Bitcoin continued to trade in a narrow range on Tuesday, hovering near $63,500 as markets digested a busy day of earnings and prepared for a key U.S. inflation report. The largest cryptocurrency slipped about 1.6% during the U.S. session, hitting its weakest price in a week, but remained within the tight channel that has defined the summer. Meanwhile, AI cloud company CoreWeave saw its shares jump 9% in after-hours trading after the company reported second-quarter revenue that edged past Wall Street estimates, with demand for computing capacity showing no signs of slowing.
CoreWeave Beats Estimates, Backlog Tops $100 Billion
CoreWeave's quarterly results underlined the continued strength of AI infrastructure spending. Revenue more than doubled to $2.58 billion from $1.21 billion a year earlier, slightly ahead of the $2.56 billion analysts had expected. The company's revenue backlog, a measure of committed future business, reached roughly $104 billion at the end of June. CoreWeave said that figure does not include more than $25 billion of new customer commitments added early in the third quarter, signaling that demand remains robust.
However, the company's costs are also rising quickly. Operating expenses more than doubled to $2.62 billion, and CoreWeave posted a net loss of $626 million. The company has been racing to add infrastructure, expanding active power by nearly 500 megawatts to 1.5 gigawatts during the quarter, with contracted power reaching about 3.7 gigawatts. Shares jumped 9% in after-hours trading as investors focused on the revenue beat and the growing backlog.
Stock Market Looks to Inflation Data
U.S. stocks ended the day modestly lower as investors positioned ahead of Wednesday's consumer price index report. The broad-market S&P 500 declined a little over 0.3%, while the tech-heavy Nasdaq Composite fell 0.6%. Gold also reversed course from a two-month high above $4,400 an ounce, turning early gains into a 0.5% loss. In the cryptocurrency market, ether, XRP and Solana were largely flat, while bitcoin drifted lower.
Traders are now looking to the U.S. inflation report for July, which could offer fresh clues on the Federal Reserve's next move. Economists expect headline CPI to rise 0.1% from June and 3.4% from a year earlier. Core CPI, which strips out food and energy, is forecast to increase 0.2% on the month and 2.5% on a yearly basis.
Bitcoin Volatility Could Be Awakened
Bitcoin's summer l
Source:Coindesk News