TSMC's strong revenue drives AI concept stocks, progress in FTX lawsuit, BTC at 57K, ETH at 3,100

TSMC's strong revenue boosts AI concept stocks, S&P 500 hits a record high above 5,600 points for the first time, while Nasdaq also sets a new closing high. Yesterday, news of FTX's claim emerged, with investors needing to choose between the Bahamas or the US for the claims process by 8/16. Bitcoin stabilizes above 57K. Meanwhile, Ether hovers around 3,100 as the Ethereum spot ETF is on the verge of approval.

TSMC Reports Strong Revenue, Boosts Semiconductor and AI Stocks

Driven by TSMC's robust revenue, semiconductor and AI stocks surged, with NVIDIA rising 2.7% and AMD soaring 3.9%. The Philadelphia Semiconductor Index surged 2.4%, reaching a historical high. TSMC reported a 32.9% revenue growth in June, surpassing analyst expectations. TSMC's ADR rose 3.5%, also hitting a new high.

Powell Maintains Dovish Stance, Market Watches CPI Data

According to CNBC, Federal Reserve Chair Powell continued his testimony before Congress for a second day, echoing his previous remarks. He acknowledged a cooling labor market and highlighted the economy facing "dual risks."

Karl Schamotta, Chief Market Strategist at Toronto Corpay, stated:

Powell has taken a relatively cautious stance, but his narrative contains enough dovish hints to improve market risk appetite.

The market will focus on today's release of the Consumer Price Index (CPI). Economists surveyed by Reuters expect a 0.1% increase in overall prices for the month, with core prices rising by 0.2%. This would bring the year-on-year growth rates to 3.1% and 3.4%, respectively.

German Government Sells More Bitcoin

According to data from Arkham, a wallet tagged as belonging to the German government transferred more Bitcoin yesterday.

The Bitcoin holdings have decreased from 50,000 coins on 6/29 to 15,552 coins. Compared to yesterday morning, there was a further reduction of 8,412 coins, valued at nearly $900 million.

BTC Stabilizes around 57K, ETH Hovers near 3,100

News related to FTX claims emerged yesterday, with investors required to choose between the Bahamas or the U.S. for the claims process by 8/16. As FTX opts for repayment in USD, different from Mt. Gox, some believe users will reinvest in the crypto market upon receiving USD.

Bitcoin stabilized above 57K yesterday. Ethereum also lingered around 3,100 as the Ethereum spot ETF approval nears.

FTX related news: FTX claims enter final stages, choose between the Bahamas or U.S. for claims by 8/16

Will FTX creditors not be compensated? What does receiving an Impaired Claim in the mailbox mean? Is there a chance for FTT compensation?