Bitcoin fees skyrocket on ETF hype
The prospect of a spot Bitcoin ETF being approved soon in the United States has led to an increase in transaction fees for the major cryptocurrency....
- The prospect of a spot Bitcoin exchange-traded fund (ETF) being approved in the US has increased demand for Bitcoin, leading to a surge in transaction fees.
- The average transaction fee is currently $18.69, up 113% from the previous day and 746% from a year ago.
- Bitcoin remains near 18-month highs and is trading at $36,407, with a 0.58% gain over the past 24 hours.
- Major asset managers like BlackRock, Fidelity, ARK Invest, and WisdomTree have submitted proposals for spot BTC ETFs, but the SEC has yet to make a decision.
- Amendments made by these asset managers to their proposals may address concerns raised by the SEC.
- A spot Bitcoin ETF is an investment fund that mirrors the price of Bitcoin, allowing investors to participate in its market without purchasing it on a crypto exchange.
- Approval of spot Bitcoin ETF proposals in January is predicted to have a 90% likelihood, potentially leading to new highs for Bitcoin.
The article discusses the increased demand for Bitcoin due to the possibility of a spot Bitcoin ETF being approved in the US. It highlights the surge in transaction fees and the potential impact on the price of Bitcoin. The sentiment is generally positive, with optimism about the approval of ETF proposals.