RNDR, TAO, and FET have posted double-digit gains over the past week.
Most digital assets were trading flat on Tuesday, in line with global markets.
Bitcoin, the world's largest cryptocurrency, is trading at $63,600 and has remained roughly flat over the past 24 hours. Ether (ETH) fell 0.3% and Dogecoin (DOGE) fell 0.5%. Meanwhile, Solana (SOL) rose nearly 2% on the day.
Artificial intelligence (AI) tokens have rallied strongly, with Render Network (RNDR) soaring 40% over the past seven days. Other AI coins such as SingularityNET's AGIX, Bittensor's TAO, and Fetch.ai's FET rose 17% to 23%, outperforming the overall market.
Cryptocurrency hedge fund QCP Capital noted that demand for September Bitcoin call options with strike prices of $75,000 and $100,000 is on the rise again. “We are seeing bullish follow-through on volatility; [funding] “Rates reversed upwards from Friday through the weekend,” the company said in a note obtained by The Defiant.
SEC delays Spot Ethereum ETF
The SEC’s decision to postpone Invesco and Galaxy Digital’s proposed Spot Ethereum ETF may have triggered an overnight drop in Ether.
The ETF's review period has been extended to July 2024 as the SEC seeks additional public comment and reviews regulatory considerations before listing on the Cboe BZX exchange.
The SEC is actively investigating the status of Ethereum following the transition from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. SEC Chairman Gary Gensler suggested that cryptocurrencies that allow staking may meet the Howey test for determining whether an asset constitutes a security.
stock market consolidates
U.S. stock futures were flat on Tuesday as the Dow Jones Industrial Average looked to extend its four-day positive streak.
Dow futures rose nearly 0.1%, while S&P 500 futures remained roughly flat. Meanwhile, Nasdaq 100 futures fell 0.1%.
Friday's U.S. jobs report revealed weaker-than-expected job growth in April and a slight increase in the unemployment rate. These results eased concerns about the economy overheating and raised investors' expectations that the U.S. Federal Reserve would cut interest rates.
