Does Nvidia's Result bring a positive impact on Bitcoin?

[Best-mary]

So I was checking out some Bitcoin news and stumbled across this article:
https://www.theblock.co/post/247017/bitcoins-price-rallies-ahead-of-nvidia-results-powell-speech?utm_source=cryptopanic&utm_medium=rss

It's talking about how Bitcoin went on a rally ahead of Nvidia's results and an anticipated Powell's Speech. Got me thinking – what's your take on this? Do you think there's a connection between Bitcoin's movement and these events? Curious to know what you think about the impact it might have on the Bitcoin scene.

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[Findingnemo]

A 1.5% price hike can happen any day in the bitcoin's market so this Nvdia stock rise may or may not have contributed to this.

I just watched the price chart of Nvidia and their growth in this week seems over 6% so whoever Powell claims this 1.5% rise happened due to their stock result then what will be his response for Bitcoin's 30K to 26K in that time period?

[Aanuoluwatofunmi]

We cannot believe nor concluded that such event could be the possible cause to bitcoin recent dump, have we considered the market supply and demand enough in determining the causes to this, there are thousands of news going on daily which could have attributed to bitcoin market price but we cannot give much priority to these because they least affect the market unlike when there's a massive shift in the demand or supply over one side against the other, news may have just a minority influence but not a trigger to this present experience.

[The Cryptovator]

I believe that events like these might not have a significant impact on the price of Bitcoin. Despite the absence of positive news, Bitcoin has been making notable recovery attempts recently. The current situation indicates a gradual and steady recovery, a pattern we're accustomed to. Traders are transitioning away from panic and re-engaging in investments, capitalizing on the market dip, which is the trend we're observing.

[hatshepsut93]

A 1.5% price hike can happen any day in the bitcoin's market so this Nvdia stock rise may or may not have contributed to this.

Crypto websites need to create content daily, so they always take the recent price movements, even tiny ones, and tie them to some unrelated events. I sincerely doubt that any Bitcoin traders look and Nvidia chart, think "this is good for Bitcoin" and buy more BTC. Even macrieconomic news might not always move Bitcoin. And also any Bitcoin movements can be quickly reversed. So trading based on these "fundamentals" is not much better than TA.

[spectre71]

This is NOTHING new at all guys...

Bitcoin has always CLOSELY mirrored big tech. Anyone in this business for a few years already knows this.

Rookies

[bbc.reporter]

I believe that events like these might not have a significant impact on the price of Bitcoin. Despite the absence of positive news, Bitcoin has been making notable recovery attempts recently. The current situation indicates a gradual and steady recovery, a pattern we're accustomed to. Traders are transitioning away from panic and re-engaging in investments, capitalizing on the market dip, which is the trend we're observing.

However, according to this article the correlation between bitcoin and US stocks is presently going up from a negative correlation last month. If uncle Jerome's speech is bearish, this might cause a dump on stocks which might also cause a dump on bitcoin and much of the cryptospace. The small pumps we are witnessing presently might be traders taking a position before the speech to get ready to pump more if positive or to dump if it is negative hehehehe.



Bitcoin’s correlation to the S&P 500 is 40% at present, up from a negative correlation in July. The increased correlation comes as interest rate expectations are being reassessed and economic conditions worsen in China.

Source https://www.dlnews.com/articles/snapshot/crypto-prices-become-more-correlated-to-equities/

[Jating]

As others have said, not sure if there is some correlation about Nvidia stocks and latest news to the bitcoin market. Stocks and bitcoin could have had correlations before, but it's moot that we can't say for certain.

For the bounce back to above $26k, I guess it's the biggest support line that's why bulls try to defend it at all cost pushing it at the current price of $26,430. And if we are going to correlate every news to bitcoin whether positive or negative, then for me it's a bad idea as nothing is for certain in this highly volatile assets.

[Quidat]

So I was checking out some Bitcoin news and stumbled across this article:
https://www.theblock.co/post/247017/bitcoins-price-rallies-ahead-of-nvidia-results-powell-speech?utm_source=cryptopanic&utm_medium=rss

It's talking about how Bitcoin went on a rally ahead of Nvidia's results and an anticipated Powell's Speech. Got me thinking – what's your take on this? Do you think there's a connection between Bitcoin's movement and these events? Curious to know what you think about the impact it might have on the Bitcoin scene.

Not that really a fan on taking these fundamentals or news but everything that pertains about adoption and recognition then it would be always that a positive news and any acceptance and utility
will really be that good for the market but doesnt mean that its price would follow along whether it would be on point significant effect or having no effect at all. This is why not all news whether positive or negative will definitely be making out some effect on the price. This is where people should really be in concern or would really be looking into. We've seen several news something like this about integration and adoption but it doesnt really give out that huge spike or jump in price.This is what makes the market more really that hard to guess if we are really just basing up with fundamental analysis. This is why it would really be just that wise or better that you should really make combine of fundamental+technical for you to have at least do know on what you should gonna do.

[lionheart78]

I wonder what the correlation of NVIDIA stocks to Bitcoin market performance.  Reading the article, it looks like the author just forced the comparison of Nvidia stocks rising to the current recovery of the Bitcoin market.  I believe these two entities have no relation to each other unless NVIDIA injects huge amount of investment into the Bitcoin market.

Anyway, I do not think that there is something special happening on the Bitcoin market.  It is just a normal sideway trend while someone is accumulating or preparing another dump in the market.

[Captain Corporate]

I am not entirely sure if this is still connected, there is a psychological and emotional connection for sure, but financially? I think there is none. Nvidia makes gpu's, and gpu's are used for mining, we haven't been using them to mine bitcoin for many many years, about 10 or so years, we have used it for ETH, but that is gone as well, so right now there aren't really that many places we use nvidia products in the crypto world, some smaller cap coins maybe. This means that if people actually still think there is a connection, they are wrong, but sometimes wrong thinking makes people buy and make the price go up, so that could be the case if this is the reason.

[adaseb]

Nvidia and AMD stocks used to have some correlation with bitcoin and crypto because when mining was very profitable, every went out and bought GPUs and their share prices went up.

There is also some correlation when Nvidia goes up, usually does the nasdaq index and sometimes crypto follows that trend.

However AI has nothing to do with crypto and it’s not correlated in anyway. The moves were the same probably due to a coincidence.

[eightdots]

So I was checking out some Bitcoin news and stumbled across this article:
https://www.theblock.co/post/247017/bitcoins-price-rallies-ahead-of-nvidia-results-powell-speech?utm_source=cryptopanic&utm_medium=rss

It's talking about how Bitcoin went on a rally ahead of Nvidia's results and an anticipated Powell's Speech. Got me thinking – what's your take on this? Do you think there's a connection between Bitcoin's movement and these events? Curious to know what you think about the impact it might have on the Bitcoin scene.

Despite the inflation in the world and the negative news in the economy, Bitcoin has managed to survive quite firmly. Now, with every positive news to be experienced, Bitcoin will rise. I think that the environment that investors expect is starting to form. Bitcoin has been giving a buying opportunity for a long time and is waiting for its investor. I think it has been going very well so far, it is now ready for the expected rise. The important thing is a price increase that will come with stable and solid steps. I do not know how far the decrease in the current price will go, but when it goes up, we will understand that these days are opportunities for buying.

I have no idea if Nvidia has an impact on the Bitcoin price. More precisely, it does not make sense to me to establish a relationship between the Nvidia chart and the Bitcoin chart.

[OgNasty]

Nvidia and AMD stocks used to have some correlation with bitcoin and crypto because when mining was very profitable, every went out and bought GPUs and their share prices went up.

There is also some correlation when Nvidia goes up, usually does the nasdaq index and sometimes crypto follows that trend.

However AI has nothing to do with crypto and it’s not correlated in anyway. The moves were the same probably due to a coincidence.

I’m sure the mining effect has a positive influence on their sales and ability to sell out their product stock. However, I would agree that the current boom for Nvidia isn’t related to Bitcoin mining and is instead the result of overanxious investors piling into the next big thing at any price in order to get a piece of the action.

[eXPHorizon]

The world is moving away from Mining.

[STT]

BTC isnt mined on Nvidia or any other related cards for a while now and ETH made a break also and is not proof of work anymore.   There is some relation in technology and the general advance of smaller nm manufacturing proces being available but Nvidia doesnt especially care about crypto so far as I know.   The company overall has moved past relying on the home pc graphics business, that section is just one of many.
   Nvidia is advancing for the same reason a company like ARM is popular which is general usage by every part of the global population.   AI in various forms is thought large enough to be on the scale of mobile phone tech is the big story.  Crypto is only small print detail within that, still of importance but not directly imo.

[Yamane_Keto]

crypto news links has turned into a place to be avoided just as you deal with YouTube ads, they are willing to lie about any news as long as it increases the number of views. I would try to convince myself if the news was between Nvidia and Ethereum or any cryptocurrency that can be mined with graphics cards, but not Bitcoin, and even the price of Bitcoin has remained stable for the past two weeks, so this news is nothing more than a click to see ads link.

[ScamViruS]

Crypto news sites have to post content every day, so they write any positive or negative news, they don't even need to think about the reality of it. They make news headlines in such a way that people click on that news and they get views. I have now reduced my reading of the news to the point that I may ignore it entirely in the near future. However, the positive news of Bitcoin is the most important for the Bitcoin market to make a steady recovery. It is not possible to predict the price of Bitcoin based on the price of a stock. Investors want Bitcoin to start a healthy uptrend, a sudden pump dump based on news like this would not be considered a good move.

[eaLiTy]

~
It's talking about how Bitcoin went on a rally ahead of Nvidia's results and an anticipated Powell's Speech. Got me thinking – what's your take on this? Do you think there's a connection between Bitcoin's movement and these events? Curious to know what you think about the impact it might have on the Bitcoin scene.

Went through the article and it looks funny regarding some of the claims like the BTCitcoin market will rally in correlation with the stock market and i cannot understand how a rally in Nvidia will have a positive impact on BTCitcoin as they never launched a BTCitcoin miner nor planning to launch one.

Actually these graphic card companies benefited greatly because of the cryptocurrency market as many of their high end cards used to sell like hot cakes as miners used to purchase them in bulk while the actual gamers find it hard to get hold of a card.  

[PX-Z]

Assumptions is the right word. There's no directly or indirectly reasons why bitcoin price increase together with nvidia's stock, it's just a coincidence it happens, besides its only a mere 1-2% increase and its pretty normal for bitcoin for dumping or pumping for such figure.