A recent run-down in Bitcoin’s (BTC) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows.
The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing.
Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply started declining in recent sessions.
Popular crypto derivatives exchange BitMEX has announced a $150,000 grant for Calvin Kim — a Korean-based Bitcoin scaling researcher. The grant provides a second instance of support in which BitMEX has backed Kim’s research, with the exchange donating $30,000 to Kim in August 2020.
For his current research, Kim plans to implement Utreexo into Bitcoin deployments, using the Go and Rust programming languages respectively, while also working on “improving the initial block download time in Bitcoin.”
Utreexo is a Bitcoin scaling solution and hash accumulator that Kim has been working on since mid-2019, with the protocol's design having first been proposed by MIT Digital Currency Initiative researcher Thaddeus Dryja — who also co-authored the Lightning Network whitepaper.
The new grant was issued by BitMEX in collaboration with the non-profit Human Rights Foundation, or HRF — an organization that supports human rights activism globally — with the HRF contributing $50,000 on top of BitMEX’s $100,000 one-year grant for Kim.
The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn.
According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.
The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to $30 billion as of this writing, according to CoinGecko.
The meteoric 2021 crypto bull run has seen the average transaction fees associated with using Bitcoin or the Ethereum mainnet frequently skyrocket to unprecedented levels in recent months.
This Daily Dose was brought to you by Cointelegraph.