FameEX Morning Crypto News Recap | May 29, 2024

US to Debut First Leveraged Ethereum ETF on June 4

Volatility Shares will launch the 2x Ether ETF (ETHU), marking the first leveraged Ethereum ETF in the US, with trading starting on June 4. Stuart Barton, CIO, remarked that despite ongoing negotiations with the SEC regarding spot ETFs, the introduction of this leveraged ETF signifies a growing interest from the SEC in expanding cryptocurrency ETF offerings.

Musk's xAI Raises $6 Billion in Series B, Valued at $24 Billion Post-Investment

Elon Musk's AI startup, xAI, has reached a post-investment valuation of $24 billion after securing $6 billion in a Series B financing round. Notable investors like a16z participated in this round. Before the investment, xAI was valued at $18 billion.

Analyst Notes Predominance of Call Options in Ethereum's Open Interest, Suggesting Anticipated Price Increase

Analysts report that Ethereum options are mostly call options, signaling a bullish sentiment as traders anticipate spot ETF trading. The higher implied volatility in Ethereum call options, compared to Bitcoin, indicates market expectations of an Ethereum price increase. This trend highlights positive market sentiment toward Ethereum's future prospects.

OpenAI Creates New Committee to Assess AI Model Safety

OpenAI has formed a committee, chaired by Sam Altman, to assess the safety protocols of its AI models. This committee will spend 90 days reviewing OpenAI's technology safeguards and will then report its findings. Following a review by OpenAI's full board, the recommended safety and security updates will be publicly disclosed.

Russia's Top Metal Producer Adopts Stablecoins for Cross-Border Payments

Several top Russian metal producers have begun using Tether Holdings' stablecoin and other cryptocurrencies for cross-border transactions with suppliers. Ivan Kozlov, a digital currency expert at Resolv Labs, explains that for nations experiencing dollar liquidity shortages and capital controls, adopting cryptocurrencies, especially those pegged to the dollar, for international settlements is becoming a prevalent solution.

Kashkari of the Fed Predicts a Maximum of Two Rate Cuts in 2024

Federal Reserve member Kashkari asserted that reducing inflation does not necessitate a weak economy. He anticipates a maximum of two interest rate cuts in 2024.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​