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This week in the crypto market is marked by critical events and strategic developments that promise to influence trends and investor sentiment significantly. Here is an in-depth analysis of the most anticipated cryptocurrencies and their upcoming milestones. #1 US Spot Ethereum ETF Deadline Looms The United States Securities and Exchange Commission (SEC) faces pivotal deadlines on May 23 and May 24 regarding the approval of spot Ethereum ETFs proposed by VanEck and ArkInvest/21Shares, respectively. The likelihood of approval this month has significantly declined. Bloomberg ETF analyst Eric Balchunas described the odds as “slim to none,” pointing to the SEC’s silence as a major indicator. However, last week, Coinbase released a new report, asserting that the approval of a US spot Ethereum ETF is a matter of “when, not if.” They argue that the rationale used to approve spot Bitcoin ETFs — namely, the high correlation between CME futures and spot exchange rates — should also apply to Ethereum. Thus, they estimate the chances to be much higher, around 30-40%. The SEC’s decisions on these applications will be crucial, potentially opening doors for broader institutional adoption and new investment products tied to Ethereum. #2 AI Crypto Coins This week, two significant events could influence the trajectory of AI related crypto projects. Firstly, NVIDIA’s Q1 2024 earnings report, scheduled for release on May 22, is highly anticipated. NVIDIA’s performance and outlook can significantly impact AI-related crypto projects. Strong earnings and positive guidance could bolster investor confidence in AI-driven crypto projects. Secondly, on May 24, the Artificial Super Intelligence Alliance (ASI) will officially launch, marking the merger of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). This merger aims to create the highest-valued decentralized AI crypto project. The consolidation into a unified ASI token is designed to streamline operations, incentivize collaboration, and foster…

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Filed under: News - @ May 20, 2024 10:26 am