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Ethereum on a high after the announcement of the European Investment Bank’s $ 121 million digital bonds

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

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

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

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Although there are a series of factors propelling the price of ether, Reuters today attributed it to the announcement of the European Investment Bank’s willingness to launch a “digital bond” sale in using the Ethereum network.

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The EIB plans to issue a two-year digital bond of 100 million euros ($ 120.8 million) which will be priced on Tuesday, with the sale to be led by Goldman Sachs, Banco Santander and Societe Generale, according to the reports. Bloomberg analysts. .

On April 23, Societe Generale announced that its subsidiary Societe Generale SFH had issued a € 100 million bond as a security token on the public Ethereum blockchain. It has received the best triple A rating by Moody’s and Fitch.

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SFOX crypto brokerage revenue manager Danny Kim told Reuters the news demonstrated a bullish institutional use case for Ethereum, adding that currency balances were also declining, adding to the bullish deal:

“The number of Ethereum sitting on the exchanges continues to decline and was the lowest of last year. With less stock market offering available, there is less chance of a major sell off. “

As reported by UKTN, a pick-up in DeFi-related protocols and tokens, coupled with lower gasoline prices, could also boost momentum. At the time of writing, the average price of transactions on the network has fallen to $ 10.73 according to Bitinfocharts.

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

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