BNN - Friday, May 24, 2024 - 01:00 p.m. (ET) - Segment #7

you do have it trading over 68,000. What did it take to get their question mark got only did we have the approval of the spot etf's. Remember, there was a significant run-up in bitcoin to that time. We had tremendous inflows into the etf's after they were launched. You saw even more of a run-up. In that time, we also had the have vending -- halvening where there was more interest in bitcoin. You see it plateauing since then. You wonder how much more will be flowing and now the initial exuberance is out-of-the-way. Your trading below the highs of 7000, closer to 74,000 that we hit in february and leveling off under the $70,000 mark. Ethereum has had similar gains. You have seen a rise more on a percentage basis this year then you have of bitcoin. Almost a 63% rise in ethereum to date but a similar trajectory. A lot of excitement into the approval of the spot etf that brought you back closer to $3700. I want to talk about this more. This is a lesser-known asset to the wider public then bitcoin. Bitcoin you think of as digital gold. What narrative does ethereum take on? Ethereum has a lot of use cases. There are a lot of people building on ethereum. It is more native than bitcoin and that people familiar with cryptocurrency will understand ether more closely than the broader public. Creating the narrative into the etf's is another big question. There is another big player I want to talk about. That is coinbase. This is where all cryptocurrency assets came to play. A lot of people were wondering about what it would mean to have those etf's for coinbase. And yet you see coinbase has surged ever since. There are a few reasons. One is that people have been active in cryptocurrency trading markets. Another is they have been construed against to a lot of etf's have launched. A third reason I would give you a lot of people are watching closely as coinbase has this thing they call base. You are building layers on ethereum for the use case for ethereum over the next couple of years can be fascinating. Coupled with the etf, let's see how it goes. Ed: I am all about the base. Sonali: [laughter] ed: happy friday. Perfect set up. Joining us is the delta chain partner. Something sonali said, if bitcoin is the digital gold, ether is what in your mind? >> Digital oil. Ed: digital oil! Extrapolate. Give me more on that. >> Think of it like you have gold as a saving currency you use. Think about how oil is running everything. It was always supposed to be a gas to run products on top of ethereum. That set up ethereum as a technology layer. You want to build on a base, anything building on base, all of those settle on ethereum and then use the currency as the gas price which is the oil. You can create as many cars as possible, you need to have the same fuel which is ethereum. Ed: there are three things you have to untangle. Thursday live market actual pricing on ether and in the middle is the underlying technology which we will debate. The third is trying to track the relationship of the two. When I think about sonali's chart, the lead up to spot bitcoin etf approval, bitcoin hit new records. Ethereum has had an astonishing run up in recent days and weeks. It almost caught people by surprise. I think you would make the argument it has not hit its record yet. >> I have gone on the record at bloomberg before and said I do not expect ether etf's to be approved this year. I think it has been a big political push because of the election year.

pro crypto republicans have made democrats pay attention to it. We have an unprepared etf approval. We are still waiting for the trading to happen. The market expectations got built in but it is not really there. We've not past the all-time high prices. I feel like a combination of a liquidity crunch in the traditional market, because of global circumstances with high interest rates, there is not much more liquidity. The markets did not close very well yesterday. I think the combination of all of that has dampened the liquidity on ethereum. Ed: we write often that the ethereum blockchain is the most widely commercially used. Why is that important? >> You can have multiple companies making the same product but if one company is very reliable, ethereum is the first. It has been reliable since then. It not broken. Has gotten congested once or twice because of nft's and meme coins and has surprise well and got back. You have the biggest global community. The biggest security, the most protocols with billions under management. It has not gotten hack from the ethereum network side. I think it is more about the trust and not only the trust based on the best network to build but relied on overtime to give you the result. I think that is why ethereum has continued to prosper. The decentralization people usually do not talk about it. We do not see that much in others. It is basically an ideal way to go about it. Ed: thank you. Happy friday. I wonder if that takes off, like ethereum or ether the digital oil to bitcoin's digital gold. Let's talk about on the social medias. We will be joined by the zoom founder and ceo about how she is disrupting the student transportation industry. I was crunching the numbers about the scale of U.S. school district buses. This is one you do not want to miss. Everything ev next. This Harvest Healthcare leaders Enhanced Income etf. Maximize your monthly cash flow from Canada's leading healthcare etf. More income from Healthcare Leaders. Harvest ETFs, income happens here. We know you care. But if this is all too real for you and your loved ones. Make the call. Because we care too. Home Instead. To us, it's personal. Did you know 80% of women struggle with hair damage? New Pantene Miracle Rescue Deep Conditioner with melting Pro-V pearls... Helps hair lock in moisture to repair up to 6 months of damage. Guaranteed or your money back! If you know, you know it's Pantene. Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, Gold, I got to gold. The world of investments is growing, offering more alternatives than ever. ( ) Choose an alternative that invests, in what's here to stay. ( ) Things you can see and touch. ( ) Things that are part of our everyday lives. ( ) Avenue Living brings a different approach. ( ) One that's steeped in history, experience, and trust. ( ) Choose a proven alternative. Talk to your advisor about Avenue Living today. ( ) Hi, I'm Jessica Katrichak. Coming up on btv. Very rare to find this type of mineralization in your first couple of holes. So usually copper gold porphyries take maybe 20, 30, 50 plus. Nobody had really systematically looked for these type of deposits in the Yukon. So we're the first movers that are really looking systematically in this terrain for copper gold projects. Watch us online or here on bnn Bloomberg. Welcome to the world of spycraft. (Dramatic music) Keep yours eyes glued to the action. Let's get down. Let's get funky! What are you concealing?

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