Cryptocurrency Ethereum’s Value Reaches a New Summit: Report

Ethereum is the world’s second-largest cryptocurrency in terms of market capitalization after Bitcoin and it has reached new heights in terms of value recently.  According to some media reports, the European Investment Bank is planning to roll out a “digital bond” sale on the ethereum blockchain network. Ethernum or sometimes called Ether is the digital currency that allows transactions on the ethereum blockchain. Ethereum’s value reached a record high of $2,713.95 on Wednesday, which was an increase of 5% as compared to the previous day.

Cryptocurrency Ethereum’s Value Reaches a New Summit: Report

According to a report of Bloomberg, the EIB is proposing to issue a two-year 100-million euro digital bond, with the sale to be led by Goldman Sachs, Banco Santander, and Societe Generale.

The head of revenue at SFOX (a full-service crypto broker), Danny Kim said,

The amount of ethereum sitting on exchanges continues to drop lower and has been the lowest in the past year. With less supply on exchange available, there’s less likely a chance of a major sell-off.

Ethereum also acts as an investor and utilizes the tokens to purchase virtual art or land, in the form of non-fungible tokens (NFTs), on platforms like SuperRare and Decentraland.

Recently, most of the digital currencies got a boost in the stock market after reports that JPMorgan Chase (JPM.N) is intending to offer a managed bitcoin fund. Bitcoin, the world’s largest cryptocurrency with more than $1 trillion in market capitalization, regained the $50,000 mark in terms of value this week.

However, cryptos also witnessed a decline after U.S. President Joe Biden shared his plans to impose capital gains taxes, which has the potential to stop investments in blockchain.

Check out? Elon Musk turns his supports towards another currency after Bitcoin

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