Wednesday, May 12, 2021

CZ Stresses Reason behind Ethereum Current Price Rally; Sotheby to Accept BTC and ETH

Changpeng Zhao (CZ), the CEO of the largest crypto exchange by trading volume, Binance, has some hours ago shared his opinion in relation to the current positive trend of the second-largest digital currency by market capitalization, Ethereum (ETH).

In an interview with Bloomberg, CZ stated that there is an increase in the demand for Ethereum (ETH) to purchase assets such as non-fungible tokens (NFTs) and this is likely impacting the surging momentum of ETH.

Read Also: Ethereum (ETH) Hits $3,000 All-Time High for the First Time in History

CZ Binance noted:

“All of these use cases are moving right now and people need the other coins to do this type of new transaction. Ethereum is one of those clear examples. That’s probably why Ether is going up.”

CZ also pointed out that digital assets to be offered by central banks will be different than cryptocurrencies in many ways. He’s certain about the fact that they won’t offer the same freedom and the usual supply cap.

“Most central-bank digital currencies are going to have a lot of control attached to them. Differences between the two types of coins could make the central-bank version unattractive to people drawn to the crypto world. “At the end of the day, those are core properties that users care about,” CZ Binance said.

Read Also: Fundstrat Global Reiterates Its $10,500 Price Target For Ethereum (ETH)

Sotheby to Start Accepting Bitcoin (BTC) and Ethereum (ETH)

The CEO of Sotheby, Charles F. Stewart, has announced that the lending auction house will start accepting Bitcoin (BTC) and Ethereum (ETH).

Stewart said this in a new interview on CNBC’s Squawk Box. According to the CEO, the firm took enough time to consider the option of accepting the two largest cryptocurrencies.

He said, “We are really excited to make this happen. It’s something we have been thinking about for quite some time.”

Read Also: Millions of Venmo Users Can Now Buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin

In other to make the payment processing seamless, Sotheby, the New York-based auction house sealed a partnership with the merchant arm of the largest US-based crypto exchange, Coinbase Commerce.

So, this new development implies that Art lovers will be able to bid for artworks of their choice, including “Love is in the Air,” the most famous painting of British street artist Banksy, with Bitcoin (BTC) and Ethereum (ETH).


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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