NVDA Sells More Crypto Chips than Expected in Q1; Bitcoin Fell for the 4th Day in Five

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by | 11th May 2018 | 0 comments

NVDA reported more crypto sales than expected in the Q1 2018 according to its latest earnings report. However, the company also said they anticipate smaller numbers in the Q2.

In the first quarter of the year, the Santa Clara based company reported $289 million in sales generated from chip purchases from the cryptocurrency market. NVDIA’s CEO Jensen Huang affirmed in the conference call that “crypto miners bought a lot of our GPUs in the quarter and it drove prices up.”

As a result, other businesses from NVIDIA weren’t able to buy the new GeForce as a result of the price increase. The company expects the crypto sales will probably fall by the 60$% in the second quarter of the year.

Robinhood to offer bitcoin trading in all US by the end of 2018

Robinhood, the mobile trading app, raised $363 million series D funding that will allow the platform to offer cryptocurrency trading in all 50 US states by the end of this year.

The funding valued the company at $5.6 billion. Currently, Robinhood’s cryptocurrency trading is available in 10 states. According to the press release, “we’ll deploy the capital by accelerating our product expansion even more, investing in our infrastructure and operations, and hiring more world-class talent to join us along the way.”

Bank of America reaffirms its ban to buy cryptos through credit cards

Bank of America’s chief technical officer Cathy Bessant affirmed in a CNBC interview that the cryptocurrency is not transparent and it’s troubling as a payment system, hinting that the crypto world doesn’t provide enough confidence.

Bessant stated that “as a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort. In fact [it’s] designed to be not transparent.”

Regarding the purchase of Bitcoin with credit cards, Bessant said that it is not different from equities. “Just like we don’t allow stocks to be purchased on our credit cards, we’re not going to allow cryptos or other currencies to be purchased on our credit cards.”

Bitcoin closed Thursday its fourth out five negative day

BTC/USD Daily Chart - 11-05-18

The king of cryptocurrencies closed Wednesday with losses as the BTC/USD declined 3.22% from the opening price at 9,318.00 to 9,018.00.

Bitcoin opened Friday with losses as the pair began the day below the dynamic support that comes from April 16 high and April 26 low; and it broke below the 9,000 area to fresh lows around 8,870.00, logging a 1.30% decline so far today.

If the crypto extends declines below the 8,830 area, the BTC/USD will find supports at 8,650.00 and 8,450April 15 and 16 highs area.

To the upside, the pair needs to recover the 9,020 area and close above the dynamic line mentioned before, now resistance. After that, next resistances will be at the 9,500. Then, the 9,770.00 static line and the 9,900.00 area. The 10,000 is a dream for now.

Ethereum extends decline, and it’s testing the 710.00 level again

ETH/USD Daily Chart - 11-05-18

It’s a story of love and hate between the Ethereum and the 710.00. ETH/USD is extending its decline for the fifth day in the last six with the pair testing back the 710 level.

ETH/USD is now trading at 720.00, 0.40% negative on the day. To the downside, if the pair falls below the 710.00 level, it will find next supports at 665.00, 640.00, and 600.00. Then, 557.00 is the most critical.

To the upside, the pair needs to close above Tuesday high of 776.00 to confirm more bullish appetite. Then, the unit will see resistances at the 800.00 area, at 830.00, 900.00 and then the 1,000 significant mark.

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