Why Crypto Crashed Ahead of NVIDIA's Earnings
Fear crept back into the crypto market on Wednesday as the industry faced more uncertainty around its future. News events weren't dire, but a drop in the tech sector today was enough to cause a sell-off in crypto markets.
At 3 p.m. EDT, Bitcoin (CRYPTO: BTC) was down 5.2% in the past 24 hours, while Ethereum (CRYPTO: ETH) was off 3%, and Dogecoin (CRYPTO: DOGE) was down 5.2%.
The tech industry is once again waiting anxiously on NVIDIA's earnings report, which is due to come out after the market closes. NVIDIA doesn't have much direct impact on crypto anymore, now that Ethereum has moved from proof of work, which was largely done on NVIDIA chips, to proof of stake. But the stock is the current sentiment driver of tech and much of the market overall. So, anxiety about what the company will report is permeating the market.
Source Fool.com
NVIDIA Corp. Stock
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