Jamie Crawley is a CoinDesk news reporter based in London.
BTC traded at around $67,000 while ETH held steady about $3,100. The wider digital asset market as measured by the CoinDesk 20 Index has added 0.3% in the last 24 hours. This week, attention will turn to the SEC's decision on the approval of ether exchange-traded funds , with the deadline for a response to VanEck's and Ark/21 Shares' applications due on May 23 and May 24, respectively. Traders may be keeping their powder dry until then.
Bitcoin trades strongly in correlation with Nvidia, as do artificial intelligence-themed tokens, which surged in February as the chip designer reported better-than-expected earnings. NVDA has risen over 90% year-to-date, with analysts expecting the company to report a big increase in revenue for the quarter ending in April. The direct correlation between Nvidia and ether market movement isn't as strong as it once was during the mining boom.
Parent company DCG will not be among them. The lender's holding company filed for bankruptcy in January 2023 following the fallout from events in the crypto market the year before. In the immediate aftermath of the filing, the market was skeptical that customers would be made whole and the bankruptcy proceedings would be completed in an expedient manner. Bankruptcy claims marketplace Xclaim initially listed Genesis claims at 35% of their value in January 2023.
The chart shows the ratio between Wall Street's tech-heavy index, Nasdaq, and the broader S&P 500 index. The ratio has moved past a five-month-long descending trendline, signaling Nasdaq outperformance ahead.Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder Saysin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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