Bitcoin Fees Skyrocket
Sony To Launch Soneium Ethereum L2, Base Has 40% More Active Addresses Than Rivals
The average Bitcoin fee has jumped by 937.7% in 24 hours, from $0.74 to $7.679, as per CoinTelegraph based on Blockchain.com and YCharts data.
One user had to pay 0.5 BTC in fees to consolidate a transaction of 0.55 BTC. Since then, Bitcoin fees have dropped again, quite low, to around $0.34.
Several sources attribute the newly found demand for Bitcoin to the launch of Babylon's native self-custodial staking mainnet of Bitcoin. The skyrocketing of fees happened around 90 minutes after launch.
Babylon clarified that its staking is still in a locking-only phase with no staking payouts yet, but it didn't stop users from getting into it.
CryptoQuant confirmed to Decrypt that the Babylon launch was behind all this.
On August 18th, Bitcoin fees saw historic lows of $0.558. Low fees are good for the average user but can be painful for miners.
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