Ethereum (ETH) is witnessing a price breakout on the back of increasing institutional interest in the second largest cryptocurrency by market cap. The increased bullish sentiment pushed Ether price up by 2% to an intra-day high at $2,118 and the fact that ETH trades above $2,000 could be a sign that greater attention is shifting toward Ether. The renewed bullish momentum comes after last week’s blockbuster performance which saw ETH gain 10.4%. 

Ether price. Source: TradingView

Let’s review a few of the reasons for Ether’s newfound strength.

Institutional interest soars as the spot ETH ETF hype spreads

The institutional investor hype began on Nov. 1 when the U.S. Securities and…

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What happened: On Sunday a total of 5,963.58 Ether ETH/USD worth $12,410,386, based on the current value of Ethereum at time of publication ($2,081.03), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.

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Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data.

After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown could give rise to short-term volatility.

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Raft Finance experienced a severe security breach on Friday when a hacker managed to exploit a vulnerability in the protocol, resulting in the loss of approximately $3.3 million in ether.

The protocol originated as a fork of Liquity that replaced ether with staked ether as the collateral source backing its stablecoin, R. The exploit caused R to deviate from its intended $1 peg.

That prompted the team behind Raft to confirm the vulnerability and pause further minting to prevent additional losses​​​​.

According to a post-mortem blog post published Monday, the attacker was able to mint 6.7 million R, which was then swapped for 1,575 ether (ETH) causing R to de-peg.

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Taiwan cryptocurrency exchange Bitgin is under investigation by the country’s police force for money laundering. According to local news reports early this week, Yuting Zhang, the firm’s COO, was arrested by Taiwanese police for his alleged role in the “Eighty-Eight Guild Hall” money laundering incident.

 Previously Zhemin Guo and Chengwen Tu, two local businessmen, were accused by police of operating a multi-billion-dollar money laundering scheme by using their foreign exchange offices and crypto exchange accounts to launder proceeds of crime obtained via wire fraud from overseas. Chengwen Tu is also accused of defrauding the country’s tax authorities by claiming 300 million New Taiwan…

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