ETH price rises after news of the European Investment Bank’s $ 121 million digital bond

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

The price of ether rose to $ 2,709 in Asia early WednesdayThis marks a new high for the asset, according to CoinGecko.

The provider of cryptocurrency metrics reports an increase of 7% in the last 24 hours and an increase of 15.7% in the last seven days for the world’s second largest digital asset by market capitalization. The move brought ETH’s market capitalization to a record $ 312 billion.

ETH price rises after news of the European Investment Bank’s $ 121 million digital bond
ETH price rises after news of the European Investment Bank’s $ 121 million digital bond

Although there are a number of factors that determine the price of ether, Reuters today attributes that to news that the European Investment Bank starts selling “digital bonds” through the Ethereum network.

The EIB will issue a two-year digital bond worth € 100 million (US $ 120.8 million). The sale is led by Goldman Sachs, Banco Santander and Societe GeneraleAccording to Bloomberg analysts.

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

Danny Kim, Head of Revenue at cryptocurrency broker SFOX, told Reuters The news revealed a bullish institutional use case for Ethereum, adding that exchange rate balances are also falling, adding “m” to the bullish case.::

“The amount of Ethereum that is on the exchanges continues to decline and was the lowest in the past year. With fewer offers available on the exchanges, a larger sale is less likely. “

As Cointelegraph reports, A revival of DeFi-related protocols and tokens coupled with a fall in gas prices could also boost momentum. At the time of this writing The average price for network transactions had fallen to $ 10.73according to BitInfoCharts.

The well-known cryptocurrency analyst Altcoin Sherpa, meanwhile, predicted this ETH would continue to outperform Bitcoin (BTC) in the coming weeks. predicted a price of $ 3,000.

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