Bitcoin (BTC) Sees Rare 300% Quarterly Increase in Transaction Fees, Here's Why

U.Today
U.Today

30 Jun 2023 2:29 PM

Bitcoin transaction fees increased 4x compared to last quarter...

  • Bitcoin transaction fees have increased four times since the previous quarter, marking the largest increase since Q2 2021.
  • The rise in fees is primarily driven by Ordinals-related activity, which works on the Ordinals Protocol and allows users to embed data into the Bitcoin blockchain.
  • Over $55 million in fees have been paid by inscription creators to date, with a total of 14.4 million inscriptions.
  • Bitcoin is on track for its second consecutive quarterly rise, up nearly 9% from April to June.
  • Hopes of BlackRock Inc., Fidelity Investments, and others launching spot Bitcoin exchange-traded funds in the US have contributed to Bitcoin's recovery.
  • The global cycle of monetary tightening is nearing its end, alleviating concerns about rising rates on sentiment.
  • Bitcoin began the year at $16,000 and has outperformed major stock indexes.
  • After reaching a new one-year high, Bitcoin has traded in a range of approximately $1,500 since topping $31,410.

The sentiment of the article is mostly positive, highlighting the increase in Bitcoin transaction fees, the growth of Ordinals-related activity, and the positive performance of Bitcoin in the market.

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You May Ask

What is driving the increase in Bitcoin transaction fees?How much in fees have been paid by inscription creators to date?Is Bitcoin experiencing a quarterly rise?What factors have contributed to Bitcoin's recovery?What has been the trading range of Bitcoin after reaching a new one-year high?

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