One Of The Largest Bitcoin Wallets Moved 60,000 Bitcoin As Markets Tanked
Quick Read
- One of the largest Bitcoin wallets moved 60,000 Bitcoin as markets fell.
- Bitcoin network fees have been rising recently.
Crypto markets have seen a brutal week with Bitcoin dropping below $10,000, as previously reported by The Crypto Associate. Furthermore, this past week, the Bitcoin Block Bot, spotted a massive Bitcoin move totaling 60,000 Bitcoin, worth $641 million at the time.
At a fee of 61.070 sat/Byte, the entire transaction only cost just over $14 (0.00138 BTC) in network fees, a tiny fraction of the value moved. The fee was paid to the miners who processed and validated this massive transaction.
Bitcoin Network Fees Rise
While $14 in transaction fees may not seem a lot considering the scale of the transaction, rising Bitcoin fees may pose a threat to smaller, more common Bitcoin transactions.
According to data by BitInfoCharts, average Bitcoin transaction fees in the last two months have risen significantly. The rise in transaction fees can be associated with greater transaction competition as more transactions are competing to be processed. With many transactions competing for limited block space, senders are forced to pay higher fees in order to get their transactions processed in a timely manner.
Cover image by Zoltan Tasi on Unsplash
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