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Bitcoin 2020 with lower transaction fees to Paxos $142 million funding

Bitcoin 2020 with lower transaction fees to Paxos $142 million funding

1) As compared to 2017, 2020’s Bitcoin bull had lower transition fees.

On December 17, Bitcoin reached its all-time high of $23,500. In December 2017, Bitcoin made history, and this December as well but there is a huge difference in the transaction fee if compare both. As per the data from Blockchain.com, the miners’ revenue per transaction was $130 in December 2017 and on 14 December 2020, it was about $60. Blockchain.com provided information about the total BTC transaction fees as well which was around 1,500 BTC on 21 December 2017, whereas on 14 December 2020 it was only 70 BTC. Also according to BitInfoCharts, the average BTC transaction fee is down to $5 in December 2020 from $50 in 2017.

2) Bitcoin whales may be small compared to new buyers.

The high demand for Bitcoin in the market makes Bitcoin whales look small. The Bitcoin price rise seems logical as the combined shortage of BTC on exchanges and institutional buying in over-the-counter venues is creating a fight over the remaining supply – according to the CryptoQuant. Danny Scott, CEO of United Kingdom-based exchange Coin Corner tweeted

I’ll repeat… liquidity crisis incoming

Ki Young Ju, CEO of CryptoQuant also tweeted

OG whales were small whales

Will focus on the bigger whales next time

3) Bitcoin options volumes reach their all-time high.

Bitcoin options are a form of financial derivative that gives you the right, but not the obligation, to buy or sell bitcoin at a specific price – known as the strike price – at a certain date of expiry. You pay a premium – usually cheaper than buying cryptocurrency outright – in order to buy an option. On 16 December 2020, Bitcoin options volumes crossed $1 billion for the first time. Deribit, crypto futures and options exchange which is emerging as the most popular BTC options exchange had the largest BTC options volume on 16th at $879 million.

4) Ether following up Bitcoin with its 2020 high.

While most people are talking about Bitcoin’s all-time high, Ethereum has also made to its 2020 high of $663. The rally followed news that CME will launch ETH futures in 2021 is waiting for regulatory approval. Altcoin Sherapa tweeted

$ETHBTC: Typically strong $ETH =strong #Altcoin market in #Altseason. Always keep an eye on #Ethereum if you trade $ALTS. I think this 1 does very well in the coming weeks/months.

5) Paxos has raised $142 million in fresh funding from investors.

Paxos, the United States-based stablecoin operator has raised $142 million in fresh funding from investors including PayPal and Mithril Capital. Charles Cascarilla, CEO of Paxos said

Our Series C funding will help us continue building financial market infrastructure of the future and accelerate our growth. We want to double the size of our team, expand our current product solutions and build new products that enterprises need. We’ll do this all while remaining 100% committed to regulation, reliability and security.


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