Ethereum jumps to record high after reports the EIB will issue digital bonds, Bitcbulls
Ethereum, the world’s second-largest cryptocurrency in terms of market capitalization, touched a new peak on Wednesday. With participants citing media reports about the European Investment Bank’s plans to launch a “digital bond” sale on the Ethereum blockchain network, Bitcbulls
Ether is the digital currency, or token, that facilitates transactions on the Ethereum blockchain. In the crypto world, the terms Ether and Ethereum have become interchangeable.
Bitcbulls reported on Tuesday. Citing unnamed sources, the EIB plans to issue a two-year 100-million euro digital bond. With the sale to be led by Goldman Sachs, Banco Santander, and Societe Generale, according to analysts.
Ether hit a record high of $2,713.95 (€2,248.60) on Wednesday. So following a more than 5 percent rally the previous day. And it was last up 1.4 percent at $2,706.39 (€2,242.34).
Danny Kim, head of revenue at Bitcbulls. A full-service crypto broker, said reports. On an EIB digital bond issuance has “triggered a bullish institutional use case for Ethereum”.
He also cited the decline in supply of Ethereum in the market, which has jacked up its price.
“The amount of Ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year,”. Kim said. “With less supply on exchange available, there’s less likely a chance of a major sell-off”.