Expect Sharp Corrections Before Bitcoin Reclaims New Highs – Lessons from Nvidia
Bitcoin is up 71% over the past year, but investors still feel frustrated with the recent performance of the world’s largest cryptocurrency. That’s because Bitcoin is down nearly 10% from its all-time high of $124,000 last month, currently trading around $112,000. Overall, Bitcoin remains one of the best-performing assets in history. However, lately, it seems to be stuck in a slump. Is this a bug in Bitcoin’s code? At least one analyst, Jordi Visser, believes the pullbacks are actually part of steady growth and warns that more pullbacks could become common even as Bitcoin continues to....
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Nvidia's crypto mining product line sales are expected to decline to “very negligible” in the fourth quarter. Although digital currencies have skyrocketed in value throughout the year, Nvidia has not made any significant profits from its cryptocurrency mining processor (CMP) line.According to Nvidia's third fiscal quarter report, the company's CMP sales dropped by 60% sequentially in the most recent quarter, with sales of the product line expected to drop even further in the fourth quarter.In its quarterly financial statement, Nvidia said CMP sales fell from $266 million in the second....
With the new NBMiner update, Ethereum miners can unlock up to 70% of Nvidia RTX 30 LHR version GPU mining hashrate. NBMiner Update Unlocks Nvidia RTX 30 LHR Cards Mining Performance Earlier in the year, Nvidia released the Lite Hash Rate (LHR) series for their RTX 30 cards. With this revision, miners could only use […]
After today’s sharp downside move, Bitcoin and altcoins could trade in a sideways range as bulls and bears fight to control the market’s momentum. Bitcoin (BTC) price plunged by about $3,400 in an hour, warning traders that corrections during a parabolic move are likely to be sharp. Data from Glassnode shows that the fall resulted in the liquidation of Bitcoin futures long positions worth about $190 million on Binance within an hour, the largest to date.In a strong uptrend, corrections are swift but short-lived because investors who expect the rally to continue use the dips to buy.Binance....
According to Nvidia’s Q2 earnings report, Ethereum mining GPUs didn’t perform up to expectations. And that’s despite the company noticing a record 68% increase in total revenues. Nvidia Q2 Revenue Surges 68%, While Crypto Mining Cards Underperform Nvidia has announced the financial report for second quarter of fiscal year 2022. As per the report, the […]
For all intents and purposes, Bitcoin is back in a bull market. But even bull markets don’t always simply move upward in a straight line. Along the way, the road gets rocky, and violent and volatile corrections wipe out weeks of progress made in a matter of one or two. Data shows that past bull market corrections average roughly 37% in downside, according to iconic career commodities trader Peter Brandt. If a similar correction follows […]