Bitcoin prices plummeted on Friday as concerns over future demand weighed heavily on what was previously cheery investor sentiment.
After spending most of May rallying upward, the No. 1 cryptocurrency by market cap reversed momentum to trade as low as about $8,500 in midday action. Nearly all of the top cryptocurrencies by market value traded well into the red, too. Bitcoin had not previously notched a low under $9,000 since May 1. Friday's trading put the cryptocurrency at its lowest levels in three weeks.
Here's what you need to know in cryptocurrencies for Friday, May 11.Nvidia Puts a Damper on Crypto
Nvidia Corp. (NVDA) broke out its cryptocurrency sales for the first time in quarterly earnings released Thursday evening, and the company didn't strike a particularly bullish tone on cryptocurrency. Action Alerts PLUS holding Nvidia said it sold $289 million in chips to cryptocurrency miners in the first quarter amid stronger-than-expected demand. The graphics processing units Nvidia makes are integral to cryptocurrency mining, which requires a great deal of both electricity and computing power. Despite a strong start to the year, Nvidia predicted cryptocurrency-related revenue could shrink about two-thirds in the current fiscal quarter. "Crypto miners bought a lot of our GPUs during the quarter, and it drove prices up," Nvidia CEO Jensen Huang said on the earnings conference call. "And so we're starting to see prices come down. We monitor spot pricing every single day around the world. And the prices are starting to normalize."Korea's Biggest Exchange Raided
UPbit, the largest cryptocurrency exchange in South Korea, has been raided, according to Coindesk Korea. The firm is said to be accused of fraud for allegedly selling to customers cryptocurrency it does not actually hold. "We have secured hard disks and accounting books through confiscation. Analysis is expected to take days," South Korea's Prosecutor's Of...