Ethereum Soars to a New ATH Over Reports About EIB’s Digital Bond Sale
Wednesday’s trading session starts on an optimistic note for the crypto market, with Ethereum prices soaring to a new ATH, powered by emerging news reports that the European Investment Bank (EIB) is planning to launch a sale of “digital bonds” on its blockchain network. At the time of writing, ETH/USD is trading at around $2
The world’s second most popularly traded cryptocurrency, is known for supporting decentralized finance (DeFi) and decentralized apps (DApps) projects, in addition to being used as a payment method like Bitcoin. Investor interest soared following a report in Bloomberg during the previous session about EIB considering the issue of a two-year 100 million euro digital bond on the Ethereum network, sending the price of Ether (ETH) soaring.
The EIA’s digital bond sale will be led by leading investment banks Goldman SAchs, Banco Santander SA and Societe Generale AG, as per the report, and will be yet another instance of cryptocurrencies gaining mainstream attention and acceptance. In addition to the rising popularity of DeFi, DApps and even NFTs, the increased interest among institutional investors has increased the popularity of Ethereum, and has also powered bullish moves in the overall crypto market as well lately.
In addition to news about EIB’s digital bond, Ethereum is also trading bullish over a diminishing supply of ETH tokens available in the market. The amount of Ether available in exchanges has fallen to an extremely low level owing to higher interest among both retail as well as institutional investors in this cryptocurrency, reducing the likelihood of a massive sell-off and further boosting its appeal in the market.
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