Commissions on the Bitcoin network have fallen to 2020 lows, exacerbating the situation for miners. According to #Mempool.
Miners, let us remind you, both according to the data of#CryptoQuantanalysts and according to the Hash Ribbons indicator, are in capitulation.
Moreover, the Hash Ribbons indicator signaled the end of the capitulation of BTC miners on the daily timeframe back on June 18th. On the weekly timeframe there is no signal for the end of capitulation yet.
To be honest, the longer you look at this picture paired with a chart without levels, trend lines or waves, the more you expect that the price of#BTCwill test the EMA of the 50-week TF before reversing (currently the level is $51,517). Moreover, during the day the price was again pushed below EMA 200.
Returning to commissions. Today, July 10, the cost of transferring assets in the#Bitcoinblockchain has dropped to 6 satoshi/byte (about $0.5). That is, a transaction on the Bitcoin network will cost approximately 1,500 satoshi.
For comparison, immediately after the Bitcoin halving in April of this year, this value exceeded $120. Including the hype around the desire to get into the “historical first block” and the hype around the Runes protocol. Which everyone has forgotten about now. “Experts” on social networks then wrote that BTC was finished due to high network fees 😅
