Transmission Costs Bitcoin Bitcoin is currently at its lowest price in nearly a year, while the price of the largest cryptocurrency is approaching an all-time high.
Bitinfocharts Data show The average transaction cost on the Bitcoin blockchain is now $0.73, the lowest fee since August 2023 when it briefly hit 64 cents.
when Decryption When I tried to send $10,000 in Bitcoin, I was offered a transaction fee of just $0.40, about 100 times cheaper than a wire transfer from the US to Europe. Via Wise.comfor example.
The decline in transaction fees Bitcoin Price At one time, the price fluctuated at $68,000 per coin, Reach $70,000 The announcement was made early Monday morning on Coinbase, the largest digital asset exchange in the United States.
Bitcoin transaction fees typically spike when the network is congested, meaning that when many people are using the network, Bitcoiners have to compete with other users to get miners to process their transactions.
Miners – operators of the powerful computers that process transactions and mint new coins – can charge more to have payments sent quickly.
In April, the cost of sending Bitcoin hit an all-time high of $128 per transaction. Rune ActivationA new standard for creating tokens on the blockchain.
Bitcoin hit an all-time high of around $74,000 in March and has since struggled to sustain above the $70,000 mark.
But now The evidence is The Federal Reserve’s imminent interest rate cut. The US central bank has raised interest rates to their highest level in 20 years in an effort to tame inflation in the wake of the COVID-19 pandemic.
When interest rates are high, investors tend to refrain from purchasing “risk assets” like cryptocurrencies.
Bitcoin’s recent resurgence can also be attributed to Republican presidential candidate Donald Trump’s attendance at the Bitcoin 2024 conference in Nashville. I vowed to create If elected, it would become a national “strategic bitcoin reserve.”
Editor: Andrew Hayward