Golden Observation丨The BitMEX incident caused the transaction fee of Bitcoin to double?

Golden Finance Blockchain, October 3 News According to the latest analysis data from BitInfoCharts, the average transaction fee of Bitcoin has more than doubled in the past week, while the average transaction fee of Ethereum has dropped. Currency derivatives exchange BitMEX has been accused by the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission of participating in money laundering, which may be partly responsible for the increase in Bitcoin transaction fees.

Now, the average cost of processing a bitcoin transaction -- the fee that must be paid to a miner to process each transaction on the bitcoin blockchain -- has soared to $4, and on Sept. The average fee is only $1.50. On the other hand, according to relevant data from BitInfoCharts, the average cost of Ethereum transactions also rose at the beginning of this week, from $2.3 on Sunday (September 27) to $3.6 on Tuesday (September 29). USD, an increase of 57%. But then the average Ethereum transaction fee dropped sharply, falling to $2.3 by Friday (October 2).

Jinse Finance Contract Market Analysis | BTC has broken through the high point in the past year, and the market may undergo structural changes: According to Huobi BTC perpetual contract market, as of 18:00 today (GMT+8), the price of BTC was temporarily reported at 10,786 US dollars (+ 5.08%), the settlement funding rate at 20:00 (GMT+8) is 0.111543%.

BTC broke through $10,300 again after 9 o’clock last night, and the volume and price rose together without encountering obvious resistance, reaching a maximum of $11,460. According to Huobi’s futures contract data, BTC contract turnover in the current quarter has increased significantly compared with yesterday, open interest continues to rise, the proportion of elite longs has decreased, and the contract premium in the current quarter has increased by 3.4%. BTC broke through the highest point in nearly a year, and the market may undergo structural changes. Due to more short-term profit-making chips, the current market has pulled back.

The price of USDT on Huobi Global OTC is 6.95 yuan, with a premium rate of -0.73%. [2020/7/28]

Typically, when more people start moving cryptocurrencies, transaction fees go up because demand for miners to process cryptocurrency transactions exceeds supply, so miners raise transaction verification fees. According to the latest data, the average transaction fee of Bitcoin is almost twice that of Ethereum, but it should be noted that Ethereum is not Bitcoin, and Ethereum has recently been known for its high transaction fees.

Golden hot search-zce list: SYS is at the top of the list: According to the data of Golden Finance and Economics ranking list, in the past 24 hours, SYS ranked first in terms of search-zce volume. The specific top five list is as follows: SYS, BCD, LTC, ETH, XRP. [2020/7/24]

One of the main reasons for the rise in Ethereum transaction fees is the "DeFi boom" that emerged this summer. During this period, investors have injected about $10 billion into the Ethereum network and hope to get more money from Ethereum-based decentralized finance protocols. Get some rewards like Compound, Aave, and Uniswap. On September 2, the average transaction cost of Ethereum was $14, while the average transaction cost of Bitcoin was $4.6 at the time.

So, why did Bitcoin’s average transaction fee exceed Ethereum’s this week? This may be related to the BitMEX cryptocurrency exchange.

Golden Theory of Relativity | Zhang Mingjing: The total market value of Bitcoin is at least as large as that of Ali and Facebook: In the live broadcast of the capital chapter of the Bitcoin halving special edition of "Crisis to the Left, Faith to the Right" held today, the "halving In the future, the inflation rate of Bitcoin will be lower than the inflation target of many countries’ central banks. What do you think about this Bitcoin halving? Zhang Mingjing, the founder of Lianxing Capital, said that in my opinion, Bitcoin is the top alternative Assets, he is actually the market value of a top open source software after securitization. The current valuation of only 200 billion U.S. dollars is definitely too low. After the halving, from the perspective of expectations, we judge that it will take some time to start the climax of the secondary market. Regarding the total market value of Bitcoin, Zhang Mingjing said that anchoring gold may be a bit illusory, but he is at least as big as Alibaba and Facebook. [2020/5/14]

This Thursday (October 1), the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission (CFTC) have filed criminal charges against cryptocurrency derivatives exchange BitMEX and its owner-operator, BitMEX Chief Technology Officer and Co-Founder Samuel Reed has been arrested in Massachusetts. The three co-founders of BitMEX, Arthur Hayes, Ben Delo and Samuel Reed, have been accused of operating an unregistered trading platform and violating the Commodity Futures Trading Commission's Anti-Money Laundering and KYC (Know Your Account) regulations. customer) regulatory rules. In addition to the CFTC charges, the U.S. Department of Justice also charged Arthur Hayes, Ben DeLow, Samuel Reid, and Greg Dwyer for violating the U.S. Bank Secrecy Act.

Golden Finance News: As of 14:00 on November 10, the price of BCH has risen by 21.78%, and it is now reported at $768.32. [2017/11/10]

As soon as this incident happened, a large number of investors began to withdraw cash from BitMEX, which resulted in the outflow of a large number of bitcoins from the exchange. As of the morning of October 3, Beijing time, Crystal Blockchain data showed that in less than 48 hours after BitMEX was sued, more than 45,000 BTCs had been transferred out of the exchange, and about 20,000 BTCs had been transferred out of BitMEX. Ten thousand pieces were transferred to the four cryptocurrency exchanges OKEx, Huobi, Gemini and Binance. According to Lance Morginn, CEO of Blockchain Intelligence Group, regulators may not punish BitMEX executives too harshly, and if they promise not to participate in illegal transactions in the future, the most likely outcome It is a fine.

BitMEX is currently the fifth largest cryptocurrency derivatives exchange in the world. According to data released on Twitter by the encryption market indicator website Glassnode, traders transferred bitcoins from BitMEX accounted for about 1% of the total number of bitcoins in circulation. .

But it should be noted that the average transaction fee of Bitcoin did not start to rise last Thursday (October 1), but has been rising since last Sunday (September 27).

In fact, Bitcoin’s average transaction fees have been significantly higher than Ethereum’s since the end of August. For example, on August 27, the average transaction fee of Bitcoin was $4.2, while that of Ethereum was only $2.4. However, Ethereum transaction fees began to soar in early September. Also according to BitInfoCharts data, the average Ethereum transaction fee reached $14.5 on September 2, setting the highest average cost of Ethereum transaction fees since 2018. However, due to the sharp drop in the price of Ethereum - from $487 to $390 (a drop of more than 20%), the transaction fee also fell to $6.1, a drop of 58%.

Do you think the increase in the average transaction fee of Bitcoin is related to the BitMEX incident? Feel free to share it with us in the comments section below.

Part of this article is compiled from decrypt

Tags：

MATIC