News of cryptocurrencies of the 4th week of August 2024
Nvidia Quarterly Report - August 28
Nvidia is set to report its third-quarter earnings this Wednesday. Analysts expect the company to report strong profits. The optimistic forecasts support Nvidia's previous earnings reports, which also reported revenues and thus lifted market sentiment.
The fact is that the company's strong performance has a significant impact on the artificial intelligence (AI) token sector. Ahead of the event, several such cryptocurrencies - FET, RENDER, NEAR, and TAO - have already begun to show fairly strong growth. It is expected that after the publication of the report, the growth of AI tokens may increase even more.
New US GDP data due out this week
GDP (Gross Domestic Product) is the market value of all goods/services produced in a country for consumption; it is also the total income of citizens, companies and the state for a certain period. This indicator is used to assess how well the country's economy is working: if GDP is growing, the country is developing.
This information will directly affect the health of the country's main currency, the US dollar. If the actual figures are higher than expected, the market will see the dollar rise, otherwise, it will decline.
"With key macroeconomic data set to be released soon, Bitcoin could continue its uptrend on passive inflows. However, any signs of economic weakness could change the narrative and perhaps put market players on edge again," 10x Research analysts said.
Cardano Hard Fork - September 1st
This Sunday marks the Chang hard fork, a major upgrade to the Cardano ecosystem. It was originally scheduled for August 27, but was later pushed back to give exchanges and dApps more time to prepare for the event and complete all necessary upgrades.
- The Chang fork is an important step in Cardano’s transition to the Voltaire era. This upgrade will allow ADA holders to actively participate in network governance and improve smart contract capabilities, introducing new features to improve data security.
- In anticipation of the hard fork, the native token of the ADA ecosystem shows quite positive dynamics - in the weekly asset, the cryptocurrency has risen in price by more than 12%. However, over the past 24 hours, the altcoin, on the contrary, has lost about 4% in price against the background of general market volatility. At the time of writing, ADA was trading at $0.3719.
