The GraniteShares 2x Long NVDA Daily ETF (NVDL), which aims to provide twice the daily returns of NVIDIA Corporation, plummeted by 7.86% on September 16th, 2024. The sharp decline in NVDL's share price was likely driven by broader concerns surrounding the cryptocurrency mining industry, which has been a significant driver of demand for NVIDIA's graphic cards in recent years.
According to the market data, many cryptocurrency-related exchange-traded funds (ETFs) experienced substantial losses on the same day, with some dropping over 10%. The ProShares Ultra Ether ETF (ETHT) fell 12.66%, while the Defiance Daily Target 1.75x Long MSTX ETF shed 8.06%, suggesting a potential sell-off in the crypto market.
While the specific reasons for the crypto market's weakness are not entirely clear, analysts speculate that recent regulatory crackdowns on digital asset trading and mining operations in several countries may have contributed to the bearish sentiment. Additionally, concerns over the environmental impact of crypto mining and the increasing competition from more energy-efficient mining rigs could have weighed on the prospects of NVIDIA's mining-related business.
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