Nvidia fall affects AI coins just as basketball legend makes very detailed Bitcoin prediction

AI and data coins such as Render and FET (which stands for Artificial Superintelligence Alliance, or the coins SingularityNet, Ocean Protocol and Fetch.AI together) are having a really bad week. This is mainly due to the recent fall of Nvidia, still the most popular investment on US stock markets this year.

MOMMA ITS YOUR LITTLE INVESTOR CAN I COME HOME NOW? pic.twitter.com/CVhaZvdZ5B

— Autism Capital 🧩 (@AutismCapital) September 4, 2024

AI stocks and AI coins were some of the biggest winners during the first quarter of the year, but have increasingly struggled recently due to a possible slowdown of the US economy.

BREAKING: Magnificent 7 stocks have now erased $550 BILLION of market cap today.

Nvidia, $NVDA, is on track for its largest daily drop since April 2024.

Volatility is here to stay. pic.twitter.com/GNaNbOc2km

— The Kobeissi Letter (@KobeissiLetter) September 3, 2024

At the same time, a basketball legend makes a remarkable (and quite specific) Bitcoin prediction for the month of November.

Nvidia

The latest quarterly forecast from American chip company Nvidia has dampened optimism around AI (on top of that, a possible American antitrust investigation is also bad news for the company). Nvidia shares are already down 20% since their peak in early July and now appear ready for a major correction if economic data shows that the US economy is slowing down.

Friday’s American jobs data is eagerly awaited.

However, Nvidia shares are still up more than 130% this year, thanks to a dizzying rally fueled by AI expectations in the first two quarters of the year.

Partly because of this, AI coins also had a fantastic start to the year, with digital currencies such as Render and Worldcoin trading at a price of $10 at their peak. In the meantime, those coins are a lot lower now that the optimism surrounding AI has dampened.

Scottie

Fortunately for us, there are still crypto optimists. One of them is Scottie Pippen, the legendary basketball player. He told his 600,000 followers on X that: “Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024.”

Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024. Not financial advice.

— Scottie Pippen (@ScottiePippen) September 3, 2024

That is quite specific Scottie (and indeed possible).