• Sat. May 21st, 2022

Bitcoin minnows are resilient as long-term whales capitulate under pressure

ByHazel R. Lang

May 3, 2022

“The [European Union] is not ready for a gas embargo, but it banned Russian coal after the massacre in the Ukrainian town of Bucha. And the high likelihood of an oil deal underscores how the war in Ukraine has forced Europe to rethink its dependence on Russian energy. In 2020, the bloc imported about 35% of its oil, 40% of its natural gas and just under 20% of its coal from Russia, according to the EU statistics office.” (Washington Post). .. “Coronavirus cases are rising again in South Africa and public health experts are monitoring the situation, keen to know what is causing the spike, what it says about immunity to infection previous ones and what are its implications on a global scale. ” (The New York Times) … “Fees have risen so dramatically because Bitcoin has a competitive market for transaction fees, which fund network security, and growing demand has made transactions more expensive. The last time Bitcoin fees were low enough for anything close to micropayments was in June 2015, when the cost of a simple send topped 5 cents. They haven’t looked back since. Even in the dark and deep bear market slump of 2019, with the bitcoin currency (BTC) trading as low as $3,000, fees were consistently above 10 cents. (CoinDesk Columnist David Z. Morris)

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