The price of Bitcoin took a step back, but it has remained above the $ 13,000 mark. Both Bitcoin and altcoins slowed their multi-day bullish momentum to pull back. Thus indicating that this movement belongs to a correction in its price.
The price of Bitcoin is trading at $ 13,433 at the time of writing, according to our online crypto tool. Obtaining an increasing variation of 2.59% in the last 24 hours.
Now Peter Schiff reacted to the latest price action. Describing the largest cryptocurrency as a “bubble”. In a post through his Twitter account.
“If you measure the size of asset bubbles based on the level of conviction that buyers have in their trade, the #Bitcoin bubble is the largest I have seen,” he said.
Bitcoin fees have tripled
Bitcoin (BTC) transaction fees have almost tripled in three days, from $ 3.52 to $ 10.20 on average.
According to the cryptocurrency market data aggregator Glassnode, 22.25% of Bitcoin miners’ revenue is currently made up of fees. And the other 77.75% comes from block rewards.
The share of fee revenue is currently the highest since the plateau of the last historic peak in January 2018.
The latest surge follows a jump in Bitcoin’s average daily rates in recent days. Going into double figures in dollar terms for the one time, except in the period between November 2017 and January 2018.
Despite the share of mining revenue represented by fees that tripled in the last month for Bitcoin miners. Ethereum (ETH) miners are still earning more fees.
Avanti unanimously wins BTC banking status
Avanti Financial’s banking charter was unanimously approved by the Wyoming State Banking Board on Wednesday. Becoming the second newly authorized bank in the state in 2020 after Kraken Financial gained approval last month.
Avanti, like Kraken, now has to overcome some obstacles. How to raise more capital, before you can be awarded a certificate of authority to operate.
Avanti, based in Cheyenne, Wyoming, will now be able to take custody of Bitcoin and other cryptocurrencies, similar to what Coinbase does. While keeping dollars deposited with the Federal Reserve, which streamlines the process by which cryptocurrency companies that need to cover payroll and taxes can obtain traditional accounts.
The news comes on the heels of a series of high-profile milestones in the crypto world. Late last week, longtime Bitcoin skeptic JPMorgan published an investor note that gave Bitcoin a “considerable” advantage relative to gold. Closely followed by news that the bank had opened a new office dedicated to digital assets.
Last week, payment giant PayPal announced that it would allow bitcoin purchases in its app, and competitor Square announced that it has invested $ 50 million directly in bitcoins.
Peter Brandt considers bullish ground for Bitcoin
Bitcoin broke through its $ 12,000 resistance level last week, and the $ 13,000 figure appears to be a support level for the cryptocurrency. Analysts argue that Bitcoin could soon approach $ 16,000 if it ever hits $ 14,000.
Bitcoin traded above 13,850 yesterday for the first time since January 2018, the highest level seen since. However, hours later, Bitcoin took a step back, falling back to the $ 13,000 mark.
But, trader Peter Brandt posted a bullish Bitcoin tweet yesterday. Saying that the first cryptocurrency could see its highest monthly close yet
“There is a possibility that Bitcoin could record its highest monthly closing price in history. A few days and a few hundred dollars away. ” He held in a tweet.