{"id":52440,"date":"2023-08-24T09:37:12","date_gmt":"2023-08-24T13:37:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-prices-rise-its-not-just-nvidia-brightening-the-mood\/"},"modified":"2023-08-24T09:37:15","modified_gmt":"2023-08-24T13:37:15","slug":"bitcoin-prices-rise-its-not-just-nvidia-brightening-the-mood","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52440","title":{"rendered":"Bitcoin Prices Rise. It\u2019s Not Just Nvidia Brightening the Mood."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000728019\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin <span><\/span><br \/>\n      and other cryptocurrencies were rising Thursday, looking to follow stocks higher amid an upbeat mood for risk-sensitive assets. Blowout earnings from Nvidia have brightened the mood as has the outlook for interest rates.<\/p>\n<p>The price of Bitcoin has advanced 2% over the past 24 hours to $26,500. The largest digital asset now remains comfortably above its recent trough below $25,500\u2014the lowest levels since mid-June\u2014hit in a selloff late last week which snapped a streak of historically low volatility across cryptos.<\/p>\n<div class=\"paywall\">\n<p>Bitcoin has shown in the past to be correlated to the technology stock-heavy<br \/>\n        Nasdaq 100<span><\/span><br \/>\n       stock index, which\u2014alongside the<br \/>\n        Dow Jones Industrial Average<span><\/span><br \/>\n       and<br \/>\n        S&amp;P 500<span><\/span><br \/>\n      \u2014was poised to surge on Thursday, likely giving cryptos a lift. To thank for the mood are, in part, \u201cbeat and raise\u201d results late Wednesday from chip maker<br \/>\n        Nvidia <span><\/span><br \/>\n      (ticker: NVDA), which continues to lead equities and especially tech stocks higher amid an investor frenzy over artificial intelligence.<\/p>\n<p>\u201cNvidia smashing the forecast ceiling has also lifted the mood elsewhere,\u201d said Sophie Lund-Yates, an analyst at broker<br \/>\n        Hargreaves Lansdown<span>.<\/span>\n      <\/p>\n<p>But it\u2019s not just Nvidia. Risk sentiment is picking up speed amid a fall in bond yields from multi-decade highs\u2014a more macro trend that is particularly important for cryptos.\u00a0<\/p>\n<p>Treasury yields have surged in recent weeks, hitting Bitcoin, amid expectations that a commitment to fighting inflation and a strong economy will encourage the Federal Reserve to keep interest rates at generational highs for longer than once thought. Higher rates and yields weigh heavily on cryptos and tech stocks\u2014and were a key force driving the selloff in Bitcoin last year\u2014because when investors can earn a cool 5% on risk-free Treasuries, there is less incentive to pile into riskier bets like Bitcoin.<\/p>\n<p>However, yields have slipped back across the curve, with the yield on the benchmark 10-year U.S. Treasury falling to 4.18% on Thursday after topping 4.35%\u2014the highest levels since 2007\u2014earlier in the week. Growing fears of a \u201chard landing\u201d\u2014that the Fed cannot bring inflation under control without causing an economic slowdown\u2014amid a spate of downbeat economic data have been pressuring yields. This has, in turn, spurred bets that the Fed will be more accommodative.<\/p>\n<p>\u201cConcerns about a hard landing gathered pace over the last 24 hours, which triggered a major rally as speculation mounted that central banks might press pause on their rate hikes,\u201d said Henry Allen, an analyst at Deutsche Bank.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<span><\/span><br \/>\n      \u2014the second-largest token\u2014rose 2% to $1,675. Smaller cryptos or altcoins were also buoyant, with<br \/>\n        Cardano<span><\/span><br \/>\n       climbing 3% and<br \/>\n        Polygon <span><\/span><br \/>\n      ticking 1% higher. Memecoins were more muted, with<br \/>\n        Dogecoin <span><\/span><br \/>\n      and<br \/>\n        Shiba Inu<span><\/span><br \/>\n       each gaining less than 1%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-markets-today-nvidia-f8ce76a8?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies were rising Thursday, looking to follow stocks higher amid an upbeat mood for risk-sensitive assets. Blowout earnings from Nvidia have brightened the mood as has the outlook for interest rates. The price of Bitcoin has advanced 2% over the past 24 hours to $26,500. The largest digital asset now remains comfortably [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52440","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Prices Rise. It\u2019s Not Just Nvidia Brightening the Mood. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies were rising Thursday, looking to follow stocks higher amid an upbeat mood for risk-sensitive assets. 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