Bitcoin and Major Altcoins Drop as Nvidia Reports $5.5 Billion Charge
The equity and crypto markets declined late Wednesday, influenced by Nvidia's $5.5 billion charge linked to a U.S. ban on H20 chip sales to China.
- Bitcoin dropped to $83,600 from a two-week high of $86,440.
- XRP fell over 2% to $2.08.
- Cardano's ADA token decreased 4% to $0.61.
- The CoinDesk 20 Index weakened over 2%.
- Nvidia shares fell 8% to $89.10 following the charge disclosure.
- Futures tied to the Nasdaq index declined over 1%.
The upcoming U.S. retail sales report for March is anticipated to show a 1.2% increase in consumer spending. This could ease recession concerns stemming from trade tensions. Federal Reserve Chairman Jerome Powell is scheduled to speak, with market focus on potential hints about interest rate cuts.
- Inflation breakevens have decreased due to trade tensions, potentially allowing for rate cuts.
- Fed Governor Christopher Waller indicated that "bad news" rate cuts may be necessary if tariffs are reinstated.