The Focus on Ether: Trump NFTs on Bitcoin – Video
2 min read
Ether is taking center stage with Donald Trump NFTs on the Bitcoin Blockchain. Welcome to Coin Desk Daily. I’m Jen Sani. The focus has been on Bitcoin lately, thanks to the Bitcoin ETF news. However, analysts and traders are keeping a close eye on Ether as well. In 2023, Ether underperformed Bitcoin, but analysts believe that investors will re-evaluate the second largest Cryptocurrency this year. It remains the world’s leading smart contract Blockchain with upcoming key upgrades. Coinbase’s recent weekly newsletter stated, “Bitcoin ETF news proved to be beneficial for Ether, which briefly spiked above $2700, reaching its highest price since May 2022.” There are reasons to be optimistic about its future, especially with firms behind the Bitcoin ETFs also considering Ether-based spot ETFs. However, JP Morgan believes there are still challenges ahead. The investment bank suggests that the approval of a spot Ether ETF is no more than 50% likely by May, pointing to lawsuits against crypto exchanges offering staking services for blockchains like Ethereum. On the NFT front, Donald Trump has launched his latest project. His NFT venture announced that collectors who purchase 100 of his mugshot NFTs will receive a unique card in the form of an ordinal on the Bitcoin Blockchain. However, buyers should be cautious as these ordinals and the 100 NFTs cannot be traded until December 2024. This restriction is aimed at reducing their appeal as investment vehicles. That’s all for Coin Desk Daily. For more updates, visit coindesk.com. See you next time.
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