Bitcoin is back on the front foot — for now.
The top cryptocurrency bounced 5% toward $93,000 on Thursday after Nvidia reported $57 billion in third-quarter revenue and defied Wall Street expectations.
In recent weeks, investors increasingly feared that an artificial intelligence bubble was ready to pop, but the $4.5 trillion chipmaker’s defiant third-quarter earnings flipped the script.
Market watchers now see signs of Bitcoin recovering from its current slump.
“The shock from October still needs to settle,” Jordan Jefferson, an early Bitcoin builder and DogeOS founder, told DL News. “But the foundation under Bitcoin looks more mature and more resilient than in prior drawdowns.”
The reversal follows a bruising month in which Bitcoin slid toward $88,000 with traders pulling $3 billion from exchange-traded funds as investors braced for an AI-bubble driven market correction.
“There’s been a lot of talk about an AI bubble,” Nvidia CEO Jensen Huang said on the earnings call. “From our vantage point we see something very different.”
Huang rejected bubble concerns outright, saying Nvidia is powering long-term structural change across computing.
US spot Bitcoin ETFs broke a five-day outflow streak, pulling in $75 million on Wednesday, DefiLlama data shows.
Nvidia defies bubble talk
Wall Street has spent November hunting for cracks in the AI trade, with many top hedge funds cutting exposure. But Nvidia’s report shredded those doubts.
Nvidia’s stock jumped more than 5% in extended trading, pulling Asian indices sharply higher and lifting S&P 500 futures by 1% overnight.
Huang doubled down on his long-term bullish outlook, calling Nvidia’s next quarter “crazy good” in a Fox Business interview.
“We’re in the beginning of a very long-term build-out of the fundamental infrastructure of humanity, which is computing,” he said. “All of the computers that have been installed around the world are being modernised. This build-out is going to last us many years to come.”
The company repeated its $500 billion AI-chip bookings forecast through 2026.
That’s confidence that the largest corporate buyers, from Amazon to Microsoft to Meta, are committed to multi-year AI infrastructure spending.
And for crypto traders, that matters. AI-driven tech stocks have increasingly been a barometer for liquidity and sentiment across all risk assets, including Bitcoin.
Crypto market movers
- Bitcoin is up 0.5 % over the past 24 hours, trading at $92,200.
- Ethereum is down 2.1% over the past 24 hours, trading at $3,030.
What we’re reading
- Vitalik Buterin warns of two threats to Ethereum if BlackRock gets any bigger — DL News
- Avalanche just got an upgrade. Here’s what the Granite upgrade means for the $6bn blockchain — DL News
- White House Considers Bid to Tax Crypto Held in Foreign Accounts — Unchained
- Markets dumped. Here’s why — Milk Road
- South Korean regulator will let tech giants issue their own stablecoins: report — DL News
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.
