Bitcoin Fees Near Yearly Low as Bitcoin Price Hits $70K

Shipping cost Bitcoin Bitcoin is now the cheapest it has been in nearly a year — as the price of the largest cryptocurrency approaches an all-time high.

Data from Bitinfocharts Offers The average transaction cost on the Bitcoin blockchain is $0.73. This is the lowest fee recorded since August 2023, when it briefly touched 64 cents.

when Decrypt I tried to send $10,000 in Bitcoin, and the proposed transaction fee was only $0.40 — almost a hundred times cheaper than sending a bank transfer from the US to Europe. Via Wise.comFor example.

The decrease in transaction fees comes with Bitcoin price The price of one coin will reach $68,000 shortly after. Reach $70k On America’s largest digital asset exchange, Coinbase, earlier Monday.

Bitcoin transaction fees typically rise when the network is busy: When a large number of people are using the network, Bitcoin users have to compete with others to have their transactions processed by miners.

Miners, or operators of powerful computers that process transactions and create new coins, can charge higher amounts to send payments quickly.

Last April, the cost of sending Bitcoin hit an all-time high of $128 per transaction, as the network became crowded with activity after Rune castinga new standard for creating tokens on the blockchain.

Bitcoin hit an all-time high in March at around $74,000. Since then, it has struggled to stay above $70,000.

but now Evidence suggests that Imminent Fed rate cut. The US central bank raised interest rates to their highest level in two decades in the wake of the Covid-19 pandemic to cool inflation.

When interest rates are high, investors tend to shy away from buying “risky assets” like cryptocurrencies.

Bitcoin’s recent comeback also comes on the back of Republican presidential candidate Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, where I pledged to create “A national strategic stockpile of bitcoin” if elected.

Edited by Andrew Hayward