May: Technological breakthroughs in AI, blockchain innovation, ETF developments, and shifting regulations
Get up-to-date with the latest trends in crypto, Bitcoin, AI, and beyond. Oraichain's "Market Insights" series delivers a monthly snapshot of the hottest narratives shaping the blockchain space. Dive into May's market news and discover what's driving innovation.
Major News
‘FIT21’ Crypto Bill Passes the House
The House passed a bipartisan bill aiming to bring clarity to crypto regulation. It assigns oversight to different agencies based on asset type (commodity vs. security) and introduces stricter rules for exchanges and stablecoins, potentially creating a more stable and predictable environment for the US crypto market. (Source: Various)
Spot Ethereum ETFs may begin trading by early July
Spot Ethereum ETFs could be arriving in the US much sooner than expected. Bloomberg analyst Eric Balchunas predicts a July 2nd launch, citing the SEC's seemingly light review of applications. The SEC requested minor revisions and a quick turnaround, potentially aiming to clear them before the July 4th holiday. (Source: CoinTelegraph)
SEC Closes Ethereum 2.0 Investigation
The SEC closed its investigation into Ethereum 2.0, deciding not to pursue them as a security. This follows a lawsuit by Consensys and broader public pressure. (Source: Consensys)
Bitcoin in May
Bitcoin closed May with an 11.07% gain, marking a positive month for the cryptocurrency. Notably, Bitcoin ETF funds saw significant inflows, accumulating nearly 30,000 BTC during the period. This suggests growing institutional interest in Bitcoin and its potential as an investment asset. (Source: Various)
Supporters of Donald Trump can donate using cryptocurrency
The Trump campaign has begun accepting cryptocurrency donations in solidarity with those wary of government control over financial markets, contrasting with Biden and Warren's criticisms. This move provides Trump with a new fundraising channel as he engages with the crypto community (Source: CNBC)
Industry Event - Consensus 2024
Consensus 2024, held in Austin, Texas from May 29th to 31st, drew thousands from the industry and featured hundreds of side events.
Discussions revolved around RWA, AI integration in Web3, identity verification and DePIN (Decentralized Physical Infrastructure Networks) for solving resource limitations in AI training. Trending topics like Bitcoin layer 2s, Ethereum restaking, interoperability, next-generation cryptography were also on the agenda, highlighting the focus on building core blockchain tech. This focus aligns with the observed rise in cryptocurrency adoption within the US market, driven by both investment opportunities and the practical applications of blockchain technology. (Source: Various)
AI in May
Democratizing and decentralizing AI infrastructure with 640,000 GPUs
A major partnership between Aethir and Io.net aims to democratize access to powerful computing resources for AI development. By combining their vast network of GPUs (over 640,000) and Io.net's decentralized infrastructure, they aim to make supercomputing cheaper, more accessible, and geographically unrestricted. (Source: CryptoSlate)
OpenAI's New GPT-4o Model Releases
OpenAI launched GPT-4o, an AI model for real-time conversation. It understands emotions, handles interruptions, and offers features like storytelling. This rollout follows upgrades from competitors and precedes announcements from Google and Apple. (Source: CryptoSlate)
Nvidia Becomes Most Valuable Public Company, Topping Microsoft
Chipmaker Nvidia became the world's most valuable company, fueled by the boom in artificial intelligence and surging demand for its graphics processing units (GPUs) used to build AI systems. Nvidia's bet on GPUs for AI has paid off, with its market value skyrocketing from $1 trillion to over $3 trillion in just a year. (Source: The NY Times)
Wrapping up
May's market buzzed with regulatory progress, ETF anticipation, and booming AI innovation. Stay tuned for orai.io next Market Insights as we dive deeper into the evolving crypto landscape!
