Transaction fees are the cost that cryptocurrency users have to bear in order to keep the system going. Fees can vary significantly between networks and it is important to be able to check this before you decide which cryptocurrency to use for making your digital payments. Also Read: Bitcoin Cash Upgrade and 30K Stores Accepting BCH in the Weekly Update From Bitcoin.com Transaction Fees Differ by Orders of Magnitude Bitcoinfees.cash is a website which tracks the median transaction fees for both bitcoin core (BTC) and bitcoin cash (BCH). The site displays the current median transaction fees alongside one another as well as a graph of historical median BTC and BCH transaction fees. The median fees listed on the site are based on the past week of transaction data sourced from a few API providers. The live fee data is updated about every 10 minutes and the historical charts are updated weekly. Note that each coin has a different reference point as BTC fees are orders of magnitude more expensive than those for BCH. For example, the current median fee for BTC is $1.72, which is over 1,500 times higher than the current median fee BCH of just $0.0011. The website offers an explanation for anyone out of the loop as to why BTC fees are so expensive compared with BCH and examines why they can skyrocket during times of congestion, as has happened in the past when many new users entered the market and were daunted by BTC’s high network fees. What do you think about current BTC and BCH transaction fees? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. Avi Mizrahi Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
Monday, May 20 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) has fallen below the $7.900 mark again. Market visualization courtesy of Coin360 Bitcoin is down over 1.7% on the day, trading at $7,883 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 10%. Bitcoin 7-day price chart. Source: CoinMarketCap As Cointelegraph reported earlier today, strategists from United States banking giant JPMorgan Chase have argued that bitcoin’s recent rally has ostensibly soared past what they calculate to be its intrinsic value. Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.5 billion. The second-largest altcoin, XRP, has a market cap of $16.6 billion at press time. CoinMarketCap data shows that ETH is down over 2.7% over the last 24 hours. At press time, ETH is trading around $249. On the week, the coin has also seen its value increase by over 24%. Ether 7-day price chart. Source: CoinMarketCap XRP is down over 2.2% over the last 24 hours and is currently trading at around $0.395. On the week, the coin is up about 19.5%. XRP 7-day price chart. Source: CoinMarketCap Among the top 20 cryptocurrencies, the only ones reporting gains are dash, which is up over 8.75%, and monero (XMR), which is up over half of a percent. At press time, the total market capitalization of all cryptocurrencies is $245.2 billion, over 12.8% higher than the value it reported a week ago. Total market capitalization 24-hour chart. Source: CoinMarketCap In a tweet yesterday, Fundstrat Global Advisors co-founder Tom Lee has claimed that the crypto winter is over. In traditional markets, the United States stock market is seeing discrete losses so far today, with the S&P 500 down 0.58% and the Nasdaq down 1.04% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained a solid 7.39% on the day at press time. Major oil futures and indexes are mostly up today, with WTI Crude up 0.29%, Brent Crude up 0.44% and Mars US down 0.45% at press time. The OPEC Basket is up 1.89% and the Canadian Crude Index has no value change by press time, according to OilPrices.
Fundstrat Global Advisors co-founder Tom Lee has claimed that the crypto winter is over in a tweet on May 19. In the message, Lee said last week’s Consensus conference in New York City was the latest of 13 signs indicating that the industry is recovering after a tough few months. His timeline of events documenting the turnaround dates back to November 2018, when a bitcoin cash (BCH) hard fork battle exhausted the bitcoin (BTC) supply held by two rival mining pools. Other significant milestones listed by Lee include Jan. 23 of this year, when on-chain transactions turned positive year-on-year for the first time in 12 months. He also pointed to how Fundstrat’s Bitcoin Misery Index (BMI) rose above 67 on March 27 — a watermark that had not been reached since August 2015. This was followed in April by a surge in over-the-counter trading and on-chain activity, as well as BTC’s first bullish golden cross since October 2015. More recently, at the start of May, Lee said that the crypto industry proved its resilience when there was a stable market reaction to the controversy surrounding Bitfinex and Tether, after the New York Attorney General accused the crypto exchange of losing $850 million and using funds from the affiliated stablecoin operator to secretly conceal the shortfall. Lee is known for his forecasts on where crypto prices are heading. On April 29, he predicted that BTC will hit historic new highs by 2020.
Dutch bank ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns, according to a report published on May 20 by tech news outlet The Next Web. Per the report, the bank’s senior press officer, Jarco de Swart, said in an email to the outlet that the bank decided not to continue its plans after it “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.” The rumors concerning alleged tests of the wallet first started spreading in January. Still, according to The Next Web, the bank had actually just asked 500 of its customers if it should develop the wallet and if so, how. Owler estimates the bank’s annual revenue to be $10.3 billion, and reports that the firm has 18,720 employees. As Cointelegraph reported in November last year, major oil companies BP, Shell and Equinor have united with large banks — including ABN AMRO — and trading houses to launch a blockchain-driven platform, Vakt, for energy commodity trading. Last week, Alexandre Kech, CEO of Onchain Custodian, predicted that collaboration between crypto and traditional custodians will grow.
Centralized cryptocurrency exchanges saw a major uptick in traded volume this April, the new April 2019 Exchange Review from crypto data provider Cryptocompare has revealed on May 20. Among top fiat-to-crypto platforms, monthly volumes overall increased by a solid 85%. While itself experiencing a 47% drop in volumes, major South Korean crypto exchange Bithumb was the top exchange by total volume in April overall, reporting $17 billion. Bithumb was followed by Upbit and Bitfinex at 8.7 billion USD (up 20%) and 6.7 billion USD (up 114%) respectively, the report continues. While Coinbase, Kraken, Bitstamp and Coinsbit all similarly experienced an increase in volumes in April, crypto exchange Liquid reported a decrease, according to CryptoCompare. Among crypto-crypto platforms, the average volume increase was reportedly 57%. China-based FCoin — unlike in previous months — was the largest exchange by monthly volume at $37.1 billion (up 300%), followed by OKEx and ZB at $35.1 billion (up 12.4%) and $32.4 billion (up 18.8%) respectively. In terms of decentralized exchanges (DEX) in April, Ethermium remained the largest DEX in the market with $194 million, despite seeing a 42% volume drop. WavesDEX saw $32.5 million (up 3.5%), followed by IDEX at $31.4 million (up 15.9%). Decentralized platforms accounted for just 0.068% of global spot exchange volumes, trading a monthly total of $317 million USD in April, CryptoCompare notes. Another trend identified in the report was a 124% increase in the volume of exchanges using a transaction fee mining model, having traded $115 billion in April. Nonetheless, exchanges charging taker fees still traded $352 billion (up 30%), remaining the dominant fee type at 75.1% of total volume. As reported this January, the 2018 Cryptocurrency Exchange Annual Report from crypto and blockchain research organization TokenInsight found that DEXes account for 19% of the global exchange ecosystem, with trading volumes on DEXes amounting to less than 1% of those on centralized exchanges. This month, crypto market cap tracker CoinMarketCap announced that it will remove exchanges from its calculations if they fail to provide mandatory data by June. The decision came on the heels of recently sparked controversies over allegedly fake or artificially volume reporting among unregulated exchanges in the industry.
Registered custodial services, which are common in traditional investment classes, have been on the rise in the digital asset sphere, including for cryptocurrencies. Branding China Group (BC Group) has recently unveiled its plans for an insured custody service specifically for cryptocurrencies. A conglomerate with a diversified portfolio of blockchain-focused businesses in marketing communications and technology, believes its custody service removes one of the key barriers that have prevented professional traders and institutions from adding digital assets to their portfolios to date. Leading United States crypto exchange and wallet provider Coinbase launched its custody services for institutional investors in July 2018. In an apparent effort to expand on these services, Coinbase is currently in advanced negotiations to buy custody provider Xapo, one of the largest custodians of bitcoin in the world, in a deal reported to be worth $50 million. Crypto hardware wallet producer Ledger partnered with a Hong Kong trust company, Legacy Trust, to offer insured cryptocurrency custody services. A number of regulated financial institutions have also opened up digital custodial services, including Kingdom Trust, Germany’s second-largest stock exchange Börse Stuttgart, Swiss private investment bank Vontobel, and major investment management company Fidelity. What are crypto custody services? Private investors typically have their crypto stored in an exchange wallet, an online digital wallet or an offline hardware wallet. For institutional investors, these storage options are too risky and put too much responsibility on the investors themselves to ensure that the large amounts of funds are stored securely. Insured cryptocurrency custody services, much like traditional investment custody services, are third-party providers of storage and security facilities with the main purpose of safeguarding investor assets. These services are aimed specifically at institutional investors — such as hedge funds and other investment funds — and hold the digital assets on behalf of the investor in secure storage locations. Typically, the custodian would be a bank, trust or other regulated financial institution and would also insure investor funds up to a certain amount. However, because of the inherent perceived risk with cryptocurrencies, up until recently, there has been a lack of regulated, insured custodians for cryptocurrencies. Why do institutional investors need custodial services? The two main reasons are risk reduction and regulatory compliance. Typically, the amounts involved in institutional investments…
View Bitcoin has recorded double-digit gains for three consecutive weeks, a feat last seen during the height of the bull market in 2017. BTC’s quick recovery from Friday’s low of $6,178 indicates “buy the dip” mentality is quite strong. Further, the daily and weekly charts are biased bullish. Prices, therefore, could rise to $8,500 (July 2018) this week. Before such a rise, however, we may see a correction to $7,500–$7,200, according to the hourly chart. The short-term outlook would turn bearish only if prices find acceptance below the 30-day moving average, currently at $6,239. Bitcoin (BTC) is looking strong, having registered double digit gains for three consecutive weeks. The leading cryptocurrency by market value closed last week with 17.5 percent gains, having rallied 22.16 percent and 10.62 percent in the preceding two weeks, respectively, according to Bitstamp data. The last time BTC witnessed a similar bullish run was in the final quarter of 2017, when the cryptocurrency had logged in double digit gains for five weeks straight to hit an all-time high of around $20,000 on Dec. 17. The latest weekly winning streak could be extended further, as BTC’s quick recovery from Friday’s lows below $6,100 to a high of $8,299 on Sunday indicates a strong “buy the dip” mentality. As of writing, BTC is changing hands at $7,903, representing a 1.36 percent drop on the day. Other top cryptocurrencies like ether (ETH), litecoin (LTC), binance coin (BNB) and XRP are also reporting moderate losses, according to CoinMarketCap. Weekly Chart As can be seen, BTC has logged its first three week run of double digit gains since December 2017. Notably, prices bounced up sharply from the 5-week moving average (MA) last week and closed on a positive note, reinforcing the bullish view put forward by that ascending average. There have also been two bullish crossovers in the last week: one of the 5- and 100-week MAs, and another of the 10- and 50-week MAs, suggesting the path of least resistance is to the higher side. What’s more, BTC closed well above September 2018 high of $7,411 last week. The cryptocurrency, therefore, appears on track to test the next resistance at $8,500 (July 2018 high). Daily chart Bitcoin closed with nearly 13 percent gains on Sunday, marking…
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Last season in the Premier League brought a huge success for the both teams – Wolves and CoinDeal. The crypto exchange, thanks to this brave marketing step, has guaranteed himself value of £38,091,373 of gross exposure of the brand at the time of broadcasting in the media, gained popularity and new traders. Despite the recent slowdown in the crypto-market, our business is developing dynamically and this is possible, among other things, through cooperation with the Premier League team. At the beginning of July 2018, CoinDeal became a global sponsor of the football club Wolverhampton Wanderers. The company was the first crypto exchange sponsoring the team from the Premier League. CoinDeal, thanks to this brave marketing step, has guaranteed himself value of £38,091,373 of gross exposure of the brand at the time of broadcasting in the media, gained popularity and new traders. This case of the sponsoring in the crypto-industry has marked as first in the history, and as it showed up – it was worth it!At the beginning of the cooperation Kajetan Maćkowiak, CoinDeal Co-Founder said: – We believe that Wolverhampton will help us to reach new customers. And it was a truth, in a very short time, the words of Kajetan Maćkowiak were reflected in numbers. Now, thanks to the joint activities with Wolves, CoinDeal has more than 320.000 users and is known from this brave marketing step. We have been displayed more than 1,000,000 times on TV-screens worldwide. The Premier League itself had over 3 Billions global audience. Wolves team gained also a rapid fan growth in followed countries: 297% growth in Asia, 221% in USA, 50% in Europe, 985% in Mexico, which gives a huge raise of recognition the CoinDeal as a brand. As part of the cooperation, the company’s logo was placed on the sleeves of match shirts, training shirts, backrests of chairs and reserve benches at the Wolves stadium and also on LED advertising boards during the games.An additional marketing activity was a recording of an advertisement with the participation of Wolverhampton Wanderers…
Strategists from United States banking giant JPMorgan Chase (JPM) have argued that bitcoin (BTC)’s recent rally has ostensibly soared past what they calculate to be its intrinsic value. Their analysis was reported by Bloomberg on May 20. The strategists — who reportedly include JPMorgan global market strategist Nikolaos Panigirtzoglou — judge that the top coin has recently been trading in a way that mirrors its late 2017 rally, which preceded a protracted price slump. To ascertain the coin’s intrinsic value, the strategists reportedly analyzed bitcoin as a commodity and calculated its cost of production based on parameters such as estimated computational power, electricity costs and hardware energy efficiency, Bloomberg notes. They reportedly stated: “Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.” Bitcoin — which has seen a renewed lease of life since April — has traded as high as almost $8,300 within the last week — having traded sideways below $5,000 throughout February and March. In mid-December 2018, the top coin had traded below the $3,300 mark — with its current price point thus representing a roughly 150% gain over its bear market lows. Bitcoin’s 3-month chart, Feb. 20 — May 20 2019. Source: CoinMarketCap In an apparent qualification of their analysis, JPMorgan’s strategist are cited by Bloomberg as having noted that: “Defining an intrinsic or fair value for any cryptocurrency is clearly challenging. Indeed, views range from some researchers arguing that it has no fundamental value, to others estimating fair values well in excess of current prices.” As reported, JPMorgan CEO Jamie Dimon has long adopted a sceptical stance toward decentralized cryptocurrencies such as bitcoin, even as he steers the megabank toward launching its own blockchain-powered native settlement digital asset, JPM Coin.
SprinkleXchange, a stock exchange built on ethereum, is reportedly listing its first company next month. Sprinkle Group CEO Alexander Wallin told Bloomberg in an interview published Friday, “We have the luxury of being first with this, but we’re aware that it will become a crowded market.” The Bahrain-based platform, operating within a regulatory sandbox created by the country’s central bank, uses a decentralized clearing and settlement system that uses automation in order to reduce time and cost. Prices will be set using the Dutch auction method, with SprinkleXchange taking a 1 percent fee. Wallin told the news source that the cost of listing would be similar to on a Swedish stock exchange, but “you get global access and we can show that you also get better liquidity.” SprinkleXchange is aiming to attract companies with a market capitalization of $20-$200 million. It expects to list 35 companies over the next 12 months and as many as 1,000 over the next few years. As well as listed stocks, the firm will offer trading in cryptocurrencies and also plans to add exchange-traded funds in the future. A number of traditional stock exchanges are currently moving to integrate blockchain tech in their platforms. Switzerland’s top stock exchange, SIX, for instance, is expected to roll out a blockchain platform to speed up trading later this year. While the Gibraltar Stock Exchange recently started allowing the listing of tokenized securities. The Australian Securities Exchange is notably rebuilding its ageing CHESS settlement platform using blockchain tech provided by Digital Asset. And other stock exchanges, including in Jamaica, Thailand and Spain, have also announced initiatives around blockchain and crypto assets. Bahrain image via Shutterstock