Bitcoin transaction fees drop to $38.69, the lowest since 2020
Bitcoin transaction fees dropped to $38.69 on July 7, reaching a new low since 2020. The decrease in transaction costs is due to a decrease in demand for block space and data volume. Ycharts data shows that on July 7, Bitcoin miners processed 673,752 transactions on the Bitcoin network. BTC accounted for 89.7% of the transaction volume, while the remaining bandwidth was occupied by other protocols such as Ordinals (0.7%), BRC-20 (4.1%), and Runes (5.4%).
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