Ether, Bitcoin Open Asia Trading Week Flat as ETH ETF Decision, Nvidia Earnings Loom

Ether (ETH) and Bitcoin (BTC) are starting the week off with relatively flat trading activity in Asia. Traders are closely watching the decision on the ETH exchange-traded funds (ETFs) and Nvidia’s upcoming earnings. The cryptocurrency market has been quiet after a week of bullish activity driven by positive sentiment regarding a potential U.S. rate cut and the stock market rally. This lull may soon come to an end as the SEC is expected to announce its decision on VanEck’s ETH ETF on May 23 and the Ark/21 Shares ETF on May 24. Additionally, Nvidia’s earnings report, scheduled for Wednesday, will be closely watched by traders. While the market has priced in the likelihood of rejection for the ETH ETFs, there is still some optimism among experts. It is believed that the report may contain positive aspects that signal a future approval of Ethereum. The removal of staking provisions in the filings could potentially pave the way for direct approval from the CFTC. Polymarket gives a 10% chance of approval by May 31, a 13% chance by June 30, and a 28% chance by the end of the year. Some market analysts argue that the timing and odds of approval may be underestimated by the current market sentiment. Positive news regarding the ETH ETFs could also have a positive impact on trading sentiments for BASE, a Layer-2 network, which has seen a recent drop in its native token’s price. Additionally, traders will be closely monitoring Nvidia’s earnings, as there is a strong correlation between Bitcoin and Nvidia’s performance. Artificial intelligence-themed tokens also tend to be influenced by Nvidia’s earnings. The correlation between Nvidia and the movement of the Ether market is not as strong as it was during the mining boom, but if Nvidia’s earnings remain strong, it is likely to positively impact the overall market.