The Daily Leo: Nvidia Earning Beats, Kamala Taxing Unrealized Gains, Binance Outflows

Today turned out a very big and long day for stocks and crypto market because of Nvidia earning report entire market was on chokehold.

Other than Nvidia there's a lot more going on like binance losing billions of dollars and more.

But the most surprising thing that came out today was from Kamal harris economic advisor which we'll talk ahead in this post.

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Nvidia Earnings: It came out higher than expected

Nvidia once again proved it's worth by beating earning 3.8% higher than the expected revenue. In Q2 they've made $30.04B in revenue while the expected was just $28 billion.

This revenue is a lot better because of how market performed in Q2 - we saw a correction and summer chop yet Nvidia earnings are way too good.

Since it is the leading stock that is driving other stocks up, every other stock price was effected because of this earning report.

Also a good news from Nvidia earning was they're going to do $50billion worth of buybacks. Tells a lot about the market and stock itself. They're not tired of buying no matter if people are exhausted selling it everyday.

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This was priced in

Nvidia fell 8% after the report even though it beat expectations yet fell is just an indication that this was priced in, lot and lots of people knew earnings will be higher than expected so they bought and positioned earlier

Now the move downside is to scare the people "it turned out sell the news"

All eyes on tomorrow because it's going to be big one that will decide wether Nvidia will continue that uptrend or chop for a while

I'm expecting it go higher and make new all time high not caring about "this is priced in" people.

The recovery is in the chart and if it doesn't make new all time highs than entire market is wrong.

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Binance in Trouble: Billions of Outflow in 24 hours

The ongoing news was surprising that binance seized all Palestinian assets because Israel told them to do so

And after this new popped up on the internet everyone is making that boycott binance trend withdrawing money from the exchange and even deleting the app after taking money out.

_defillama

Binance have seen way too much outflows just in past 24 hours than the rest of exchanges in week

Binance CEO came forward and said it's FUD, they only seized based on those who was involved in illegal activity. This will be interesting in coming days as CZ will be out of prison soon and the way he used to deal with these fuds was much different and better than how it's going now.

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Taxes on Unrealised Gains under Kamala Presidency

There's no way Kamala is going to win US elections but if she did than remember that her economic advisor
confirmed to tax unrealised gains.

It doesn't even make sense to tax something that's not yours and it can turn into loss anytime, anyday.

Also the taxes on realised gains will be 44% which is absurd, tax high like that just kills the entire stock market as no one would have any reason to make profit as it'll be deducted in the tax.

While 22% taxes on unrealised gains.. seems like I'm lucky living in a country who doesn't give a shit about crypto and don't even bother to ask for taxes from crypto holders.

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Wrapping Up...

So, these are all the exciting and big things that happened today and moved financial markets. I'm currently sitting out and not taking any position just watching the market bleed.

I'm curious to know what's your thoughts about Nvidia earnings and Kamala taxing on unrealised gains. Fe free to share your thoughts in the comments.

fin.

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_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 28/08/2024.

Posted Using InLeo Alpha