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Dogecoin rose to its highest point in over a week, as Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped. The suit claims that Musk operated a pyramid scheme, following his endorsements of dogecoin. Litecoin was another token to climb on Saturday.
Dogecoin (DOGE)
Dogecoin (DOGE) climbed higher on Saturday after lawyers for Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped.
In a statement, Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Following a low of $0.07456 on Friday, DOGE/USD rose to a peak of $0.07841 to start the weekend.
As a result of the move, the meme coin marginally breakout of a long-term ceiling of $0.0780.
This came as the relative strength index (RSI) also briefly moved beyond a resistance of its own at 52.00
At the time of writing this, the index is now tracking at 51.99, with earlier gains in DOGE mostly easing.
Litecoin (LTC)
Litecoin (LTC) was another notable gainer to start the weekend, as the token also neared a one-week high.
LTC/USD surged to an intraday high of $93.85, less than 24 hours after prices were trading at a low of $88.34.
This rally sent litecoin to its strongest point since last Sunday, March 26, when it rose to a peak at $94.92.
Looking at the chart, today’s gain pushed LTC close to a point of resistance at $94.00, however, bulls have so far been unable to force a breakout.
This is likely due to the 14-day RSI hovering close to a ceiling of its own, at the 57.00 mark.
Should bulls move beyond this point, then there is a good chance that LTC will move beyond $94.00.
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Do you expect litecoin to extend this rally further into the weekend? Let us know your thoughts in the comments.
Bitcoin was back in the green on Saturday, as prices moved close to the $29,000 level to start the weekend. Following a volatile session on Friday, cryptocurrency markets were mostly higher entering April. Ethereum moved back above the $1,800 level.
Bitcoin
Bitcoin (BTC) rose towards $29,000 on Saturday, as markets continued to react to yesterday’s personal consumption expenditure (PCE) figures in the United States.
PCE climbed to 0.3% in March, less than the 0.4% markets were expecting, showing that inflation was slowing.
BTC/USD rose to an intraday high of $28,802.46 earlier in today’s session, which comes a day after trading at a low of $27,854.63.
Looking at the chart, the move saw BTC briefly breakout of a long-term resistance level of $28,500.
Earlier gains have since declined, which comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00.
As of writing this, the index is now tracking at 63.65, with a floor at 62.00 a possible target for sellers.
Ethereum
Ethereum (ETH) was also higher to start the weekend, with prices once again climbing above teh $1,800 level.
Following a low of $1,789.76 on Friday, ETH/USD raced to a peak at $1,844.68 earlier in today’s session.
As a result of the move, the world’s second largest cryptocurrency jumped over a ceiling at the $1,825 zone.
From the chart, this seemingly coincided with the RSI breaking free of a resistance of its own at 59.00.
At the time of writing, price strength is now at the 60.15 mark, with the next visible ceiling around the 62.00 region.
Should the RSI move closer to this point, ethereum bulls will send prices towards a long-term target of $1,900.
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Do you expect ethereum to hit $2,000 in April ? Leave your thoughts in the comments below.
Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading.
Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2 Years
President of Belarus Alexander Lukashenko has approved the extension of the tax preferences provided to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree No. 80 “On Certain Issues of Taxation.”
The document prolongs the tax breaks that were introduced with Lukashenko’s Decree No. 8 “On the Development of the Digital Economy” of Dec. 21, 2017. The latter legalized a number of crypto-related activities in the country when it went into force on March 28, 2018.
The regulations, including the tax benefits, apply only to residents of the Belarus High-Tech Park (HTP). Its special legal regime permits the issuance and circulation of cryptocurrencies and tokens and the Belarusian authorities now seek to ensure its development.
Under Lukashenko’s latest decree, the turnover and profit of such entities will not be subject to value-added tax (VAT) and profit tax until Jan. 1, 2025. Individuals will be also relieved from income tax during the same period, for income received from mining, acquisition, exchange, or sale of crypto assets for fiat currencies.
The president has also ordered the Administration of the HTP to produce a concept for the further development of the crypto sphere in Belarus by July 2024, working with interested parties. The decree enters into force with its publication but covers the first months of the year, too, as the tax exemptions expired on Jan. 1, 2023.
While supporting regulated crypto businesses, the Belarusian government has been going after unauthorized undertakings. In August 2022, law enforcement officials in Minsk issued an international arrest warrant for the owner of the country’s largest unlicensed crypto exchanger, Bitok.me. And in January of this year, a Belarusian citizen was fined $1 million for illegal crypto trading.
Do you think Belarus will extend the tax exemptions again in 2025? Share your expectations in the comments section below.
According to Dirk Lueth, co-founder of the Upland Metaverse, the colonization of the metaverse by tech giants and the building of so-called “walled garden systems” is not sustainable. Lueth argues that instead of “locking users in,” the metaverse should usher in “a future where they are free to move between platforms and can easily take their assets and identity with them.”
‘Walled Garden Systems’ Not Sustainable
While interest in the metaverse has seemingly dissipated as evidenced by Meta’s decision to focus on artificial intelligence (AI), Dirk Lueth argues that AI tools can still “provide very interesting enhancements for the metaverse in general.” The Upland co-founder also told Bitcoin.com News what he thinks about “infinite land” metaverses and scarcity.
In an interview with Bitcoin.com News, Lueth also shared his thoughts about the multichain metaverse as well as his organization’s plans to create a metaverse super app. Below are the rest of the Upland Metaverse co-founder’s responses.
Bitcoin.com News (BCN): Neal Stephenson, who is said to have coined the term “metaverse” is known to advocate for a free and open metaverse. However, some say that tech giants are also working on their own metaverse projects that could potentially lead to them colonizing the metaverse and building walled gardens similar to the current Web2. Do you think the metaverse will eventually be controlled by a small number of centralized entities?
Dirk Lueth (DL): We don’t have all the details of how the big tech giants will build their metaverse projects and if they will lock their users into walled gardens. I believe that walled garden systems are not sustainable over time and that the power of the people, in combination with property rights, will be much stronger over time. This is also, by the way, why I co-founded, together with other decentralized projects, the open metaverse alliance for web3 (OM3). Instead of locking users in, we want to ensure that there is a future where they are free to move between platforms and can easily take their assets and identity with them.
BCN: The blockchain industry is multichain, and users would expect to have the freedom to move their assets to whatever chain they want. Do you think a multichain metaverse is a real possibility?
DL: Technically multi-chain standards could be possible already today. You can have some assets on one blockchain and other assets on another. What is more important is to have standards which define metadata, the look & feel and other characteristics of an asset. Once we have these standards, it will make it easy for users to move their assets around. And this is what we are working on at Upland and OMA3
BCN: What would you say are the different economic opportunities for entrepreneurs, developers, and the not-so-tech-savvy users in an ecosystem like that of Upland?
DL: Entrepreneurs or “Metapreneurs” are Uplanders who operate their own businesses in Upland called “Metaventure.” Here they can resell assets from our partners like FIFA, the NFLPA or other assets from Upland. Soon there will also be shops where they can sell their own creations to other players and make a living in Upland and potentially also in real life.
Developers are individuals or companies who provide their own experiences and apps to other Uplanders. One example is “World of Football” which allows Uplanders to play a Rocket League type of game that is directly connected to Upland. Users enter this app by moving their game piece to a virtual property, i.e. a virtual street address in Upland.
The not-so-tech-savy users onboard to Upland as described above. They can start buying and selling properties to other players with the objective of completing a collection like “king of the street.” Completing a collection means that they can increase the yield they earn for owning the properties. They can use these earnings to travel to another city or buy a race car or outdoor decor item. As you can see, it is easy to get started with very simple game engagement loops and then dive deeper into the many possibilities of Upland.
BCN: After having invested billions of dollars, Meta recently laid off over 10,000 people to shift its focus away from the metaverse to AI. In your opinion, why is it seemingly so difficult to build a metaverse that users find interesting, as Meta seems to have found?
DL: I can’t comment on Meta’s strategy and how much they have really shifted away from the metaverse. The truth is that AI tools will provide very interesting enhancements for the metaverse in general. At Upland, we are super focused on creating engagement points and utility of digital goods for our ecosystem of users, developers, designers and brand partners. So far this has proven to be working well for us making Upland one of the leading platforms for the metaverse. Can we get better? Of course, we’re only getting started.
BCN: Your metaverse is said to be mapped to real-world cities. Why did you choose to go this path when others have virtually limitless land assets, and what would be your advice to users buying land and other assets in the “infinite land” metaverses?
DL: Being based on the real world creates a natural scarcity, just like in real life. When something is scarce, market dynamics develop, which is the base of the real economy we’re building in Upland. But there are other advantages, for example, we automatically had reference points, users can look up what a property looks like in real life, and they can buy an address that in real life is maybe close to the ocean or owned by a celebrity. Through this, we empower our users to play with their own imagination.
I try to stay away from giving concrete strategy advice to Upland or other users. All I share with them is trying to understand the economic foundation of the land you’re buying and run scenarios in your head when supply increased indefinitely – which is something we’re avoiding at Upland.
Metaverse Super App
BCN: Let’s talk about the so-called metaverse super app. Sometimes when one thinks of a “super app,” Wechat or Telegram comes to mind. Does Upland envisage becoming the Wechat of the metaverse?
DL: In general, a super app can be characterized as a comprehensive mobile application that integrates fundamental services such as messaging and payments, as well as an array of third-party “mini-apps” spanning various sectors like retail, dining, and government agencies. This is especially true for the world of Web2 mobile apps. An app achieves super-app status when it seamlessly consolidates a critical mass of services, making it very easy for users to switch between them, even if the integrated services may not be as efficient as standalone applications.
As the number of available services grows, the app becomes more engaging and profitable. Typical for super apps is that they start somewhere. Wechat started with Chat, and Indonesia’s Gojek started with ride-hailing. Just like the Web2 predecessors, Upland wants to make it incredibly simple for users to work with a Web3 application. It is achieving that via multiple avenues.
First, Upland was built with mobile users in mind and is available on both the app stores and the web. Second, we’re obfuscating complicated blockchain technology by offering onboarding with email and passwords. And third, because we allow using credit cards, Paypal, (of course, also crypto) and in-app purchases, we make it even more convenient for the majority of players to engage.
In Upland, we offer a broad spectrum of social, commercial and entertainment services to our users. We also empower 3rd party developers to connect to our economy and community by adding their apps and experiences to the metaverse.
When you look at these features and services, you can see that we are indeed aiming to become a metaverse super app. But while Wechat and Web2 applications are driven and influenced by the owners of the platforms, we want to head in the direction of a user-controlled and user-owned metaverse super app – what Web3 is all about.
What are your thoughts about this interview? Let us know what you think in the comments section below.
A court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed.
Seoul Court Leaves Terraform Co-Founder at Large Citing Low Flight Risk
The Seoul Southern District Court has rejected a request by the Prosecutor’s Office for the pre-trial detention of Shin Hyun-seung, a co-founder of the failed blockchain firm Terraform Labs also known as Daniel Shin. He is believed to have played a key role in the collapse of the company’s cryptocurrencies, luna and the stablecoin terrausd.
On Thursday, the arrest warrant for Shin was denied for a second time, with the court stating that he is unlikely to be a flight risk or destroy evidence, the Yonhap news agency reported. The crypto entrepreneur is under investigation for illegal profits made before the coins crashed last year.
Prosecutors first sought an arrest warrant for Shin in November and the court rejected their initial request. They filed the warrant again after last week’s arrest of Do Kwon (Kwon Do-Hyung), another of Terraform’s founders.
Kwon was detained in Montenegro while trying to board a flight for Dubai. South Korean authorities seek his extradition which is likely to take time. According to his Montenegrin lawyer and the country’s justice minister, he is first going to stand trial in the Balkan nation for traveling on a fake Costa Rican passport.
In South Korea, Daniel Shin faces multiple charges of fraud and violations of the laws governing capital markets, financial transactions and information. He is suspected of storing pre-issued luna, obtaining 140 billion won (almost $108 million) by selling the tokens at a high price point, and failing to inform investors about the risk of the two cryptocurrencies collapsing.
Shin is also allegedly responsible for using customer information and funds of a fintech firm he headed, Chai Corp., to promote luna. He has denied all these charges, insisting that he was not connected to Terraform Labs after leaving the company in March 2020, when he founded Chai Corporation.
According to a report by the KBS, the national broadcaster of South Korea, the Seoul court acknowledged that the charges had been largely verified but pointed out that the risk of destroying evidence has been mitigated with the arrest of Kwon. It also highlighted the need to allow Shin to exercise his right to defend himself.
Montenegro’s Interior Minister Filip Adžić revealed this week that investigators found three laptops and five mobile phones belonging to Kwon containing lots of “very interesting” information. During a press conference with Montenegrin Justice Minister Marko Kovač in Podgorica, officials announced that South Korea and the U.S., which also seeks Kwon’s extradition, have both requested the devices.
What do you think about the South Korean court’s decision to deny the arrest warrant for Terraform’s co-founder Daniel Shin? Share your thoughts on the case in the comments section below.
The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the company is executing as a cost-cutting measure.
Disney’s Metaverse Division Is No More, According to Reports
Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27.
The measure, which will be completed in three waves, will reduce Disney’s headcount by 7,000, aiming to cut costs by $5.5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated, and streamlined approach to our business.”
Mike White, who was tapped to lead the now-defunct unit back in 2022 by former Disney CEO Bob Chapek, was the only that evaded the axe, with all of the 50 employees of the metaverse unit being laid off. The future for White at the organization remains uncertain at the moment.
Optimism Fading
Disney aimed to enter the metaverse in 2022, seeking new markets in which to introduce its intellectual properties. At the time, Chapek profiled the metaverse as a pillar to establishing various initiatives including the implementation of digital experiences. In a memo issued on February 2022, Chapek declared:
Teams across the company are exploring this new canvas, and I have been blown away by what I’ve seen. Today, we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories.
However, the metaverse industry seems to be experiencing a slump in 2023. Axios indicates that companies involved in metaverse development might be facing problems getting funding, citing about $2 billion raised through March 2022 as compared to just a little more than $500 million so far this year.
Meta, one of the first major companies to pivot to metaverse and put the concept on the mainstream map, has also suggested that it is pursuing other interests after announcing 10,000 layoffs. On March 16, Meta CEO Mark Zuckerberg stated that while the metaverse remained a key part of the business, the single largest investment was focused on advancing AI and building it into each one of Meta’s products.
What do you think about Disney’s metaverse unit layoffs? Tell us in the comment section below.
Famous Hollywood actor Matt Damon has revealed the story of how he became involved in creating a cryptocurrency commercial called “Fortune Favors the Brave” with Crypto.com. After the release of the crypto ad, Damon faced global criticism for his involvement in it.
Matt Damon Talks About His Crypto Commercial
Famous actor and producer Matt Damon shared how he became involved in creating a cryptocurrency advertisement with crypto exchange platform Crypto.com in an interview with the Associated Press on Wednesday. The Oscar-winning actor is known for his roles in movies such as Good Will Hunting, Saving Private Ryan, and the Bourne franchise.
“The story behind that for me personally was that we had a down year in Water.org, and I did that commercial in an attempt to raise money for Water.org,” the famous actor said, adding:
I gave my whole salary to Water.org because we were down. Crypto.com heard about that and they gave $1 million to Water.org … just on their own. So, I definitely have a lot of gratitude to them and for what they did for our foundation.
Water.org is a global nonprofit organization co-founded by Damon that brings safe water and sanitation to people in need.
Crypto.com released the “Fortune Favors the Brave” commercial featuring Damon in October 2021. It was directed by Oscar-winner Wally Pfister.
However, the commercial received a lot of criticism. While some people argued that the advertisement was misleading, as it presented cryptocurrency as a secure and straightforward path to earning money, others criticized it for promoting investment in an unstable and unregulated market. Additionally, some individuals speculated that Damon’s involvement in the ad was solely to earn a profit and that he did not genuinely believe in the benefits of cryptocurrency.
A number of cryptocurrency firms aggressively promoted their businesses in 2021 and 2022. Crypto companies spent a combined $39 million buying Super Bowl spots in 2022, according to data consulting firm Kantar. Among the crypto firms with a commercial featuring celebrities was the now-defunct crypto exchange FTX whose ad featured Tom Brady and Gisele Bündchen.
Do you think Matt Damon should have done a crypto ad? Let us know in the comments section below.
Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed.
Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security
The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday:
For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice.
“When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out’? Without clear jurisdiction, ambiguity masquerades as power,” Garlinghouse cautioned.
The Ripple executive made this statement in reaction to Gensler’s claim that the current securities laws “cover most of the activity that’s happening in the crypto markets.” The SEC chief was quoted as saying: “If Congress were to act, though I don’t think we need these authorities, not to undermine inadvertently through definitions of what’s in or out, or in essence allowing for conflicts that we don’t allow.” Gensler warned:
I think many of the legislative vehicles would, if adopted, undermine the securities remit.
Since the SEC filed a lawsuit against Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020, the company has been embroiled in a legal dispute with the securities regulator. The SEC claimed that XRP is a security, but Ripple and Garlinghouse have consistently argued that it is not.
On several occasions, Gensler has emphasized the importance of cryptocurrency exchanges and lending platforms coming in to discuss how to be compliant with the SEC. However, Garlinghouse has accused the securities watchdog of holding meetings with crypto companies primarily for the purpose of generating leads for its Enforcement Division. There have also been widespread complaints that the SEC does not provide clear regulatory guidelines, making it difficult for companies in the crypto space to ensure compliance.
Recently, the Nasdaq-listed crypto exchange Coinbase received a Wells notice from the SEC regarding potential violations of the securities law. The company noted in its response: “The SEC will not let crypto companies ‘come in and register’ — we tried.” Meanwhile, Gensler has repeatedly expressed the view that all crypto tokens, apart from bitcoin, are considered securities.
What do you think about Gensler trying to dictate what is a security? Let us know in the comments section below.
This week, 2,600 tech industry moguls and entrepreneurs, including Elon Musk, Gary Marcus, and Steve Wozniak, signed an open letter requesting artificial intelligence (AI) labs to pause research and development for six months. The signatories believe that safety programs and regulations need to be strengthened, as they assert that AI labs are currently in an “out-of-control race to develop and deploy” this technology. On Thursday, Coinbase CEO Brian Armstrong disagreed with this approach, stating that people should not “let fear stop progress.”
The Debate on AI Safety: Tech Industry Leaders Call for a Pause in Development, Many Oppose the Idea
An open letter signed by 2,600 leaders and researchers in the tech industry recommends that AI labs pause their work for six months, and if they refuse, governments should impose a moratorium on development. The group believes that AI is “now becoming human-competitive at general tasks,” and asserts that powerful AI systems should be developed “only once we are confident that their effects will be positive and their risks will be manageable.”
“Unfortunately, this level of planning and management is not happening, even though recent months have seen AI labs locked in an out-of-control race to develop and deploy ever more powerful digital minds that no one — not even their creators — can understand, predict, or reliably control,” the open letter states. The signatories who signed the letter include Tesla CEO Elon Musk, politician Andrew Yang, AI author Gary Marcus, and Apple co-founder Steve Wozniak.
Furthermore, the letter notes that AI developers need to work with policymakers if they are creating powerful AI systems. The letter emphasizes that AI could threaten democracy and cause dramatic economic and political disruptions. However, while the letter has more than 2,000 signatories, not everyone agrees with pausing, and some have called it “ridiculous.” “Among all the obvious reasons why this temporary pause seems like a silly idea, I also can’t help feeling like this could be a knee-jerk reaction by the corporate elite after having seen just how easily this technology will make many of their goods and services irrelevant,” one individual wrote.
“This is a bad call. Only forward,” another individual tweeted. On Thursday, Coinbase CEO Brian Armstrong shared his opinion on the matter. Armstrong doesn’t think fear should stop progress and said that people should be wary of such plans. “Count me among the people who think this is a bad idea,” Armstrong tweeted. “There are no ‘experts’ to adjudicate this issue, and many disparate actors will never agree. Committees and bureaucracy won’t solve anything.” Armstrong added:
As with many technologies, there are dangers, but we should keep marching forward with progress because the good outweighs the bad. The marketplace of ideas leads to better outcomes than central planning. Don’t ever let fear stop progress, and be wary of anyone trying to capture control in some central authority.
Many others believe that pausing AI development is not a good idea, and some insist that the plan is for AI monopolies that are already leading the race to maintain self-preservation. Regius Professor and CEO of Chemify, Lee Cronin, wrote, “This is nonsensical. It’s like asking to destroy the book that explains how to build the printing press, which itself was printed on the printing press.” The discussion regarding a pause in AI development has become a topical and controversial subject this week, and it’s currently unclear whether AI labs will follow through with the suggestion.
What are your thoughts on the debate over whether AI labs should pause their work for six months or continue with progress, and how do you believe the potential risks of AI development should be managed? Share your perspective in the comments section below.
In March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees.
Bitcoin Fees Surge in March, More Than 50,000 Unconfirmed Transactions in the Mempool
As of 2:30 p.m. (ET) on March 31, 2023, according to statistics from mempool.space, there are roughly 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times have increased in March following the network fee increase that occurred during the first week of February.
At that time, due to the demand stemming from Ordinal inscription transactions, fees rose 122% in 10 days. With BTC’s price significantly higher and the Ordinal inscription trend still in full swing, average and median-sized transfer fees have risen since February 8, 2023.
According to data from bitinfocharts.com, on Friday afternoon (ET), the average BTC transaction fee cost 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1.704 per transfer, or 41.17% lower than today’s average BTC fee.
BTC’s median-sized fee rose 42.02% from $0.69 to $0.98 per transaction during the same time frame. Average fees spiked to $4.24 per transaction on March 24, and on the same day, median-sized fees hit $1.37 per transfer.
As of writing, there are more than 662,000 Bitcoin-based Ordinal inscriptions, and some of the fee rise has been attributed to the inscription trend. Presently, 150.2457 BTC in fees has been collected for Ordinal inscriptions.
While BTC fees have been higher, they are still lower than the average and median-sized fees settled on the Ethereum (ETH) network. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median-sized ether fee today is 0.0014 ETH or $2.54 per transaction.
While average and median BTC fees range between $0.98 to $2.40 per transaction, some fee payments, at 6 satoshis per byte or $0.24 per transaction, have been making it past the transaction queue.
While block intervals were faster than the ten-minute average prior to the last difficulty change, with an average of nine minutes and 33 seconds during the last 2,016 blocks, they are currently ranging between nine minutes and 50 seconds to ten minutes and 21 seconds.
What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below.