In brief
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$83,486.00
-2.19%$1,581.38
-3.35%$2.08
-3.21%$581.50
-1.08%$125.49
-3.83%$0.999895
-0.00%$0.251769
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-3.46%$0.608219
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-3.21%$83,383.00
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-2.16%$0.00001167
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0.03%$4.21
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0.03%$1,580.40
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2.34%$27.67
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0.98%$5.19
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10.50%$0.824927
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0.58%$4.77
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0.03%$134.84
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1.38%$4.01
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1.66%$0.610883
3.92%$0.999836
0.01%$14.08
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1.59%$82,898.00
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23.57%$0.400165
-2.17%$0.998069
0.03%$0.01430503
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-3.26%$0.999891
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1.03%$0.999894
-0.01%$13.85
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2.79%$0.125297
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-0.04%$0.00000043
0.54%$83,425.00
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0.06%$1.08
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5.99%$1.10
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0.05%$83,108.00
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4.46%$1,575.33
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9.24%$1.00
-0.01%$1,581.06
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2.76%$0.00005738
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0.06%$0.03076506
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0.07%$0.466212
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-2.66%$0.00000135
-4.28%$3,229.60
0.03%$2.44
-1.65%$83,495.00
-2.04%$82,914.00
-2.71%$1.044
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1.18%$2.76
-0.48%$0.560331
-1.43%$1,562.71
-3.25%$0.205385
-1.73%$3.84
26.36%$20.24
-1.62%$0.999915
-0.02%$0.00274338
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-2.12%$0.520999
-5.39%$1,580.82
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-1.98%$0.167166
-2.20%$0.23594
-7.44%$0.462101
-2.20%$1,672.27
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1.67%$1,676.96
-2.22%$18.78
-6.78%$1.00
0.14%$0.00036541
11.02%$0.464772
21.89%$0.09562
-1.26%$0.01100417
0.17%$0.633131
-2.59%$1,732.03
-3.31%$1.13
-0.09%$0.092268
-8.82%$12.88
-1.71%$0.999814
0.01%$83,472.00
-2.27%$1,716.80
-3.28%$0.083178
6.54%$2.63
-1.00%Reading
Average Bitcoin transaction fees have sunk to lows of $7, according to data from blockchain analytics site BitInfoCharts. Fees haven’t been this low since January.
The Bitcoin blockchain charges a fee for each transaction and distributes the proceeds to miners.
Fees rise when demand for processing transactions outstrips the supply of miners. On April 21, average fees hit a record high of $62.8 per transaction.
Conversely, fees fall when mining supply outstrips demand. The drop in fees suggests Bitcoiners aren’t as interested in placing transactions as they were just over a month ago.
That could have something to do with the recent crash in the crypto markets, which sent the price of Bitcoin down from $60,000 to $36,000 in just a few weeks.
Bitcoin miners are also not as interested in processing transactions. Mining difficulty—the amount of computing power required to validate Bitcoin transactions—fell by 16% on Sunday—the sharpest decline in over a year. Bitcoin mining becomes easier when the overall hash power backing the blockchain decreases.
Ethereum fees are down, too, thanks to a general cooling-off in the crypto market. The global crypto market cap fell from peaks of about $2 trillion last month to current levels of $1.6 trillion, according to metrics site CoinGecko.
Lower prices, fees, and hash power follow government crackdowns on Bitcoin mining in China, where the majority of miners are located. Crypto exchanges Huobi and OKEx have already started limiting certain transactions, and officials in Inner Mongolia are considering banning Bitcoin mining outright.
Following news of a coming crackdown on Bitcoin mining in China, the provincial government of Inner Mongolia has now proposed that those who violate new ordinances be “blacklisted” from the country’s social credit system, according to local reports. This means that illegal Bitcoin miners within the province, if caught, would face limited access to financial products, blocks to foreign travel, and more, according to sources. The blacklisting is just one of several curbs the provincial government...
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Bitcoin miners continue to feel the crunch, with firms in the space selling more coins than usual to make ends meet. Data firm CryptoQuant said in a Tuesday report that miners last week stepped up their selling as the price of the biggest cryptocurrency dropped below $80,000. The firm said that on April 7, miners sold a total of 15,000 BTC—the third-largest daily outflow this year. That's at least $1.12 billion worth, based on the day's low price of less than $75,000. Increased market volatil...
A rallying yen and the highest Japanese bond yields in 30 years are sending warning signals across global markets, and Bitcoin may not be spared. This week, Japan’s 30-year bond yield jumped to 2.345%, its highest level since 1994, while the yen rallied to around 153 against the U.S. dollar. Goldman Sachs analysts led by former Bank of Japan (BOJ) chief economist Akira Otani believe that the bank may be nearing a policy pivot amid the yen’s rally. If the yen strengthens further toward 130/USD, t...
Decentralized exchange (DEX) KiloEX has suspended operations following a $7.5 million attack, which cybersecurity researchers attributed to a “price oracle exploit.” KiloEX launched in 2023, built on BNB Chain, opBNB, and Manta Network, and has received seed funding from Binance Labs, which invests in the Binance Coin (BNB) ecosystem. In a tweet, the DEX reassured users that the exploit has now been contained. KiloEX said it is “working with security partners to trace the flow of funds” and that...