According to CoinDesk, Bitcoin (BTC) and Ether (ETH) have shown little change, indicating a potential market consolidation following the previous week's rally. Bitcoin was trading around $67,000, while Ether remained steady at approximately $3,100. The broader digital asset market, as gauged by the CoinDesk 20 Index (CD20), has seen a 0.3% increase in the last 24 hours. This week, the market's focus will shift towards the SEC's decision on the approval of Ether exchange-traded funds (ETFs). The deadline for responses to VanEck's and Ark/21 Shares' applications is set for May 23 and May 24, respectively. Traders are likely to hold off until these dates.
In addition to the SEC's decision, traders will be closely monitoring Nvidia's earnings, which are due on Wednesday. Bitcoin's trading patterns have shown a strong correlation with Nvidia, as have artificial intelligence-themed tokens. These tokens experienced a surge in February when the chip designer reported better-than-expected earnings. Nvidia has seen a year-to-date increase of over 90%, and analysts predict a significant rise in the company's revenue for the quarter ending in April. Although the direct correlation between Nvidia and Ether market movement isn't as strong as it was during the mining boom, a strong earnings report from Nvidia could potentially boost Bitcoin and AI tokens.
In other news, Genesis, a digital asset lender, will return 77% of customer assets, valued at $3 billion in cash and crypto, to its creditors. The parent company, DCG, will not be among the recipients. The holding company filed for bankruptcy in January 2023 following a downturn in the crypto market the previous year. Initially, there was skepticism about whether customers would be compensated and if the bankruptcy proceedings would be expedited. Bankruptcy claims marketplace Xclaim initially listed Genesis claims at 35% of their value in January 2023. As of now, Genesis claims for Bitcoin or Ether are trading at 97%-110% for claims over $10 million, while claims under $1 million are trading at 74%-94%.