend, top cryptocurrencies like Ether, XRP, and SOL slightly declined today as Bitcoin dipped below $64,000.
However, AI tokens like Fetch.ai (FET) and Bittensor (TAO) led market gains, with prices increasing significantly over the past day. This notable performance comes as the market expects the release of Nvidia's Q3 earnings report, which is anticipated to record a year-over-year increase of 141%.
Bitcoin and Crypto Market Corrects After A Moderate Weekend RecoveryFederal Reserve Chairman Jerome Powell revealedthat a monetary easing cycle will begin in September.
Speech by Chair Powell on the economic outlook at an economic policy symposium sponsored by @KansasCityFed: https://t.co/oBbmwVLBAz
Watch live: https://t.co/xOEbfu9h6K pic.twitter.com/WxwdMOn7jJ
- Federal Reserve (@federalreserve) August 23, 2024
Lucy Hu, a senior analyst at Metalpha, said inflation is under control, and if the Federal Reserve implements the rate cuts, investors will shift focus to the labor market.
Lucy Hu, senior analyst at Metalpha, shared that Trump's key economic policies of lower interest rates and cheaper borrowing costs could boost all risky assets, including BTC. #Bitcoin #MarketUpdate #GlobalEconomy
- CAL Alpha Gen, Inc. (@CALAlphaGen) July 22, 2024
The Fed's announcement renewed investor interest in the crypto market, with Bitcoin surging over $64,600 on Friday. Ethereum and altcoins also benefited from this renewed investor interest.
However, the market has recorded a minor correction, with Bitcoin trading at $63,708. Ethereum and top altcoins like XRP and Solana have also towed Bitcoin's path.
Ethereum is trading just above $2,700, while TRON's price sits at $0.16 with 4% price gains over the past 24 hours.TRON's gains likely come from the ongoing memecoin frenzy following the launch of Tron-based meme token deployer SunPump.
AI Tokens Soar Despite Market RetracementAI tokens dominated the crypto market as Asian traders increasingly invested in FET and Bittensor (TAO) tokens.
Artificial Superintelligence Alliance (FET) is up 11% to trade at $1.33.Data from Lookonchain shows that FET's price has rallied 70% in the past seven days.
The price of $FET has surged 70% in the past 7 days!
A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.... pic.twitter.com/SNIbPrNp0z
- Lookonchain (@lookonchain) August 26, 2024
TAO, the native token of blockchain-based machine learning protocol, Bittensor, has also surged significantly, emerging among today's top gainers. These gains stem from increased interest in AI-based tokens as analysts expect Nvidia (NVDA) earnings to surge significantly.
AI chip maker Nvidia is expected to release its earnings report on August 28. This report often serves as a benchmark for the AI token space. If Nvidia records positive earnings, it will likely translate to further price increases for AI-backed tokens.
Data from FactSet reveals that analysts expect Nvidia's earnings per share this quarter to reach 65 cents per share. This estimated value represents a 141% increase from the previous year. Also, Nvidia's total revenue is expected to reach $28.72 billion, a 113% increase.
If Nvidia achieves these estimated figures, it will mark the fifth consecutive quarter of recording triple-digit growth. In a Fortune interview, Wedbush Securities' Dan Ives described Nvidia statistics as the most crucial tech earnings in years.
Meanwhile, Nvidia continues to roll out exciting developments for its community and investors. Next week's deep technology conference,Hot Chips 2024, will featuresenior Nvidia engineers to showcase its latest advancements.
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