Bitcoin slips as Bitcoin fees spike 😐

BTC surrendered most of the week's gains as transaction fees clogged the pipes.

Author

Ryan Ozawa
June 08, 2024

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📝 What you need to know

After breaking above $71,000 earlier in the day, the price of Bitcoin took a steep dive yesterday, simmering closer to $69,300 rolling into the weekend and up only 2.5% over the past seven days.

BTC traders also felt a pinch from a sudden increase in transaction fees, with the cost of a medium-priority transaction surpassing $34. While surges in interest in Bitcoin Ordinals and Runes were previously to blame, this time, it was the third-largest crypto exchange, OKX, picking Friday as the day to clean house.

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💬 Quote of the Day

“A lot of activity from OKX exchange today...
this has caused a spike in fees.”

—Julio Moreno, CryptoQuant

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