The average Bitcoin (BTC) transaction fee increased by 937.7% from $0.74 to $7,679 on August 22, largely due to increased demand on the network. The sudden increase comes after a period of relative stability since July, when interest rates were below $2 and even hit an all-time low of $0.558 on August 18. While low fees make it easier for the public to transfer Bitcoin, they can reduce miners’ profits. According to the data, this sudden increase has put a lot of pressure on investors.
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