Seeking Alpha
2023-05-09 17:52:30

Bitcoin marginally higher amid network congestion, higher fees (update)

Update: Updates prices. Bitcoin ( BTC-USD ) reversed course to trade marginally higher Tuesday afternoon after dropping to as low as $27.41K, amid increased network congestion, which caused Binance to suspend withdrawals and raise transaction fees. The congestion was caused by meme coins flocking to BRC-20, a BTC token standard through which developers can create bitcoin NFTs via the Ordinals protocol. However, the total BRC-20 market cap dropped to $649.1M from over $916M on Monday, according to OrdSpace . To address the congestion issue, Binance had to increase fees and OANDA analyst Edward Moya does not think this will be well received. "The headlines have not been friendly for bitcoin ( BTC-USD ) to start the trading week. Binance withdrawal fees will jump from around $5.59 to $27.94 per withdrawal." While earlier trading in the red, Bitcoin ( BTC-USD ) ticked 0.9% higher to $27.62K as of 2.08 pm ET, while ether ( ETH-USD ) rose 1.5% to $1.85K. Meanwhile, some crypto miners recovered after Monday's losses: Riot Platforms ( RIOT ) +8.3% , Cipher Mining ( CIFR ) +4.9% , BIT Mining ( BTCM ) +4.3% , Marathon Digital ( MARA ) +2.3% . The overall crypto market cap stood at $1.14T, 0.9% lower than Monday, according to CoinMarketCap . More on Crypto Bitcoin May Get Back Above $32K In Rebellion Against U.S. Dollar Ethereum's Hard Fork Draws Stakers, Raises Regulatory Stakes The Path Forward For Cryptocurrency

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约