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Bitcoin fUpdate
BennyBeaver
Member Posts: 13,346
Bitcoin Fees Hit All Time High
Bitcoin transaction fees have hit an all time high after a gas explosion in Xinjiang, China drove miners off line last week. The result has been an upsurge in bitcoin transaction fees as users outbid each other to have their transactions sent to the front of a fast growing queue. According to data from BitInfoCharts, the average bitcoin transaction fee is now more than $62, eclipsing the former record of $55 in December 2017. Due to the outage, sources say these record fees and slower than usual bitcoin transactions could persist for some time.
As a reminder, every bitcoin transaction is subject to network fees. Coinme never marks up network fees to make a profit. As a best practice, always check the current bitcoin network fee before sending bitcoin so you can plan your transaction accordingly. And you can always securely store your bitcoin in Coinme's wallet during these busy times.
Bitcoin Rally This Year Is The Start Of Going Mainstream
Longtime value investor Bill Miller is confident this bitcoin rally is different this time. “Supply [of bitcoin] is growing 2% a year and demand is growing faster. That’s all you really need to know, and that means it’s going higher…I don’t think this is a bubble at all in bitcoin, I think this is now the beginning of a mainstreaming of it,” said Miller in an interview with CNBC. And it’s hard to disagree. At the moment, the rate of new users entering the bitcoin space is higher than ever before.
Bitcoin Long-Term Holders Increasing
A significant shift is in the making. The data from glassnode below suggests a decrease in sellers, represented by the chart flipping green once more. Wallet addresses older than 5 months are considered long-term, signaling a user base of holders increasing in recent weeks. It is just one of many metrics which would imply that the amount of bitcoin for sale is drying up!
Bitcoin Drops 18% Off The $65k Level
Just days after a new all-time high, bitcoin saw a rapid drawdown to the low $50k level. The crypto market at large has been volatile in recent weeks, bitcoin being no exception. Many analysts, however, were quick to point out the support level which bitcoin rebounded to near $55k, claiming this may be an opportunity to buy the dip.
Bitcoin transaction fees have hit an all time high after a gas explosion in Xinjiang, China drove miners off line last week. The result has been an upsurge in bitcoin transaction fees as users outbid each other to have their transactions sent to the front of a fast growing queue. According to data from BitInfoCharts, the average bitcoin transaction fee is now more than $62, eclipsing the former record of $55 in December 2017. Due to the outage, sources say these record fees and slower than usual bitcoin transactions could persist for some time.
As a reminder, every bitcoin transaction is subject to network fees. Coinme never marks up network fees to make a profit. As a best practice, always check the current bitcoin network fee before sending bitcoin so you can plan your transaction accordingly. And you can always securely store your bitcoin in Coinme's wallet during these busy times.
Bitcoin Rally This Year Is The Start Of Going Mainstream
Longtime value investor Bill Miller is confident this bitcoin rally is different this time. “Supply [of bitcoin] is growing 2% a year and demand is growing faster. That’s all you really need to know, and that means it’s going higher…I don’t think this is a bubble at all in bitcoin, I think this is now the beginning of a mainstreaming of it,” said Miller in an interview with CNBC. And it’s hard to disagree. At the moment, the rate of new users entering the bitcoin space is higher than ever before.
Bitcoin Long-Term Holders Increasing
A significant shift is in the making. The data from glassnode below suggests a decrease in sellers, represented by the chart flipping green once more. Wallet addresses older than 5 months are considered long-term, signaling a user base of holders increasing in recent weeks. It is just one of many metrics which would imply that the amount of bitcoin for sale is drying up!
Bitcoin Drops 18% Off The $65k Level
Just days after a new all-time high, bitcoin saw a rapid drawdown to the low $50k level. The crypto market at large has been volatile in recent weeks, bitcoin being no exception. Many analysts, however, were quick to point out the support level which bitcoin rebounded to near $55k, claiming this may be an opportunity to buy the dip.
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