Nvidia released absolutely dismal sales related to crypto chip sales today after market close. This is another sign to me that the bear market is not reversing any time soon. Bitcoin is in a sustained decline, and I view the culprit as the stupidity and hype that sent it to $19,000 in the first place. It was unsustainable and it has now very much poisoned mentality as crypto continues to fail to prove a suitable replacement to digital fiat and traditional centralized payment processors.
You are terribly exaggerating things, as always. Bitcoin is not in a sustained decline, it is not even in a decline right now, let alone sustained. From a trader's point of view we are in what is called a sideways market. From a more global (fundamental) perspective we might have entered the stable phase (think US dollar here), which can last for a very long time. Even though I don't quite believe in that thing myself, it may be a pivotal point at which speculation subsides and real growth expands (kind of dynamic balance).
Specifics on Nvidia's release:
Last quarter, they posted $289m in crypto-related chip sales, which is really a small percentage of their overall revenue. Despite that, they projected sales of only $100m this quarter, which at the time they made the prediction sent their shares down (despite it representing such a small portion of revenue). Today, they reported only $18m in crypto-related chip sales. Shares are now getting whacked in after-hours trading, which frankly makes no sense because they beat expectations on over all revenue and profit. Just shows that the idiotic crypto mentality has creeped into traditional investing.
Actually, I am not surprised at all. I don't really know if it is a fact of life but I'm strongly inclined to think that all these graphics chips allegedly designed specifically for mining (these were likely just defective chips which would otherwise be trashed anyway) were totally subpar when compared with genuine miners. So we just got back to normal.