As the honey badger of traded assets, Bitcoin plummeted about 30% yesterday before rebounding in spectacular fashion within just a few hours. Cryptocurrencies weren’t the only thing to leap off a cliff yesterday; the GPU giants NVIDIA and AMD saw noticeable dips in their stock prices, demonstrating, in quite dramatic fashion, just how valuable crypto mining has become to the computer hardware industry these days.
It was no 30% dip, but NVIDIA stock dropped about 3% between Thursday and Friday afternoon, while AMD fell over 5%. NVIDIA has managed to bounce back a bit quicker than AMD as Bitcoin and other cryptos continue to rally. The decline in stock prices was likely a result of investors getting spooked, but there’s little doubt tech stocks would take a hit if the bottom were to really fall out of the Bitcoin “bubble”.
And that would be super bad news for the latest crop of crypto investors — especially those that have invested more than they can comfortably lose (you know who you are!). But, on the bright side, hardware enthusiasts might finally see a much awaited dip in prices. As they say, buy on the dip… the hardware dip. If it ever actually happens.