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Bitcoin Climbs Towards $78K Amid Nvidia Results and Iran Negotiations
Bitcoin rose close to $78,000 on Thursday as strong earnings from NVIDIA boosted optimism around artificial intelligence spending, while easing tensions in the Middle East supported demand for risk assets.
The world’s largest cryptocurrency traded at $77,651.4 at 06:39GMT, reaching a 24-hour high of $78,165.2.
Bitcoin recovered from losses suffered earlier this week when rising US Treasury yields and geopolitical uncertainty pressured digital assets.
Nvidia Earnings and Prospects for Peace with Iran
Investor sentiment improved after US President Donald Trump stated that negotiations with Iran were in their final stage, raising hopes for a potential agreement capable of reducing tensions around the Strait of Hormuz and easing concerns about disruptions to energy supplies.
Donald Trump said he was prepared to wait “a few days” for a deal to be reached, but warned of possible renewed military action against Iran if a peace agreement failed to materialise.
Iran said on Thursday that it was reviewing the latest US position regarding ending the war.
At the same time, NVIDIA’s quarterly revenue exceeded expectations, and the company’s optimistic outlook reignited enthusiasm for AI-related assets and technology markets worldwide. The company reported quarterly revenue of $81.6 billion and projected second-quarter revenue of around $91 billion, helping drive gains in both global equities and cryptocurrencies.
Asian stock markets surged following the release of the results, with semiconductor manufacturers leading gains across the region.
The overall improvement in market sentiment also spilled over into crypto markets, where traders increasingly tracked technology stocks and AI-related themes.
Nevertheless, Bitcoin’s gains remained relatively modest as investors stayed cautious amid elevated bond yields and uncertainty regarding the Federal Reserve’s monetary policy trajectory.
Minutes from the Fed’s April meeting showed that policymakers remain concerned about persistent inflation, maintaining expectations for another rate hike later this year.
In recent weeks, Bitcoin has struggled to hold above the $80,000 level after briefly climbing above $82,000 earlier this month amid optimism surrounding negotiations with Iran.
SpaceX Prospectus Reveals Significant Bitcoin Holdings
Sentiment in the crypto sector also received support after SpaceX publicly released its long-awaited IPO prospectus on Wednesday, officially revealing plans for what could become the largest stock market debut in history.
According to the prospectus, as of 31 March the company held 18,712 bitcoins, reinforcing expectations of continued institutional adoption of digital assets.
Cryptocurrency Prices Today: Altcoins Remain Under Pressure
Most altcoins remained under pressure on Thursday.
Ethereum, the second-largest cryptocurrency by market capitalisation, fell 0.2% to $2,128.92.
XRP, ranked third, traded flat at $1.37.
Solana gained 1.6%, while Cardano and Polygon each declined by 0.5%.
Among meme tokens, Dogecoin rose 1.4%.
See also: "1.92 Million Bitcoins Are Not Protected Against Quantum Computers — Glassnode"
