Market Recap: Bitcoin Hovers Below $80K as Nvidia (NVDA) Stock Rallies 9% on Earnings Beat

Market Snapshot

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Bitcoin retreated below the $80,000 threshold following an overnight peak of $81,280, while U.S. spot Bitcoin ETFs recorded $2.8 billion in consecutive inflows across eight trading days
Solana surged more than 4% in the last 24 hours and posted a remarkable 20% weekly gain, outperforming other major cryptocurrencies
Nvidia delivered quarterly revenue of $96.2 billion and projected next quarter’s revenue above $105 billion, propelling shares upward by 9%
The Nasdaq Composite climbed 1.6%, while the S&P 500 advanced 0.7% and the Dow Jones Industrial Average edged up 0.2%, all driven by Nvidia’s strong performance
Market participants are closely monitoring Fed Chair Kevin Warsh’s inaugural Jackson Hole address, which may provide insight into monetary policy direction before the September FOMC gathering

Bitcoin’s price action during Friday’s Asian trading session showed the cryptocurrency hovering just beneath the $80,000 level, following a brief spike to $81,280 in the previous session. This price movement coincided with a sustained wave of institutional investment, as U.S. spot Bitcoin exchange-traded funds recorded their eighth consecutive day of positive inflows, accumulating $2.8 billion. August 2026 has emerged as a standout month for Bitcoin ETFs, with total inflows surpassing $3 billion and marking the year’s strongest monthly performance to date.

Solana distinguished itself as the top performer within the major cryptocurrency category, registering a daily increase exceeding 4% to trade just below $101. The token’s seven-day performance showed an impressive 20% appreciation. Ether experienced a modest uptick of slightly more than 1%, reaching approximately $2,492, while XRP climbed nearly 2% to trade around $1.43, and BNB advanced over 1% to approach $714.

Dogecoin remained stable near the 9-cent level, whereas HYPE was the sole major token posting losses, declining less than 1% to approximately $82.

Ethena Token Dominates Top 100 Gainers

Within the top 100 cryptocurrencies by market capitalization, Ethena’s ENA token emerged as the leader, posting a 6% daily gain and an impressive 45% weekly surge. The substantial price appreciation followed a community governance decision to redirect protocol revenue toward token buybacks and implement changes to venture token unlock schedules.

In broader macroeconomic developments, Brent crude oil declined to just below $90 per barrel, representing a weekly decrease exceeding 5%. The decline followed diplomatic progress between Iran and Oman regarding administration of the Strait of Hormuz, effectively eliminating a potential energy-related inflationary pressure from market concerns.

The yield on 10-year Treasury notes remained steady at 4.67%, marking a seven-basis-point weekly decline. The U.S. dollar index traded marginally above 99, while gold retreated to $4,587 per ounce.

Nvidia’s Earnings Catalyst Lifts Technology Sector

Nvidia announced quarterly revenue totaling $96.2 billion and provided third-quarter guidance exceeding $105 billion. The impressive financial results catalyzed a 9% single-session stock price surge, translating to an extraordinary $442 billion increase in market capitalization within one trading day.

The Nasdaq Composite registered a 1.6% daily advance, the S&P 500 posted a 0.7% gain, and the Dow Jones Industrial Average climbed 0.2%. The technology sector stood as the only major S&P 500 segment recording positive performance for the session.

According to reporting from The Wall Street Journal, Nvidia has temporarily suspended certain transactions within a financing program that provided credit support to artificial intelligence cloud service providers in return for revenue-sharing arrangements.

Positive earnings results from Salesforce provided additional support for software-related equities, contributing to widespread strength across the technology sector throughout the trading session.

Market attention has now shifted to Fed Chair Kevin Warsh’s debut keynote address at the Jackson Hole Economic Symposium, scheduled for later Friday. Given Warsh’s limited public commentary on his monetary policy perspective, traders are keenly anticipating potential signals regarding the Federal Reserve’s trajectory ahead of the September 16 FOMC policy meeting.

Current futures market pricing indicates a 35% probability of an interest rate increase during the September meeting, with markets fully pricing in a policy adjustment by December.

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