Skyrocketing Bitcoin Fees, $5K Solana Phones, and the Bank of England’s Blockchain Experiment

Written by BTSE

December 18, 2023

Skyrocketing Bitcoin Fees, $5K Solana Phones, and the Bank of England's Blockchain Experiment

Bitcoin (BTC) failed to reclaim the $42,500 mark during the recent weekend, marking a sharp decline early today, bottoming at $40,900 at the time of writing and recording a 2.3% drop in 24 hours. This downturn also signifies the end of Bitcoin’s eight-week ascending trend since mid-October. Similarly, Ethereum (ETH) exhibited volatility and a downward trajectory, trading around $2,160 at the time of the report, reflecting a 2.1% decrease in the past day.


What to Watch Out for Today


1. Bitcoin Fees Skyrocketing: Bitcoin transaction fees are at a 20-month high, primarily due to Bitcoin Ordinals inscriptions. Miner revenues are soaring, matching the peak seen when Bitcoin hit $69K. What does this mean? For Bitcoin users, it’s time to consider the sustainability of these fees and the potential need for layer-2 solutions like Lightning Network. Stay informed about the ongoing debate and consider the implications for your transactions. 


2. Solana Saga Phones Sold for $5,000 on eBay: Solana Saga phones are fetching up to $5,000 on eBay, fueled by the BONK meme coin hype. Why so high? These phones come bundled with desirable airdrops, including 30 million BONK tokens. What to do? If you’re a crypto enthusiast or collector, keep an eye on the resale market for these phones. They could be a significant investment. Long SOL?


3. Bank of England’s Blockchain Trial: A Financial Game Changer? The Bank of England is trialing blockchain for financial transactions, with the Sterling Fnality Payment System testing live payments. Why is this important? This move indicates a significant shift towards blockchain in traditional finance, with potential new digital models for transactions in wholesale and tokenized asset markets. What to watch? Keep an eye on developments in blockchain adoption in mainstream finance for new investment opportunities.


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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