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Saturday, May 15, 2021

Ethereum Surges After News of $121M Bond from EU Investment Bank

The prices of Ethereum have cranked almost to a value of 7% during the last 24 hours. This revealed the Ethereum has outperformed Bitcoin.

This recent skyrocketing of Ethereum prices on 28th April, Wednesday, towards their new all-time high has a major reason. This mainly happened due to the reason that the Investment Bank of Europe has issued some positive news regarding ETH.

Ethereum Outperforms Bitcoin

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Ethereum has successfully managed to increase to the $2,709 mark during the preliminary Asian trading hours on Wednesday. This marked a new record high for this asset as reported by Coin Gecko.

The metrics provider of cryptocurrency has further reported the ETH has made a profit of almost 7% during the last 24 hours. In addition, the gain is 15.7% during the last 7 days. This suggests a huge gain for the 2nd largest cryptocurrency across the world based on market capitalization.

Even though there are numerous factors that are motivating the ETH price, today Reuters attributed the surge to the positive news from EU investment Bank. According to the notification, they are launching the sale of ‘digital bond’ with the use of the ETH network.

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The EIB will release an amount of 100 million euros of 2 years in digital bonds. This sale will be led by Societe Generale, Banco Santander, and Goldman Sachs.

Societe General has announced issuing 100M Euro bond through security token across the public ETH blockchain on 23rd April. This received the award of leading triple-A rating from Fitch and Moody.

The revival of DeFi-related tokens and protocols along with reduced gas fees might further drive the ETH momentum. Presently the transaction cost on the ETH network has dropped to $10.37.

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