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Nvidia results could impact AI-linked crypto assets this week
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The crypto market remained stable over the weekend, with Bitcoin consolidating its position as the sector leader. The world’s largest cryptocurrency remained above US$90,000 for most of the period, despite a brief drop to US$89,000 during Asian trading this Monday (18). At the moment, the currency operates at US$90,800.
Last week, Consumer Price Index (CPI) data came in line with market expectations. Meanwhile, the producer price index surpassed estimates. However, optimism waned following comments from Federal Reserve Chairman Jerome Powell indicating a more gradual approach to lowering interest rates.
As Powell stated, “the economy is not sending signals that we need to rush to cut rates,” suggesting that more significant interest rate cuts may not occur as previously expected.
This week, crypto investors will be paying attention to several important economic reports. On Thursday (21), for example, preliminary reports from the S&P Global Manufacturing PMI and Services PMI will provide indicators on economic conditions and possible inflationary pressures.
Economic agenda: November 18th to 22nd
On Friday (22), the preliminary results of the Michigan Consumer Sentiment Index and Consumer Inflation Expectations for November will be released.
This data represents consumer confidence and their perceptions about inflation in the long term. Therefore, they can directly impact consumption patterns, which represent around 70% of US GDP.
Another highlight of the week is Nvidia’s third quarter earnings report, scheduled for Wednesday (20). The technology giant is expected to post revenue growth of 84% compared to the previous year, reaching US$33.3 billion, driven by demand for artificial intelligence infrastructure.
Furthermore, analysts also expect an increase in the company’s net profit to $17.4 billion. This performance could have an impact on cryptoactives related to artificial intelligence, such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO) and Artificial Superintelligence Alliance (FET), which have already shown an increase in the last 24 hours.
Currently, the global crypto market has a market value of US$3.17 trillion, according to data from CoinGecko. In the last 24 hours, there was a 2.0% decline in the global market value.
Nvidia results could impact AI-linked crypto assets this week
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Nvidia results could impact AI-linked crypto assets this week
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Nvidia results could impact AI-linked crypto assets this week
