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Ethereum (ETH) coin Strongly Bullish as European Investment Bank Announces $100mn Digital Bond

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Ethereum (ETH) coin established a new all-time high at $2,713 on April 28 while Bitcoin is failing to cross the strong resistance at $55k. At the time of writing, Bitcoin stands at $54k with its market dominance falling and altcoins surging.

The new all-time high of ETH coin has pushed its daily trading volume to $31 billion and the market capitalization at $299 billion. At the time of writing, Ethereum was trading hands at $2,589 apiece – still under strong bullish pressure.

The ATH comes amidst news of heavy investment inflow into the Ethereum (ETH) blockchain. The European Investment Bank has announced the launch of a “digital bond” sale utilizing the Ethereum network. The EIB is issuing a 100 million Euro digital bond with an expiry of two years – the project headed by Goldman Sachs, Banco Santander and Societe Generale.

Societe Generale had issued the 100 million Euro bond on April 23 as a security token on the Ethereum blockchain. The issuance took place through Societe Generale’s subsidiary Societe Generale SFH. Moody’s & Fitch had subsequently given the bond a triple A rating.

The bond worth $120 million is a testament to the use cases of the Ethereum (ETH) blockchain. The project has also indicated the increasing institutional interest in ETH crypto and the likes. Bullish momentum is likely to continue at the current rate as the supply of Ethereum on cryptocurrency exchanges has also been dropping consistently. currently, the supply has been the lowest in the past, which would, by the principles of economics, drive up the price of Ethereum further.

The highly anticipated ETH2.0 which is designed to make the cryptocurrency more sustainable, secure and scalable is also expected to happen earlier than expected as researchers and developers are working on it to accelerate the process.

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