Bitcoin Fees Plunge 95%: Significant Drop

in #bitcoin • last year

Bitcoin struggled to recover from fresh losses as a false alarm over United States government sales spooked markets. However, the average fee for Bitcoin has fallen below $15, a drop of over 50% versus the day prior, according to data from monitoring resource BitInfoCharts.

Bitcoin Fees Plummet 95% as BTC Price drops from US Gov't Scare

Live numbers from Mempool.space had next-block fee rates at 47 satoshis per byte at the time of writing, or just $1.80. This represents a significant decline from the high fees that Bitcoin users have been experiencing recently. The drop in fees is likely due to the recent price recovery of Bitcoin.

However, despite the short-term price fluctuations, Bitcoin is increasingly serving as a "buy-and-hold asset" based on on-chain data.

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