Ethereum on a high after European Investment Bank’s $121M digital bond news

ETH prices have cranked 7% over the past 24 hours, outperforming big brother.

Ether (ETH) prices skyrocketed to a new all-time high on Wednesday on the back of positive news from the European Investment Bank.

Ether has climbed to $2,709 early during trading in Asia on Wednesday, marking a new peak price for the asset, according to CoinGecko.

The crypto metrics provider reports a gain of 7% over the past 24 hours, and 15.7% over the past seven days for the world’s second-largest digital asset by market capitalization. The move has pushed the ETH market cap to a record $312 billion.

While there are a range of factors propelling Ether’s price, Reuters today attributed it to the news that the European Investment Bank is launching a “digital bond” sale using the Ethereum network.

The EIB is issuing a two-year 100-million-euro ($120.8 million) digital bond, with the sale to be led by Goldman Sachs, Banco Santander and Societe Generale, according to analysts at Bloomberg.

European Investment Bank is issuing 2 year digital bonds on Ethereum through Goldman, Santander, and Societe.

Wow. @GoldmanSachs #Ethereum @RaoulGMI pic.twitter.com/kaQIrZ9C9V— Michael Tant (@MichaelTant3) April 27, 2021

On Friday, Societe Generale announced that its subsidiary, Societe Generale SFH, had issued a 100-million-euro bond as a security token on the public Ethereum blockchain. It was awarded the top triple-A rating by Moody’s and Fitch.

Danny Kim, head of revenue at crypto broker SFOX, told Reuters that the news has demonstrated a bullish institutional use case for Ethereum, adding that exchange balances are also decreasing, which adds m to the bull case:“The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year. With less supply on exchange available, there’s less likely a chance of a major sell-off.”

If you are not extremely long $ETH and Web3 at this point, it will probably be a rough decade for you

Tradfi banks beginning to issue digital bonds on ETH is unbelievable— Sisyphus (@0xSisyphus) April 27, 2021

As reported by Cointelegraph, a revival in DeFi-related protocols and tokens, coupled with a fall in gas prices, could also be driving momentum. At the time of writing, the average transaction price on the network had fallen to $10.73, according to BitInfoCharts.

Popular crypto analyst Altcoin Sherpa, meanwhile, predicted that ETH would continue to outperform Bitcoin (BTC) in the coming weeks, targeting a price of $3,000.

$ETH: Still think this 1 outperforms BTC in the coming weeks, $3000+ is inevitable. Waiting for the BTC bottom to form (wherever that is) and then take off. #Ethereum $ETHUSD pic.twitter.com/wdFUG0Nkui— Altcoin Sherpa (@AltcoinSherpa) April 28, 2021
http://dlvr.it/RycHrb

You might be interested in …

Bitcoin’s comeback, XRP doubles in a week, Coinbase’s big profits: Hodler’s Digest, April 4–10

Uncategorized

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link. Top Stories This Week Bitcoin suddenly hits $60,000 as a new resistance battle liquidates $850 […]

Read More

Synthetix announces $12 million raise led by Paradigm, Coinbase Ventures, and IOSG

Uncategorized

As the crypto community debates VCs participating in DAOs, Synthetix welcomes three new Spartans The Synthetix DAO has added some new, perhaps surprising voices to its governance.  Today the synthetic asset protocol announced a $12 million dollar fundraise led by venture capital firms Paradigm, Coinbase Ventures, and IOSG. The funds purchased SNX tokens directly from […]

Read More

NFT bonanza sends Chromia (CHR), Rarible (RARI) and Lukso (LYXE) price higher

Uncategorized

Nonfungible token projects continue to rally as big-name players dabble in digital assets and the pace of cryptocurrency’s mainstream adoption increases across multiple sectors. Nonfungible tokens (NFT) have risen in popularity over the past couple of months as stories of record-setting multi-million dollar auction sales begin to emerge on a daily basis.  While projects like […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php