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Cryptocurrency

Bitcoin’s transaction fees Jump by 344%

Bitcoin’s average transaction cost has risen to $12, per the highest price level since November 5.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

The average cost of completing a transaction had the world’s flagship crypto(Bitcoin) market skyrocket again.

Data retrieved from BitInfoCharts revealed Bitcoin’s average transaction cost has risen to $12, per the highest price level since November 5, when Bitcoin had just started its bull run.

READ: Ripple drops over 10% amid profit-taking

  • At last week’s trading session the average cost of sending a Bitcoin transaction was just $2.7. That marks an increase of 344% in less than a week.
  • The surge in transaction fees is coming at the incredible bullish gains prevailing effect, in which Bitcoin’s price reached a new all-time high of $24,084 and rose by 30% in the past seven days.

READ88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine

What this means: Bitcoin fees usually go high whenever there is a huge activity on the blockchain, taking into consideration there is a specific supply of Bitcoin miners willing to process transactions, and they charge more whenever demand for processing transactions outweighs supply.

  • That means that only those who are in dire need to transact the flagship crypto-asset shall pay the high prices required to send the Bitcoins between wallets.

READEconet founder Strive Masiyiwa secures $100m investment in Nigeria data center

What you should know

Bitcoin mining involves the act of solving tasks that come in the form of algorithms in affirming a transaction and fixing it within a block on the blockchain.

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  • BTC miners, who successfully mine a block are paid or rewarded in BTC. BTC miners also help in facilitating the security mechanism of the blockchain network by confirming transaction information or data to the Bitcoin ledger.
  • This confirmation process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

    The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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    $700 million worth of Bitcoin moved by an unknown identity

    Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

    Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

    Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

    The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

    Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

    At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

    During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

    Sigma Pensions

    Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

    However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

    A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

     

    Stanbic 728 x 90

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    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    READ: XRP stands firm, investors wait on Ripple’s legal outcome

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Sigma Pensions

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