Nvidia, the graphics processing unit [GPU] manufacturer, and popularly used by Bitcoin [BTC] miners, is expecting the crypto-winter to thaw, and the crypto-spring to take its place.
According to a report by Bloomberg, the Taiwan-based company is confident that the stockpiled inventory accumulated through the previous year will be sold off, come the expected bull run in the cryptocurrency market.
Colette Kress, the company’s Chief Financial Officer, spoke to analysts and investors on 19 March, stating that the company expected to off-load all the unsold equipment soon. Despite this prediction however, the GPU-maker stuck to a flat revenue projection for the fiscal year 2020, when compared to the 4 percent decline predicted by market analysts.
The report further stated that Nvidia’s Chief Executive Officer, Jensen Huang, was out to convince Wall Street that the company will soon find consumers for their stockpiled equipment.
During the peak of the crypto-winter of December 2018, when the coin market plunged to a global valuation of under $101 billion, Nvidia recorded its worst performance in the S&P 500.
In late-December 2018, the final quarter valuation of the company’s share price recorded a massive 54 percent decline. On December 21 alone, the share price fell by 4.1 percent to $129.57, and it dipped further to $127.90, in early January. With the crypto-market’s mild resurgence in late-January and February, the share price climbed above $150.
Back in December, Huang was reported saying,
“Near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.”
He later described the virtual currency market collapse as a “crypto-hangover,” which, in his opinion, was the result of “excess inventory – excess channel inventory.” In 2018 alone, the collective market cap dropped by 80 percent, resulting in miners demanding inexpensive GPU cards as coin prices fell continuously.
Nvidia’s bullish prediction was in line with SEC’s senior advisor on digital assets and innovation, Valarie Szczepanik, who stated last week that “crypto-spring” was imminent. This affirmation by a senior official of the United States’ top financial regulatory body, led to the coin market adding $6 billion overnight, and saw Bitcoin [BTC] shooting past the $4,000 mark.
Subscribe to AMBCrypto’s Newsletter
Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
Subscribe to AMBCrypto’s Newsletter
Ethereum [ETH] vs Tron [TRX] Price Analysis: TRX in bear’s territory as ETH sees unprecedented bullish move
XRP transactions now available on pilot Automated Teller Machines [ATM] in New Jersey
Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Ernst and Young to launch zero-knowledge proof tech on ETH blockchain, Binance Coin skyrockets by over 300% in 2019 and more
New Bitcoin SV [BSV] trading pairs with BTC, USDC, and USDT go live on Float SV
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
XRP takes another step into mainstream adoption as Skype hints a possible integration
KRONN [KREX] vs. Ripple [XRP]-Which Cryptocurrency is Better?
XRP and Stellar Lumens [XLM] Price Analysis: Bear surrounds coin despite growth
Bitcoin [BTC]: Officials crack down on massive BTC fraud in ‘largest pill seizure in the history of New Jersey’
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Prices stagnate as bull run falls short of momentum