News-focused trading could be very opportune next week as there are four major events occurring. Investors usually like to price in such volatility-triggering events in advance. While the shadow of May 22-24 has not yet fallen, investors preparing for these four major events could come out ahead.
Significant Developments in Cryptocurrencies
In about 10 days, we will see four major developments directly shaking the prices in the crypto markets. Similar past events have had serious consequences on prices. So, what are the four important developments awaiting crypto investors on May 22-24?
NVIDIA Earnings Report
The ChatGPT launch in November 2022 fueled excitement in the field of artificial intelligence. Along with the rapid rise in Nvidia shares, AI-focused altcoins like AGIX, FET, and RNDR also saw massive gains. At the Nvidia event, AI altcoins significantly increased in value.
Now, on May 22, the latest earnings report for NVIDIA will arrive. The report is expected to exceed expectations, and we might see a rise in AI-focused altcoins over the next 10 days. Indeed, RNDR is experiencing this.
Spot Ether ETF Decision
The final decision day has arrived. On May 23 and 24, the final decisions for VanEck and Ark will be made. The market gives a 14% chance, so the SEC is expected to reject these ETFs. The price of ETH could drop further due to this anxiety. Additionally, the SEC might announce its rejection decisions as early as Friday.
On the other hand, trillion-dollar giants like BlackRock and Fidelity could also face early rejections in July and August. If a collective rejection decision is not made for this duo, the price of ETH could start pricing in a potential approval a few months later, depending on the overall market situation.
AVAX Unlocking Event
There’s no need to elaborate much on this topic. With double-digit annual inflation, the price of AVAX is under serious pressure. On May 22, an additional $321 million will be unlocked. If inflation figures are also bad next week, the price, currently at $33, could plummet to $19 due to the negative impact of this news.
Launch of ASI
On May 24, a new AI altcoin named ASI will be launched. FET, AGIX, and OCEAN are merging into a single altcoin. While FET will convert into ASI Coin on a 1:1 basis, the situation is different for the others. As this transformation date approaches, volumes may increase due to those waiting for or not waiting for the transformation. Those wanting more converted tokens may speculate on the price.
Investors need to be cautious at this point. Since ASI Coin will be distributed at a 1:1 ratio with FET, its price is expected to be close to that of FET after May 24. However, this new token basket, akin to an ETF indexed to three altcoins, could attract intense interest from those looking to diversify their holdings.
