Ether in the Spotlight; Trump NFTs on Bitcoin

Ether is in the spotlight and Donald Trump Nfts on the Bitcoin Blockchain. You're watching Coin Desk Daily. I'm your host, Jen Sani. The last week has been all about Bitcoin on the back of the spot, Bitcoin ETF News. But analysts and traders are also watching Ether closely in 2023 Ether underperformed Bitcoin and now analysts are saying that investors will likely have a re look at the second largest Cryptocurrency by market cap this year as it is still the world's leading smart contract Blockchain with key upgrades lined up in a weekly newsletter. Coinbase said quote last week, Bitcoin ETF news proved to be a boon for Ether M which briefly spiked above $2700 reaching the highest price since May 2022. And there are reasons to be even more optimistic about its near term future. For one, several of the firms behind the Bitcoin ETF S including Blackrock and Van Eck are also plotting Ether based spot ETF S end quote. But JP Morgan thinks there are still some challenges ahead. According to the investment bank. The probability of the sec approving a spot E ETF by May is no more than 50% JP Morgan points to lawsuits against crypto exchanges, offering staking services for proof of stake blockchains including Ethereum. They say that this makes the approval of a spot Ether ETF more challenging. And Donald Trump is out with his latest NFT project. The former US president's NFT venture announced on X that collectors who purchased 100 of his mugshot NFTS, which cost $99 will get a unique card in the form of an ordinal on the Bitcoin Blockchain. But buyer beware the ordinals and the 100 Nfts you have to buy to get the ordinal cannot be traded by owners until December 2024. The thread on X said the restriction is meant to reduce their appeal as investment vehicles. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.