Nvidia’s Upcoming Earnings Report; USDC Leaves the Tron Network; VanEck’s Bitcoin ETF Surges

Written by BTSE

February 22, 2024

In today’s report, we observe a slight retreat in the crypto market, following a period of strong gains. Large market cap cryptos like Bitcoin, Ethereum, and Solana,  have all experienced pullbacks from their recent peak values. Bitcoin has seen a decrease of 1.3%, with it struggling to stay above the $52,000 mark, currently at ~$51,300. Ethereum has fallen by 2.97%, following a rally that took its value above $3,000, and now trades at ~$2,900. Solana has also dipped by 3.2% to $102, following highs near $110. These movements suggest a consolidation phase as  investors reassess their positions.


Nvidia’s Upcoming Earnings Report’s Influence on Crypto Markets: Nvidia’s upcoming fourth-quarter earnings report is highly anticipated across market watchers, with potential implications not just for equities but for the broader cryptocurrency market as well. Singapore-based QCP Capital suggests that a disappointment in Nvidia’s performance could trigger a market-wide correction, affecting both equities and crypto prices. This scenario is particularly relevant given Nvidia’s significant 220% stock price increase over the last year and its pivotal role in the AI and computing sectors. With Nvidia trading at a high P/E ratio, the margin for error is slim, and any shortfall in earnings could impact both traditional and crypto markets. Could this be a make-or-break moment for AI tokens?


Circle’s Decision on USDC on Tron: Circle, a major U.S. crypto firm & issuer of the popular USDC stablecoin, has announced its decision to end support for USDC on the Tron blockchain network. Citing reasons such as trust, transparency, and security, Circle’s decision might come as a surprise to some analysts. This is because Tron is home to a growing stablecoin market thanks to its lower transaction fees and quick settlement times. The Tron network also handles a significant volume of USDT, the world’s most popular stablecoin, more than any other network. UAs USDC sets its sights on support for other chains, this strategic shift could potentially rejuvenate USDC’s adoption and utility. 


Bitcoin ETF Volume Spike Ahead of Fee Cut: VanEck’s HODL, a spot bitcoin ETF, experienced a dramatic surge in trading volumes, with a 22-fold increase ahead of a planned reduction in offering fees. Analysts attributed this sudden spike in trading activity to retail investors and social media influencers generating excitement about the upcoming fee reduction, highlighting the significant influence of retail sentiment in the cryptocurrency market. Could this enthusiasm lead to a second wind for Bitcoin following the recent pullback?


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