BTC continues to attract buyers above $113,000 as the stock market hits a new record high. As we move toward the last business day in August, significant developments are unfolding. NVIDIA’s CEO has made notable announcements today. What is the current state of cryptocurrency markets, and what awaits investors, particularly in the case of Fartcoin?
S&P 500 Surges to New Heights
For the first time in history, the S&P 500 rose to 6,500 points today. Despite not being flawless, NVIDIA’s earnings report was supportive for risk markets, as we wrote around this time yesterday. The result was not surprising, and the stock market formed a record candle. Sometimes, trends materialize in a noticeable manner. A significant factor in this rise was the timely announcement by the CEO supporting the earnings report with the Blackwell news.
Today, in a Fox interview, Jensen Huang revealed that they are negotiating with the U.S. for the sale of the latest AI chips to China. The U.S. had previously allowed the export of lower version products to China under the condition that the financial compensation be received by the government. Now, with more payments to the U.S., there is a possibility of allowing the sale of the Blackwell AI chip.
Intel, Apple, and NVIDIA know how to make deals with Trump and get what they want. For instance, Intel gave 10% of its shares, while Apple announced a $600 billion U.S. investment with more promised. NVIDIA will make a direct payment, among other arrangements.
NVIDIA’s growth outside of China is positive, and the China issue is being resolved, naturally leading to more potential rises in stock prices. If a company representing 8% of the S&P 500 reaches these conditions, the index hitting an all-time high is normal. That is exactly what we are witnessing today.
However, there is an issue. Even H20 sales to China have not restarted yet. Some movement is needed.
Fartcoin and BTC Updates
One of the least useful meme coins, Fartcoin, has long faced new waves of selling. However, it has recently stabilized. When such cryptocurrencies start lingering at what can be called a low point, upward movements are expected to begin, especially if the general market sentiment is trending towards recovery as it is these days. An analyst known as TraderSZ shared the following chart and remarked, “This could be the bottom.”
“FARTCOIN confirmed the deviation. If correct, this should be the bottom level.”
Poppe issued a brief warning regarding BTC. For him, $112,000 is a critical point. He believes that if the king cryptocurrency falls below this, we may see “a very ugly correction.”
“If Bitcoin 
$77,420 cannot stay above $112,000, we will likely face a very ugly correction overall. It will probably be the last one before we embark on an upward trend for the upcoming period.”
