Digital currency ethereum jumps to record high

A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration

Ethereum , the world’s second largest crypto currency after Bitcoin , on Tuesday rose to a record high of $2,683.65 on the Bitstamp Exchange.

Ether was last up 4.32% at $2,644.07. Bitcoin, was last up 1.68% at $54,984.31 but still more than 15% below its record high at 64,895.22 set on April 14.

On Monday, the digital currencies got a boost from reports that JPMorgan Chase (JPM.N) is planning to offer a managed bitcoin fund, the latest indication that what is considered by many a speculative investment is gaining institutional legitimacy. read more

On March 1 Goldman Sachs restarted its cryptocurrency trading desk, just weeks after Tesla Inc (TSLA.O) announced it had purchased $1.5 billion in bitcoin, sparking a rally. read more

But cryptos hit some resistance after U.S. President Joe Biden unveiled plans to raise capital gains taxes, a move which could curb investment in the digital assets. read more

Our Standards: The Thomson Reuters Trust Principles.