Bitcoin, Ethereum Slip After Nvidia Earnings While Oil Surge Spooks Markets

• Nvidia beat Wall Street expectations and announced a dividend increase, but its shares dipped in pre-market trading amid broader market weakness tied to rising oil prices.
• Crude oil prices surged after reports that Iran’s supreme leader ordered enriched uranium to remain inside the country, adding to geopolitical tensions.
• Ethereum led losses among major cryptocurrencies, while Solana and BNB managed modest gains despite deteriorating retail sentiment.

Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies edged lower in early-morning trade on Wednesday amid broader market uncertainty, as retail investors weighed Nvidia’s (NVDA) latest earnings report against mounting geopolitical and macroeconomic risks tied to rising oil prices.

Wall Street seemed happy with Nvidia’s quarterly results, with Deutsche Bank, Jefferies, Morgan Stanley, and other major brokerage firms raising their price target on Nvidia’s shares, as per TheFly. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to $0.25.

Yet, NVDA’s stock edged as much as 0.25% lower in pre-market trade, unable to overcome the broader selloff triggered by surging oil prices. Retail sentiment around Nvidia on Stocktwits trended in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter. 

The muted reaction came after oil prices surged following a Reuters report stating that Iran’s supreme leader directed enriched uranium to remain within the country, complicating prospects for easing tensions in the U.S.-Iran conflict.

West Texas Intermediate crude futures rose 2.9% to $101.04 per barrel, while Brent crude gained 2.3% to $107.36. The United States Oil Fund (USO) gained 2.6% in pre-market trade, with retail sentiment trending in ‘bearish’ territory over the past day.

Surge In Oil Prices Weighs On Crypto Majors

Bitcoin’s price edged 0.3% lower in the last 24 hours, holding above $77,000. Meanwhile, Ethereum’s price fell 0.8%, but stayed above the $2,100 mark, leading losses among crypto majors. Retail sentiment around both the leading cryptocurrencies trended in ‘bearish’ territory, accompanied by ‘normal’ levels of chatter.

Solana (SOL) and BNB (BNB) bucked the broader trend, edging higher in the last 24 hours. Solana’s price gained 0.9%, while BNB’s price climbed 0.7% higher. However, retail sentiment around Solana and BNB dipped to ‘extremely bearish’ from ‘bearish’ over the past day.

Hyperliquid (HYPE) was on the cusp of breaking into the top 10 cryptocurrencies by market capitalization after being on the verge of clocking a new record high. Its market value hit $13.8 billion, just $3 billion short of flipping Dogecoin (DOGE).

DOGE’s price gained 0.8% in the last 24 hours to trade at around $0.104. Retail sentiment dipped to ‘extremely bearish’ from ‘bearish’, and chatter stayed at ‘low’ levels.

The overall cryptocurrency market traded flat at around $2.65 trillion. CoinGlass data showed nearly $300 million in liquidations over the past day, with a near-even split between long and short bets. 

Read also: SpaceX IPO Filing Shows Elon Musk’s Company Holds More Bitcoin Than Tesla

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