Bitcoin
Nvidia (NVDA) Becomes More Volatile Than Bitcoin (BTC) and Ether (ETH)
Nasdaq-listed Nvidia (NVDA), acclaimed by Goldman Sachs As the world’s most important stock this year, it is expected to see more significant price swings than cryptocurrency market leaders Bitcoin and Ether.
NVDA’s 30-day options implied volatility, a gauge of expected price swings over four weeks, recently rose from 48% annualized to 71%, according to Fintel data source.
Meanwhile, cryptocurrency exchange Deribit’s bitcoin DVOL index, a measure of 30-day implied volatility, fell to 49% from 68%, according to the TradingView charting platform. ETH DVOL index dropped from 70% to 55%.
Options are derivative contracts that protect the buyer from upward and downward price swings. Implied volatility, influenced by the demand for options, represents the degree of uncertainty or expected price turbulence.
NVDA, a leading artificial intelligence (AI) company and maker of graphics processing units previously used for cryptocurrency mining, has emerged as a barometer of sentiment for the stock and cryptocurrency markets since the debut of ChatGPT in late 2022.
Both bitcoin and NVDA bottomed out in late 2022 and since then have exhibited a strong positive correlation. At the time of writing, the correlation between the 90-day prices of bitcoin and NVDA was 0.73.
NVDA shares have fallen about 26% since hitting a high of $140 last month, offering bearish signals for the cryptocurrency market. Bitcoin has been locked in the $60,000 to $70,000 range, CoinDesk data shows.
The increase in NVDA’s implied volatility is likely related to hedging activity by market makers, a phenomenon often seen in the cryptocurrency market, according to crypto finance platform BloFin.
“It must be acknowledged that negative gamma is not just dominating the crypto market. In the US equities market, SPY and QQQ have seen significant declines caused by negative gamma hedging, and high volatility risk has led to NVDA’s front-month implied volatility levels significantly outperforming cryptocurrencies like BTC and ETH,” Griffin Ardern, head of options trading and research at crypto finance platform BloFin, told CoinDesk.
Negative or short range means that market makers trade in the direction of price movements to keep their overall exposure directionally neutral, inadvertently increasing market volatility.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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