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

Ethereum prices exploded to a new all-time high on Wednesday behind positive news from the European Investment Bank.

Ethereum climbed to $ 2,709 during early Asian trading on Wednesday, April 28, marking a new peak price for the asset according to Coingecko.

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

While there are various factors driving the etheric price, Reuters today attributed it to the news that the European Investment Bank is launching a sale of a “digital bond” via the Ethereum network.

The EIB is publishing a two-year digital bond worth 100 million euros (US $ 120.8 million), with sales led by Goldman Sachs, Banco Santander and Societe Generale, according to Bloomberg analysts.

European Investment Bank issues 2-digit bonds on Ethereum through Goldman, Santander and Societe.

Wow. @GoldmanSachs #Ethereum @RaoulGMI pic.twitter.com/kaQIrZ9C9V

– Michael Tant (@ MichaelTant3) April 27, 2021

On April 23, Societe Generale announced that its subsidiary Societe Generale SFH had issued a 100 million euro bond as a security sign on the public blockchain Ethereum. It received the top triple-A rating from Moody’s and Fitch.

Head of revenue at crypto broker SFOX Danny Kim told Reuters that the news showed a bullish institutional use case for Ethereum, adding that exchange balances are also declining adding to the bull case:

“The amount of Ethereum sitting in exchanges continues to decline and was the lowest in the past year. With less stock interchangeable, there is less likely to be a chance of a major sale.”

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

Tradfi banks starting to issue digital bonds at ETH are incredible

– Sisyphus (@ 0xSisyphus) April 27, 2021

As reported by Cointelegraph, a revival of DeFi-related protocols and tokens, along with a drop in gasoline prices could also cause momentum. At the time of writing, the average transaction price on the net had dropped to $ 10.73 per share Bitinfocharts.

Popular crypto analyst ‘Altcoin Sherpa’ meanwhile predicted that ETH will continue to outperform BTC in the coming weeks, aiming for a price of $ 3,000.

$ ETH: Still thinking this 1 will surpass BTC in the coming weeks, $ 3000 + is inevitable. Waiting for the shape of the BTC bottom (wherever that is) and then take off. #Ethereum $ ETHUSD pic.twitter.com/wdFUG0Nkui

– Altcoin Sherpa (@AltcoinSherpa) April 28, 2021