Crypto Crash Lowers Transaction Fees: Bitcoin and Ether transaction fees have hit their lowest levels in months amid a brutal week for the crypto market. On June 23, Bitcoin's average transaction fee dropped to $1.93, its lowest since October 2023. This decrease indicates less network activity and competition. Ether (ETH) gas fees also reached a new low, with gas prices hitting 1 gwei, the lowest in years. The current gas fee on the Ethereum network is about 4.5 gwei. This drop is due to activity shifting from Ethereum’s base layer to its layer 2 network after the March Dencun upgrade. The crypto market is currently experiencing one of its worst weeks in 2024, with Bitcoin price falling below $63,000 and several altcoins suffering double-digit losses.