Ethereum on a high after European Investment Bank’s $121M digital bond news

Ether price skyrocketed to a new all-time high with the support of positive news from the European Investment Bank.

Ethereum on a high after European Investment Bank’s $121M digital bond news

Ethereum has reached $2,709 during early Asian trading on Wednesday, April 28, marking a new peak price for the asset. The move has pushed the ETH market cap to a record $312 billion.

According to data from Coingecko, Ether saw a gain of 7% over the past 24 hours and 15.7% over the past seven days for the world’s second-largest digital asset by market capitalization. 

While there are a range of factors describing the surge in Ether price, Reuters today published a news that the European Investment Bank (EIB) is launching a “digital bond” sale on the Ethereum network.

The EIB is issuing a two-year 100 million Euro, approximately $120.8 million, digital bond with the sale to be led by Goldman Sachs, Banco Santander, and Societe Generale, according to analysts from Bloomberg.

Societe Generale announced that its subsidiary Societe Generale SFH had issued a 100 million Euro bond as a security token on the public Ethereum blockchain. It was awarded the top triple-A rating by Moody’s and Fitch.

A revival in DeFi related protocols and tokens, coupled with a fall in gas prices could also be the reason behind driving momentum. Popular crypto analyst ‘Altcoin Sherpa’, meanwhile, predicted that ETH would continue to outperform BTC in the coming weeks, targeting a price of $3,000.