Ethereum price spikes as Biden government borrows another AUD$45 billion from Fed

Posted: 4 March 2022 3:30 pm

The American government has requested the Federal Reserve to issue a AUD$45.5 billion loan.

  • ETH's value is currently up 5% over the last 7-day stretch.
  • Daily transactions associated with the Ethereum network have increased by 6% since February 2022.
  • Prominent DEX aggregator 1inch has released a P2P crypto trading module earlier this week.

After having surged past the all-important US$3,000 (approximately AUD$4,000) psychological threshold recently, Ethereum has once again gone on to showcase a major price correction, with the altcoin's value dropping by a sizeable -7.5% over the past 24 hours. At press time, ETH is trading at a price point of AUD$3,711.

These developments come at a time when the Biden administration has asked the Federal Reserve to issue AUD$13.64 billion to help with its ongoing efforts to protect Ukraine against Russia. Not only that, but the American government has also requested the Fed to dole out a total of AUD$30.36 billion to cover for its various coronavirus pandemic relief efforts.

As far as Ethereum's fundamentals go, the network is currently processing daily transactions worth AUD$9.14 billion (US$6.7 billion), representing a 6% increase over the past 30 days. However, these numbers are nowhere close to what the ecosystem witnessed during Q4 2021, wherein daily ETH-related transactions amounted to a whopping US$9 billion.

Month-over-month, Ethereum-based dApps have also seen a 10% decrease in terms of their total active addresses, which comes as a surprise since the smart contract network is still viewed by most investors as being the world's go-to platform for NFT, DeFi development.

How to buy Ethereum

1inch launches crypto swap module

Decentralised exchange aggregator 1inch revealed earlier this week that it had formally launched a peer-to-peer (P2P) module within its existing trading platform, allowing users to specify the person or wallet that they wish to fulfill their trade order with.

On a technical note, a spokesperson for the firm added that their P2P service is being governed by a smart contract framework that offers an extremely high level of decentralisation.

When making use of the P2P module, participants can set the swap amount to the current market rate or adjust the metric by intervals of 5%. Also, expiration dates associated with a particular order can be set as low as 10 minutes to as high as 7 days.

Anti-war crypto donations continue to flow in for Ukraine

As war tensions continue to mount between Russia and Ukraine, a growing forum of anti-war protestors have continued to turn towards the use of cryptocurrencies to help the latter with its military efforts.

Numbers-wise, over the last 7 days, officially maintained donation addresses by the Ukrainian government have accumulated about US$1,500 in ETH and around US$350,000 in Tether (USDT) stablecoin.

Furthermore, independent entities including Braiins, the world's oldest mining pool, have recently donated 10 BTC plus a portion of its hash rate to help Ukraine while Web 3.0 humanitarian aid initiative RELI3F processed a total of 185 ETH to 3 separate crypto funds meant to provide residents of the Eastern European nation with immediate relief.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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