Average BTC transaction fees hit their lowest since January of this year – 0.0002 BTC (about $ 7.27 at current exchange rates) – amid a slowdown in markets following a bull rally.
According to BitInfoCharts, the decrease in activity in the cryptocurrency markets has benefited BTC transaction fees – their size has reached the lowest level since January this year. Currently, the average cost of sending a transaction is 0.0002 BTC – approximately $ 7.27 at the current exchange rate.
In the second half of April, the cost of sending BTC reached an all-time high of $ 62 amid a slowdown in block creation and transaction confirmation, as well as the ongoing boom in the cryptocurrency market. Then, in mid-May, transaction fees for Bitcoin and Ethereum fell 81% and 71%, respectively, amid the depreciation.
The size of commissions was also influenced by changes in the price of BTC – in April, bitcoin traded at $ 61,000, in mid-May, the rate dropped to $ 43,900, and now the first cryptocurrency is traded for $ 36,700. the next recalculation, it fell immediately by 16%.
The decline in rates, commissions and mining difficulties followed a meeting of the Committee for Financial Stability and Development of China, during which it became known that the country’s authorities could ban mining and trading in bitcoin. The Huobi exchange has suspended services for miners in China due to new regulatory policies, and the Chinese province of Inner Mongolia has proposed measures to “fight miners.”
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.