Tech Giants Disappoint Amid Cryptocurrency Market Turbulence

Nvidia reported its quarterly earnings on Wednesday, surpassing analyst estimates for revenue and profit. However, the company's shares fell approximately 1% in after-hours trading as investors were looking for stronger demand signals.

The tech giant also provided an upbeat forecast for chip sales, but this did not seem to alleviate investor concerns. As a result, US stock futures declined on Thursday morning, with the S&P 500 and Nasdaq 100 futures slipping 0.1% and 0.3%, respectively.

Bitcoin, the world's largest cryptocurrency, stabilized at around $77,576 after rising 0.8%. Despite this, it has lost momentum since reaching a peak of over $82,000 last week following US Senate legislation progress. Analysts attribute this decline to softening spot demand and increased net-selling activity.

In related news, a European banking consortium called Qivalis added 25 new members, bringing its total to 37 institutions across 15 countries. The group aims to launch a euro-pegged stablecoin later this year, positioning it as an alternative to US dominance in digital payments.