Bitcoin nears $81,000 as Nvidia earnings lift stocks and crypto

Bitcoin rebounded toward $81,000 around Thursday's Wall Street open after Nvidia's Q2 earnings beat expectations. TradingView data showed Bitcoin reaching a local high of $80,808. Nvidia reported Q2 earnings of $96.2 billion. The result exceeded expectations by nearly $4 billion. Nvidia shares rose more than 9% on Thursday. Nvidia's market capitalization gained over $400 billion. The Nasdaq Composite rose 1% at the time of writing. Markets turned to Federal Reserve Chair Kevin Warsh's keynote speech at the Jackson Hole economic symposium on Friday. Market participants hoped Warsh would reduce uncertainty about future policy shifts. That uncertainty followed mixed U.S. inflation data and volatile government bond yields. Nationwide chief U.S. economist Kathy Bostjancic said the speech was important because long-term interest rates had risen and uncertainty about inflation remained high. Crypto liquidations reached about $417 million over 24 hours, according to CoinGlass. Bitcoin's significant ask-liquidity zone previously extended up to $86,000. Analyst David Eng said the liquidity wall was weakening before Friday's $6.58 billion August options expiry on Deribit. The expiry covered 81,700 BTC. Eng said a break above $82,000 could make a move toward more than $85,000 clearer. Options expiries can increase market volatility because traders can buy or sell Bitcoin at specific strike prices.