BTC Transaction Fees Hit New Yearly Low for Third Consecutive Week

IconCryptoNewsTerminal Staff16 Aug, 2024

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BTC Transaction Fees Hit New Yearly Low for Third Consecutive Week

The crypto market has been experiencing a period of sideways trading following last week's BTC dip. This has led to a decrease in BTC transaction fees to a new yearly low for the third consecutive week. Crypto market data analysis platform IntoTheBlock shared via Twitter that "consecutive sideways trading following last week's BTC dip has pushed BTC transaction fees down to a new yearly low for the third week in a row." The low transaction fees are likely due to the decrease in on-chain activity as traders are waiting for the market to make a more decisive move. This has resulted in fewer transactions being processed on the Bitcoin network, which has in turn led to lower fees. It is unclear how long the low transaction fees will last. If the market continues to trade sideways, fees may remain low. However, if the market starts to see increased volatility, fees could rise again.

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