Bitcoin (BTC) Sees Rare 300% Quarterly Increase in Transaction Fees, Here's Why

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Bitcoin (BTC) Sees Rare 300% Quarterly Increase in Transaction Fees, Here's Why
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Bitcoin's transaction fee spikes 300% in quarter; here's reason behind surge $BTC BTC

Ordinals are the hot new thing in Bitcoin. Ordinal Inscriptions, like NFTs, work on the Ordinals Protocol, which allows users to embed data into the Bitcoin blockchain.. There are also 14,363,646 total inscriptions at present.Bitcoin is on track for its second consecutive quarterly rise, strengthening its grip on crypto markets as smaller coins suffer losses.

The largest digital asset is up nearly 9% from April to June, buoyed by hopes that BlackRock Inc., Fidelity Investments and others will succeed in their ambitions to launch spot Bitcoin exchange-traded funds in the United States. Attempts by financial titans to develop ETFs, as well as other evidence of institutional crypto interest, have contributed to Bitcoin's 86% recovery by 2023.Furthermore, a global cycle of monetary tightening is nearing its end, alleviating some of the biggest anxieties about the impact of rising rates on sentiment. Bitcoin began the year at about $16,000 and has surpassed major stock indexes by a large margin.

After achieving a new one-year high, Bitcoin soon dropped to a small trading range. The currency has traded in a range of approximately $1,500 since topping $31,410 last Friday. At the time of writing, the largest digital currency was up roughly 1.31% to $31,043. Fidelity Investments became the latest company to register for a Bitcoin ETF on Thursday.

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