FameEX Morning Crypto News Recap | May 29, 2024

First Leveraged Ethereum ETF in the US to Launch on June 4

Volatility Shares is set to launch the 2x Ether ETF (ETHU), the first leveraged Ethereum ETF in the US, with trading beginning on June 4. Stuart Barton, CIO of Volatility Shares, noted that while discussions with the SEC on spot ETFs continue, the release of this leveraged Ethereum ETF indicates increasing SEC interest in more cryptocurrency ETFs.

Musk's xAI Startup Secures $6 Billion in Series B Funding, Reaching $24 Billion Valuation

Elon Musk's AI startup, xAI, has achieved a post-investment valuation of $24 billion following a successful $6 billion Series B financing round. This funding round saw participation from notable investors including a16z. Prior to this, xAI was valued at $18 billion.

Analyst Reports Dominance of Call Options in Ethereum Open Interest, Indicating Expected Price Rise

Analysts have noted that Ethereum options are primarily composed of call options, indicating a bullish outlook as traders anticipate the launch of spot ETF trading. The implied volatility of Ethereum call options exceeds that of Bitcoin, suggesting that derivatives market participants expect Ethereum prices to rise. This trend reflects a positive market sentiment towards Ethereum's future.

OpenAI Establishes New Committee to Evaluate AI Model Safety

OpenAI has established a committee, led by Sam Altman, to evaluate the safety and safeguards of its AI models. Over 90 days, the committee will assess the technology's safeguards and submit a report. After a full board review, OpenAI will publicly share the recommended updates, ensuring they meet safety and security standards.

Russia's Leading Metal Producer Starts Using Stablecoins for International Transactions

At least two leading Russian metal producers have started settling cross-border transactions with suppliers using Tether Holdings' stablecoin and other cryptocurrencies. Ivan Kozlov, a digital currency expert from Resolv Labs, noted that in countries facing dollar liquidity issues and capital controls, using cryptocurrencies, particularly dollar-pegged stablecoins, for international settlements is increasingly common.

Fed's Kashkari Forecasts No More Than Two Rate Cuts in 2024

Federal Reserve's Kashkari stated that a weak economy isn't required to decrease inflation. He forecasts that there will be no more than two interest rate cuts in 2024.

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