Ethereum Price Skyrockets after European Investment Bank Issues US$121 Million worth of Digital Bonds

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.

Ethereum Hits ATH of $1,500 - SuperCryptoNews

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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