Bitcoin Whale Moves $369 Million In Bitcoin For Less Than $1 In Fees
Quick Take
- A Bitcoin whale has moved 39,635 Bitcoin (~$369 million) for less than a dollar in network fees.
- Bitcoin fees have recovered significantly following a surge after the halving event.
A Bitcoin whale has moved 39,635 Bitcoin, worth nearly $370 million, triggering crypto whale alerts.
What’s more, is that the sender paid a measly 0.00010080 BTC (~$0.94) in network fees. In other words, the sender was able to move over $369 million for less than a dollar, giving the traditional banking system a run for their money. This is not the only example of cryptocurrencies’ value proposition. Earlier The Crypto Associate reported on a massive $143 million Bitcoin transfer.
Bitcoin Fees Nosedive As Miners Return
Following the Bitcoin halving event, Bitcoin fees surged, surpassing $5 per transaction shortly after. Furthermore, the halving triggered a massive hash rate drop as miners left the network to mine more profitable cryptocurrencies.
However, as reported by The Crypto Associate miners have rejoined the Bitcoin network propelling network hash rate to pre-halving levels. Simultaneously, Bitcoin fees have been on the decline and are currently just under $1 for the next block confirmation.
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