The price of Ethereum (ETH) jumped today (Wednesday, April 28, 2021) significantly during the early Asian trading hours. The more than 7% jump in ETH price took place after the positive news break that the European Investment Bank (EIB) is issuing a two-year 100 million Euro ($US120.8 million) digital bond. As per the analysts at Bloomberg, the sale will be led by Goldman Sachs, Banco Santander, and Societe Generale.
In the early Asian trading hours, the price of the world’s second-largest digital asset reached US$2,709, an all-time high (ATH). This takes the last 7-day increase to 15.7%. The jump in ETH price increased the market capitalization to US$312 billion.
Though there are myriad reasons for the Ethereum price to increase, Reuters said that the main reason for this 24-hour price jump is the news of EIB launching a “digital bond” sale by utilizing the Ethereum network.
Societe Generale SFH, a subsidiary of Societe Generale, announced on April 23, 2021, that a 100 million Euro bond has been announced as a security token on the public Ethereum blockchain. Moody’s and Fitch have awarded it a top triple-A rating.
Danny Kim, SFOX’s Head of Revenue at crypto broker said that the news has shown a bullish institutional use case for Ethereum. He went on to say:
“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.”
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