Bitcoin fees reach the highest level since April 2021, and alto market prices such as Polygon (MATIC) fall

Macroeconomics and financial markets

On the US New York stock market on the 19th, the Dow Jones Industrial Average closed 251.9 points (0.68%) higher than the previous day, and the Nasdaq Index closed 98 points (0.66%) higher.

In the Tokyo stock market, buying orders spread in response to the Bank of Japan’s monetary policy, and the Nikkei Stock Average rose by 580 yen (1.75%) from the previous day. It exceeded the high in July of this year.

At the Bank of Japan decision meeting, the yield curve control (YCC) and negative interest rate policies were left unchanged, reducing concerns about the early normalization of monetary policy.

connection:U.S. NASDAQ hits new year-to-date high, 10% higher than previous day in Bitcoin mining company marathon | 20th Financial Tankan

connection:10 major virtual currency stocks in the Japanese and US stock markets

Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price fell 1.65% from the previous day to 1 BTC = $42,418.

BTC/USD daily

Michaël van de Poppe has a bullish outlook, saying, “We tested the support at the low price, but the bottom did not break out.It seems that the correction is already over, and 1 BTC = $47,000 to $50,000 is also in our sights.We intend to buy the dip.” showed that.

#Bitcoin did test the lows, didn’t take the liquidity beneath the lows.

Anyway, correction seems over and pre-ETF we’re likely to test $47-50K.

Buy the dips. pic.twitter.com/Ar4mqvYRjJ

— Michaël van de Poppe (@CryptoMichNL) December 19, 2023

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

According to filings with the U.S. Securities and Exchange Commission, the U.S. Securities and Exchange Commission (SEC) announced that it has begun proceedings against HashDex’s Ethereum ETF and Grayscale’s Ethereum Futures Trust, but will seek public comment on listing approval.

VanEck and ARK 21Shares’ decision on the Ethereum ETF was also postponed for public comment, leading some to criticize it as a time-buying move.

According to data from BitInfoCharts, average Bitcoin transaction fees have reached nearly $40, the highest level since April 2021, and miners have benefited greatly.

bitinfocharts

Due to Ordinals (Inscriptions), the mempool that manages unapproved transactions temporarily had 350,000 transactions waiting for approval.

The #Bitcoin mempool is full, and some Bitcoiners are salty about it.

Here are some counter-intuitive facts about inscriptions which make these salty attitudes ridiculous.

Inscriptions are:
– Primarily tiny text files (order of mag > Images)
– Around 50% of daily transactions
-… pic.twitter.com/2MZT3xw89M

— _Checkɱate (@_Checkmatey_) December 13, 2023

Core developer Luka Dashjr has sparked controversy by claiming that he is exploiting vulnerabilities in Bitcoin Core and causing network congestion, while Blockstream’s Adam Back, known as the developer of the PoW mechanism, The CEO noted that it is “unrealistic to restrict specific content or activities on the Bitcoin network.”

you can’t stop JPEGs on bitcoin. complaining will only make them do it more. trying to stop them and they’ll do it in worse ways. the high fees drive adoption of layer2 and force innovation. so relax and build things.

— Adam Back (@adam3us) December 16, 2023

The company is said to be proposing increasing the block size to accommodate this.

altcoin market

In the altcoin market, Ethereum (ETH) fell 2.4%, Cardano (ADA) fell 5.7%, and Polygon (MATIC) fell 5.9%.

It is possible that a whale (large investor) transferred $27 million worth of MATIC to Binance and sold it on the market.

17,299,458 #MATIC (14,238,713 USD) transferred from unknown wallet to #Binancehttps://t.co/prYM7Rlxhs

— Whale Alert (@whale_alert) December 17, 2023

Captain Faibik mentioned on the 17th that MATIC is in a huge triangle hold. If the breakout is successful, the bull market could be expected to return.

$MATIC is on the verge of a Massive Triangle Breakout on the Macro timeframe chart.

If it breaks out, it could mark the Beginning of a bull run.

It seems very Promising for holding into Q1 2024.#Crypto #MATIC #Polygon #MATICUSDT pic.twitter.com/Tx8UIiXPJO

— Captain Faibik (@CryptoFaibik) December 17, 2023

In addition, Astar Network (ASTR) was listed on Upbit, a major Korean crypto asset (virtual currency) exchange, and its price skyrocketed.

Sota Watanabe, CEO of Stake Technologies, which develops Astar Network, emphasized the significance of adding KRW/ASTR to the currency pair, saying that Upbit is actually the second largest in the world. He made it clear that the company will further focus on the Korean market through partnerships with Korean companies.

Listed on Upbit in Korea. Upbit is actually the second largest exchange in the world, and I think it’s a big deal that the KRW/ASTR pair was created. We plan to continue collaborating with Korean companies and projects in areas such as entertainment and electronics! https://t.co/8z20VebO7i

— Sota Watanabe @Star Tale Lab (@Sota_Web3) December 18, 2023

connection:Cryptocurrency ASTR (ASTR) price soars by about 90% at one point due to listing on South Korea’s largest company Upbit

Bitcoin ETF special feature

Due to the soaring price of Bitcoin, the number of downloads and MAU of the CoinPost official app is rapidly increasing.
In addition to virtual currency news, crypto indicators can also cover future materials. By using the My Coin function and Crypto Alert, you can quickly check for sudden rises and falls in altcoins.

■Explanatory article https://t.co/9g8XugH5JJ pic.twitter.com/gYtpheMykj

— CoinPost (virtual currency media) (@coin_post) December 6, 2023

[Recruitment]
CoinPost, Japan’s largest crypto asset media, is currently recruiting human resources due to business expansion (possible full-time positions)

Editorial Department: Student interns interested in web3 and writers familiar with crypto assets
Sales department: Those who are good at English conversation and those with sales experience are welcome.
webX management: People who have strong research skills and are good at English conversation https://t.co/UsJp3v7P39

— CoinPost (virtual currency media) (@coin_post) November 24, 2023

The post Bitcoin fees reach the highest level since April 2021, and alto market prices such as Polygon (MATIC) fall appeared first on Our Bitcoin News.