Bitcoin transactions soared to a historic pinnacle, registering a remarkable 926,842 transactions, merely three days post the Bitcoin halving event.
On April 23, Bitcoin witnessed an overwhelming surge in daily transactions, surpassing its previous high of 731,000 transactions recorded in December 2023, as per data from Glassnode.
This milestone was achieved in the aftermath of the Bitcoin halving on April 20, coinciding with the introduction of Bitcoin Runes, a novel protocol facilitating the issuance of fungible tokens within the Bitcoin network.
Constituting the majority of transactions on the Bitcoin network, Runes accounted for a striking 68% of all Bitcoin transactions. Dune data revealed a total of 3.6 million transactions related to Runes.
Nazar Khan, co-founder and CEO of TeraWulf, highlighted the significance of block space on Bitcoin, citing Runes and Ordinals as testament to this value:
“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”
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Despite the record-breaking transaction volume, Bitcoin’s price remained relatively subdued, hovering just above the $64,000 mark. CoinMarketCap data indicated a decline of over 9% in the cryptocurrency’s price on the monthly chart.
However, the true potential for Bitcoin Runes may only materialize in the coming months, according to insights from Ignas, a pseudonymous decentralized finance (DeFi) researcher.
In an April 17 X post, Ignas suggested that while Runes had garnered significant attention within the Bitcoin community, the actual market opportunity might unfold after the initial surge of investor excitement subsides:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that due to their initial lack of utility, Runes could experience trading dynamics reminiscent of volatile memecoins shortly after their launch.
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Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), recently greenlit the debut of spot Bitcoin (BTC) and Ether exchange-traded funds (ETFs), scheduled to commence trading on April 30, as per a Cointelegraph report.
The approved ETFs, spearheaded by China Asset Management (ChinaAMC), are poised to offer investors, both retail and institutional, a regulated avenue for delving into the world of digital assets.
Thomas Zhu, head of digital assets and family office business at ChinaAMC, emphasized the allure of these ETFs, stating, “The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians.”
Hong Kong’s approach stands in contrast to the cash-centric model seen in the United States, with a focus on in-kind creation models that facilitate the generation of new ETF shares through BTC and ETH.
Rebecca Sin, an ETF analyst at Bloomberg, highlighted the significance of this strategy, noting, “Hong Kong is aiming for in-kind creation of the ETF, unlike the US, where the transaction is cash only — in the US, it’s cash in, Bitcoin ETF out, while Hong Kong aims for Bitcoin in, ETF out.”
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Anticipation surrounds the potential for a fee competition among ETF issuers in Hong Kong, with James Seyffart, another Bloomberg ETF analyst, suggesting, “A potential fee war could break out in Hong Kong over these Bitcoin and Ethereum ETFs.”
Harvest, in particular, is set to shake things up with a full fee waiver and a meager fee of 0.3% after the waiver.
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed optimism regarding the lower-than-expected fees for the initial ETFs, deeming it a promising indicator.
He observed, “Fees are 30bps, 60bps, and 99bps which is on average lower than we thought, good sign.”
The impending debut of these ETFs in Hong Kong not only marks a milestone in the region’s financial landscape but also signals a significant step forward in the mainstream adoption of cryptocurrencies within a regulated framework.
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Australia has reached a significant milestone in the realm of cryptocurrency, now boasting 1,000 active crypto-fiat machines, making it the third-largest hub for Bitcoin ATMs globally.
This achievement, as of April 24, marks a notable growth in the country’s crypto infrastructure.
Coin ATM Radar data reveals that Australia joins the ranks of the United States and Canada in surpassing the 1,000 mark for Bitcoin ATMs.
Currently, Australia represents 2.7% of the global Bitcoin ATM network, showcasing a steady rise in adoption and accessibility within the country.
The United States, leading the global landscape, hosts the majority share of Bitcoin ATMs, accounting for 82.8% with a staggering 31,170 machines.
Following closely, Canada holds 7.8% of the global market share with 2,918 crypto ATMs.
Australia’s journey to becoming a prominent player in the crypto ATM space wasn’t always evident.
Historically considered an inactive market, the country experienced a surge in adoption since the latter part of 2022, largely fueled by the involvement of private enterprises.
By April 2023, Australia had surpassed Asia in Bitcoin ATM count, a region encompassing major economies like China, Japan, Singapore, and India.
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\With the current installation pace, Australia is on track to outpace Europe, which currently holds 4.3% of all active Bitcoin ATMs, totaling 1,617 machines.
Among other countries with notable crypto ATM presence are Spain (261 machines), El Salvador (215), Poland (211), Germany (194), and Hong Kong (157), showcasing a global trend towards increased accessibility to cryptocurrencies.
In a recent development reported by Cointelegraph, hackers who previously disclosed El Salvador’s Bitcoin ATM database have now released a portion of the source code for the country’s state-operated Chivo Bitcoin wallet.
The hacker group, CiberInteligenciaSV, shared the code on a public forum, emphasizing its origin from a government wallet and its availability for public scrutiny.
Local cybersecurity project VenariX issued a warning on April 22 regarding the impending leak, referencing announcements made by CiberInteligenciaSV’s Telegram channel regarding their plans to release the source code.
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On April 20, 2024, Bitcoin mining revenue reached a record-breaking $107.7 million, marking a historic high on the day of Bitcoin’s fourth halving event.
This milestone was primarily fueled by mining rewards and transaction fees as the cryptocurrency community rallied to participate in this pivotal moment.
The day saw an exceptional amount of activity with $2.4 million, or 37.7 BTC, spent in transaction fees alone by investors eager to secure a spot on the 840,000th Bitcoin block.
This block, pivotal due to the halving event, processed 3,050 transactions, averaging nearly $800 in fees per transaction.
The rush to record transactions on this significant block drove fees to unprecedented levels.
This surge in transaction fees was largely driven by the excitement surrounding the launch of Casey Rodarmor’s Runes Protocol, which coincided with the halving.
The enthusiasm to mint rare satoshis on the halving block added to the frenzy, pushing the day’s earnings for miners past the previous record of $78.7 million achieved on March 11.
At that time, Bitcoin had reached a new high of $71,415, which significantly influenced mining revenue as payouts are in BTC.
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The halving event itself, a mechanism designed to reduce the block reward by half periodically, cut the mining reward to 3.125 BTC per block.
This reduction is part of a deflationary model intended to control the supply of new bitcoins entering the market.
However, the excitement was short-lived. By the following day, the average transaction fee on the Bitcoin network had drastically dropped from a record high of $128 to just $8–$10 for medium-priority transactions, as reported by mempool.space.
This decline reflects a normalization of fees following the halving event hype.
As the Bitcoin community reflects on this monumental day, the impact of such events continues to underscore the volatile nature of cryptocurrency fees and mining revenues.
The dynamics of supply and demand in the blockchain space remain a fascinating aspect of its economic and technological landscape.
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In a recent update that boosts optimism among affected users, the trustee of the hacked cryptocurrency exchange Mt. Gox has provided crucial information regarding the repayment process for the lost funds.
Users on the Mt. Gox insolvency subreddit began reporting in mid-April that their claims accounts had been updated.
These updates included details on the amounts of Bitcoin, Bitcoin Cash, and fiat currencies slated for repayment.
This has led many to anticipate imminent cryptocurrency reimbursements.
A creditor shared a screenshot on the subreddit that displayed a new table in their Mt. Gox account.
This table indicated various entries such as the status of repayments, the amounts that have been paid, and those still pending.
Further reinforcing these updates, multiple creditors have confirmed receiving fiat payments directly into their bank accounts.
One user detailed their experience on April 22, stating, “Money received as USD into an HSBC currency account and looks like zero fees,” highlighting the efficient processing of their repayment more than a month after initial updates were noted on their account.
They explained the timeline of updates: “Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived.”
These developments have been positively received within the community, with one creditor discussing the significance with Cointelegraph: “The latest additions of Bitcoin on the accounts in the Mt. Gox rehabilitation claims system is a major move for Mt. Gox creditors signaling disbursement of crypto or fiat will happen,” they noted.
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They further compared it to previous disbursements, recalling, “In comparison, last December Japanese claimants received notes on their page and within two weeks they saw fiat in their accounts via PayPal and private banks,” adding hopefully, “Let’s hope the crypto remittance echoes that of its fiat predecessor.”
Mt. Gox was established in 2010 and quickly ascended to become the world’s leading Bitcoin exchange, handling about 70% of all Bitcoin transactions until its collapse in 2014 due to a massive security breach that resulted in the loss of 850,000 BTC.
The exchange, now inoperative, is slated to reimburse its creditors with significant assets: 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen (approximately $510 million), with all repayments expected to be completed by October 2024.
This positive momentum follows the completion of identity verifications in January 2024, allowing the trustee to prepare the repayments through various established platforms such as Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.
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Several Bitcoin mining companies listed on the Nasdaq stock exchange experienced notable gains in their share prices this past trading week, particularly in the 24 hours leading up to Bitcoin’s fourth halving event on April 20.
This event, critical to the operations of Bitcoin mining firms, cuts the reward for mining each block by half—from 6 BTC to 3.125 BTC.
As anticipation built, stock investors speculated about which companies might emerge as leaders in the industry.
This speculation resulted in significant price surges for some firms.
Riot Platforms (RIOT) led with a 10.13% increase in its share price to $9.13 on April 19, following the announcement of a new 250-acre mining facility in Corsicana, Texas.
The same day, Jason Les, CEO of Riot Platforms, had the honor of ringing the closing bell at Nasdaq headquarters.
Close behind was Marathon Digital (MARA), which saw a 9.78% jump to $16.50. Clean Spark (CLSK) also enjoyed a rise, with shares up 5.98% to $17.20.
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These increases came as firms prepared to adjust their operational strategies post-halving to maintain profitability, either by expanding operations or potentially ceasing them if the costs became unsustainable.
The challenges facing the industry were underscored by Hut 8 CEO Asher Gennot, who noted that several Bitcoin mining companies faced bankruptcy in 2022 due to overleveraging and high energy costs.
In response, major Bitcoin miners, including Marathon Digital, have been proactive; Marathon recently announced the acquisition of a 200-megawatt Bitcoin mining facility in Texas for $87.3 million.
Additionally, Riot Platforms made a significant investment in December 2023, purchasing 66,560 mining rigs from MicroBT in one of the firm’s largest expansions.
While Bitcoin mining firms enjoyed a day of gains, the broader S&P 500 index did not fare as well, recording a 0.88% decrease over 24 hours and a total decline of 3.54% over the last five trading days, according to Google Finance data.
These fluctuations underscore the volatile nature of both the cryptocurrency and stock markets as firms navigate the new landscape post-halving.
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The fourth Bitcoin halving, occurring on April 20, might initiate the “most bullish” cycle for Bitcoin, influenced by historical trends and the introduction of spot Bitcoin exchange-traded funds (ETFs).
On March 13, Bitcoin’s value soared to an unprecedented high of over $73,600, anticipating the halving event.
This milestone was historically followed by significant price surges between 518 to 546 days after previous halvings.
According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the confluence of factors surrounding this halving presents an exceptionally optimistic outlook for Bitcoin.
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before,” Sanghera explained to Cointelegraph.
Despite a minor 5.6% dip in its weekly performance, Bitcoin was trading above $63,600 as of late April, showcasing a modest 2.85% monthly gain and an over 50% increase since the start of 2024, as per TradingView data.
Bitcoin’s price trajectory is predicted to maintain bullish momentum in the long term, despite typical short-term corrections following halvings.
Temujin Louie, CEO of Wanchain, anticipates potential fluctuations but remains optimistic. “Historically, Bitcoin halvings were followed by a slump.
Expect to see continued consolidation so long as support around $58,000 holds.
If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers,” Louie stated to Cointelegraph.
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Prior to the halving, Bitcoin ETFs experienced a downturn in accumulation, with net inflows turning negative during the halving week.
The U.S. spot Bitcoin ETFs registered $398 million in net outflows, contrasting with the prior week’s $199 million in net inflows, according to data from Dune.
Nevertheless, these ETFs collectively hold over 835,000 BTC valued at $53.5 billion, constituting 4.24% of the available Bitcoin supply.
Despite this dip in ETF inflows, the broader narrative surrounding Bitcoin remains positive.
Jonas Simanavicius, co-founder and CTO at Syntropy, underscores the continuing interest from major institutional players.
“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows.
“While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation,” he remarked.
Simanavicius also highlighted Bitcoin’s growing reputation as a “hedge against political tensions,” enhancing its appeal as a secure asset amid global uncertainties.
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The Bitcoin community recently witnessed a significant event as 37.7 Bitcoins (BTC) were spent in transaction fees, amounting to over $2.4 million, to secure a spot in the highly anticipated fourth Bitcoin halving block.
The halving occurred at 12:09 m UTC on April 20, with Bitcoin miner ViaBTC producing block 840,000, which activated an automatic protocol reducing miner rewards from 6.25 BTC to 3.125 BTC per block.
This block has become a landmark in Bitcoin’s history, seeing unprecedented transaction fees totaling 37.67 BTC, as per data from Bitcoin block explorer mempool.space.
Including the mining reward, a total of 40.7 BTC — approximately $2.6 million — was awarded to ViaBTC for mining the halving block.
The spike in fees was driven by users eager to participate in the Runes Protocol, introduced by Bitcoin Ordinals creator Casey Rodmarmor, which launched concurrently with the halving.
Runes, touted as a more efficient token creation system on Bitcoin compared to the BRC-20 token standard, utilizes the Unspent Transaction Output (UTXO) model for token issuance, contrasting the inscription account model used by Ordinals.
Leonidas, a pseudonymous Ordinals developer, highlighted the impact of this surge on miner income post-halving.
“Runes degens have single-handedly offset the drop in miner rewards from the halving,” he stated in a post on social media platform X on April 20.
The subsequent blocks saw even higher fees, with a total of $3.82 million spent on transaction fees across five blocks following the halving, not including the miner subsidies, according to mempool.space.
Additionally, the competition extended beyond token creation.
Bitcoin mining pools competed for the prestigious “epic” satoshi, the first satoshi mined on the halving block.
In the lead-up to the event, Trevor Owens, managing partner at The Bitcoin Frontier Fund, expressed his willingness to offer between $500,000 and $1 million for the first Bitcoin block post-halving.
The reaction to the halving within the crypto community was mixed.
Trader Hsaka captured the sentiment with a meme indicating a fleeting celebration before returning to usual activities.
Meanwhile, notable Bitcoin skeptic Peter Schiff took a more critical stance, commenting on the halving’s effect on Bitcoin holders.
“I think halving is an appropriate name for what’s happening as soon Bitcoin HODLers will experience a halving of their net worths,” Schiff remarked on X.
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Recently, Bitcoin (BTC) has experienced a surge in transaction fees, surpassing Ethereum (ETH) for three consecutive days as the market anticipates the upcoming Bitcoin halving and the launch of Runes, a new Bitcoin token standard.
On April 17, Bitcoin miners collected $7.47 million in transaction fees, which was slightly higher than the $7.31 million that Ethereum stakers earned on the same day, as reported by Crypto Fees.
This increase in fees for Bitcoin continued from April 15 to 16, where Bitcoin miners earned $9.98 million and $5.91 million, respectively, outpacing Ethereum by significant margins.
Despite these figures, Ethereum still holds a slim advantage over Bitcoin in terms of the average fees collected over the past seven days, amounting to $8.55 million compared to Bitcoin’s $7.57 million.
The calculation of Bitcoin transaction fees is based on the transaction’s size or data volume and the demand for block space at the time the transaction is processed.
This system has led to the recent increase in fees just as Bitcoin miners prepare for the halving event scheduled for April 20.
The halving will reduce the mining reward from 6.25 BTC per block to 3.125 BTC, significantly impacting miners’ earnings from block rewards.
Currently, about 900 BTC are mined daily, which translates to roughly $57.2 million based on current prices.
With transaction fees of $7.47 million on April 17, these fees represented 11.5% of the total block rewards for Bitcoin miners.
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Post-halving, the importance of transaction fees is expected to increase as daily mining output halves to about 450 BTC.
The introduction of Ordinals inscriptions in January 2023 has already contributed to higher revenue from transaction fees for Bitcoin miners.
This trend is anticipated to continue with the release of Runes at block 840,000, coinciding with the halving event.
Runes aims to simplify the creation of fungible tokens on Bitcoin, targeting memecoin enthusiasts and other community-driven segments.
Casey Rodarmor, the creator of both Ordinals and Runes, explained that Runes are fully UTXO-based, meaning they should not overload the Bitcoin network as much as Ordinals have.
This development comes as prices for BRC-20 tokens, including Ordinals (ORDI) and Sats (SATS), the two largest by market capitalization, have declined by 38% and 43% respectively over the last week, as noted by CoinMarketCap.
This shift in trader focus towards Runes may also be influencing the recent rise in Bitcoin fees.
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The recent behavior of institutional investors and Bitcoin exchange-traded fund (ETF) holders indicates a relatively stable market with minimal selling pressure expected in the near term.
Despite the recent drop in Bitcoin’s price below $60,000, current data suggests that these major players are not positioned for significant sell-offs, which could have indicated a local bottom for Bitcoin’s price.
According to CryptoQuant, short-term Bitcoin whales—defined as investors holding at least 1,000 BTC for no more than 155 days—show an unrealized profit of only 1.6%.
This minimal gain contrasts sharply with long-term holders of the same Bitcoin volume, who have been holding for over 155 days and enjoy an unrealized profit of 223%.
Ki Young Ju, the CEO of CryptoQuant, highlighted this disparity in an April 19 X post, emphasizing the significant profit margins experienced by different investor cohorts.
Further insights from CryptoQuant reveal that while small miners have an unrealized profit of 131%, larger mining firms have accrued 81%.
Notably, the top five mining firms have refrained from selling their holdings in anticipation of the upcoming Bitcoin halving, contributing to a reduction in sales to a two-year low as of the first quarter of 2024.
Bitcoin’s price fluctuations have also caught the attention of market analysts. After falling below $60,000 twice in April, Bitcoin recovered, approaching $65,000.
This pattern has led some analysts to suggest that a “double bottom” may have formed, potentially signaling a rebound in price.
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Additionally, technical indicators like the relative strength index (RSI), which had previously shown Bitcoin as overbought in March, adjusted back to a neutral level of 46 in recent measurements.
This reset in technical indicators supports the notion that Bitcoin might have reached a local bottom earlier in the week, as posited by Arthur Cheong, founder of DeFiance Capital, in another April 19 X post.
On the technical front, Bitcoin recently broke out from a significant trading channel on the 4-hour chart, prompting predictions of a possible rise to $72,000, as noted by crypto trader Satoshi Flipper.
However, the market dynamics are also influenced by the ETF sector, where institutional net inflows into U.S. spot Bitcoin ETFs turned negative around the time of the halving, with more than $147 million in net outflows recorded on April 18.
This trend contributed to Bitcoin’s price dip, though Denis Petrovcic, CEO of Blocksquare, remains optimistic.
He told Cointelegraph, “While some might anticipate a drop post-halving, the sustained institutional interest and decreased block rewards should keep BTC prices stable or slightly bullish, avoiding the typical ‘sell the news’ fallout.”
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