AI Tokens Lead Crypto Market Ahead of Nvidia Earnings, Bitcoin (BTC) Slips Under $64K

Analysts polled by FactSet are expecting Nvidia to hit earnings of 65 cents per share, up 141% year-over-year.

Bitcoin (BTC) fell below the $64,000 level during Asian trading hours on Monday, despite a 5% increase on Friday following positive remarks from Jackson Hole.

U.S. Federal Reserve Chairman Jerome Powell stated on Friday that a monetary easing cycle will commence next month, alleviating obstacles around risk assets as the prospect of cheap money aided in price buoyancy.

Major tokens experienced gains throughout Saturday, though they incurred minor losses over the past 24 hours. Ether (ETH) traded above $2,700, while Solana’s SOL and xrp (XRP) were valued at $158 and 58 cents, respectively.

Meanwhile, Tron’s TRX rose by 3% amid an ongoing memecoin frenzy that continues to generate demand for the token.

The broad-based CoinDesk 20 (CD20), a liquid index of the largest tokens by market capitalization, decreased by 0.44%.

According to traders, the current rally is anticipated to persist over the next few months.

“Now that inflation is more or less under control, the market will focus on the labor market and whether the Fed will be able to achieve a soft landing for the U.S. economy,” stated Lucy Hu, senior analyst at Metalpha, in a Telegram message to CoinDesk on Monday. “We expect the market sentiment to improve in the next few months as rate cuts are on the way while the economy stabilizes and potential crypto-friendly policies if Trump gets elected.”

AI tokens lead ahead of Nvidia earningsArtificial Intelligence tokens led the market on Monday, with traders in Asia pouring money into FET, the token of the 'Artificial Superintelligence Alliance', as well as Bittensor (TAO). The move into AI tokens comes ahead of Nvidia's (NVDA) widely anticipated earnings on August 28.

FET rose 8.8% by early afternoon Hong Kong time, while (TAO) increased by 4.7%.

Historically, Nvidia has been a bellweather for the growing AI token space with tokens experiencing slight gains in anticipation of its earnings.

Analysts polled by FactSet expect this quarter's earnings per share to be a blockbuster event with earnings of 65 cents per share, a 141% increase from the previous year, with revenue expected to reach $28.72 billion, up 113%.

This would be Nvidia's fifth consecutive quarter of triple-digit growth, with the tech sector expected to perform strongly throughout the rest of the year given that the Fed will likely cut rates in September.

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