Bitcoin
Bitcoin Network Transaction Fees Temporarily Rise to Nearly $52 – TradingView News

The Bitcoin network is currently experiencing a sharp increase in network fees, driven by 332,000 unconfirmed transactions as of 12:05 pm ET on June 7.
Network fees at the time reached 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices rising to around 520 sats per transaction earlier in the day. In US dollars, this represents between $50 and $52 in fees per transaction. Since then, priority fees have dropped to about $46 per transaction.
According to blockchain reporter Colin Wu, the 332,000 unconfirmed transactions are suspected to be the result of OKX centrally collecting and sorting wallets, although this has not been confirmed at the time of publication. Cointelegraph
Post-halving economy and the challenge for Bitcoin miners
Concerns surrounding miner difficulty, high network fees, and miner profitability on the Bitcoin network have gained increased attention following the halving.
The reduction of the 6.25 Bitcoin block reward BitcoinUSD to 3,125 BTC at the end of April significantly impacted miners’ profits.
Bitfarms reported a 42% drop in mining revenue for the month of May – the first full month since the last halving event. The Bitcoin mining company disclosed in its month-end report that 156 BTC were earned in the month of May, compared to 269 BTC in April.
The Bitcoin mining company also explained that temperatures at its facilities in Argentina were exceptionally low in May – recording some of the worst weather conditions in 44 years. These poor weather conditions caused the company’s facilities in Rio Cuarto to close for eight days, contributing to a drop in the total number of Bitcoins mined.
Since the start of 2024, Bitcoin miners in the US have spent a total of $2.7 billion on electricity, despite increased computing difficulty and lower rewards.
According to analyst Paul Hoffman, “Since the beginning of 2024, Bitcoin mining in the US has consumed a massive 20,822.62 GWh of electrical energy.” The analyst added that just the amount of energy used by Bitcoin miners since the beginning of 2024 could power 1.5% of US homes for an entire year.
In April, it took an average of $52,000 to mine a single Bitcoin. After the halving, the cost of mining a single Bitcoin more than doubled to an average of $110,000.
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Bitcoin
Bitcoin Will Surge to $100K After Q4, Here’s Why

Dan Weiskopf, portfolio manager at Tidal Financial Group, spoke with David Lin and discussed the future prospects of Bitcoin. The focus was on the future of Bitcoin, especially its potential to reach $100,000. The talk also touched on recent market trends, noting strong interest in Bitcoin ETFs as a possible boost to its price. Looking ahead, there is hope that more platforms will approve Bitcoin ETFs, possibly pushing its price to $100,000.
Forecasts and Volatility: The Path to New Highs
While some predict Bitcoin could go as high as $150,000 or even $1 million, Dan agrees that it needs to hit $100,000 first. Dan also acknowledged Bitcoin’s volatility, saying that large price drops of as much as 50% to 70% could happen, drawing on his experience since 2017.
“We’re going to new highs because I think partly because ETF inflows have been really strong lately. Yeah, and then I think you’ll have more platforms approving spot Bitcoin ETFs in Q4, and we’re going to go up to 100K,” he said.
Big Investors and the Transformative Power of Bitcoin
He also discussed what is persuading large investors to get in on this cycle. He mentioned two key factors. Many argue that if you haven’t invested in Bitcoin, you’re missing out, citing its strong performance over the past decade. This pressure could influence returns and client expectations.
However, he emphasized a deeper reason: if you are not embracing the transformation driven by Bitcoin and digital assets, you may face challenges. This technology has the potential to reshape industries, just as the internet revolutionized business.
“A lot of people look at Bitcoin and crypto and don’t appreciate that with higher prices comes more supply. We talk about 100K, I would expect more supply to come into the market as we go up, and that’s not really new news, but it’s higher demand that’s offsetting that supply,” he added.
Read too: It’s time tor ETH Point ETF: Here’s What to Expect From the Ethereum Price Rally
Bitcoin
Bitcoin Jumps as Markets See Increased Chances of Trump Victory

CFOTO | Future Publishing | Getty Images
Bitcoin hit a two-week high on Monday as betting markets suggested a higher chance of crypto-friendly candidate Donald Trump winning the US presidential election.
The value of the world’s largest cryptocurrency, bitcoin, was up about 5% as of 1:40 p.m. London time to $62,781.48, according to CoinGecko.
The rally follow the dramatic and failed assassination attempt about the former president Trump on Saturday.
“There is a ‘parallel’ to the assassination of President Reagan in 1981,” even though it was not an election year, Ben Emons, chief investment officer at FedWatch Advisors, said in an emailed note.
“After the incident, Reagan’s popularity skyrocketed amid a double-dip recession. The S&P 500, however, fell 9% in the aftermath due to the economic malaise. But in the current strong economy, former President Trump’s favorability is likely to skyrocket and impact markets positively.”
Investors said on the weekend they were hoping that so-called “Trump victory trades” would get a boost. These trades broadened to include several cryptocurrency stocks, such as Coinbase Global and miner Riot platformswhich rose 4.5% and 5.25%, respectively, in pre-market trading.
“Bitcoin’s price rose about 9% over the weekend, which could indicate that investors are hoping that a Trump presidency will create a more favorable regulatory climate for the crypto industry,” Zach Pandl, head of research at Grayscale Investments, told CNBC in an email.
Trump has yet to lay out any detailed proposals on cryptocurrency regulation, but the Republican candidate is now seen as broadly supportive of the sector — despite his past skepticism. He is set to speak at a major annual bitcoin conference later this month.
Trump’s campaign started accepting donations of the cryptocurrency industry in May and its the message became increasingly positive about the future of these digital assets. He also sought to position oneself against Democrats who are in favor of controlling the industry, such as Senator Elizabeth Warren.
“In addition, macro policy changes under a second Trump presidency — including continued deficit spending, reduced U.S. leadership in international affairs, weaker Federal Reserve independence, and a desire for currency weakness to help reduce the trade deficit, among other things — could introduce downside risks to the U.S. dollar in the medium term. Any downside risks to the U.S. dollar could provide support for Bitcoin’s price,” Pandl added.
Last month, analysts at Standard Chartered said that the US presidential election is the next key catalyst for bitcoin’s price and a Trump victory could push it to $150,000 by the end of the year.
“Cryptocurrencies have not had an easy time in recent months. We are currently in a crisis of previously growing capital inflows into this market that can be measured by the capitalization of stablecoins, which has frozen in the last two months,” Grzegorz Drozdz, market analyst at Conotoxia, told CNBC in an email.
With a higher likelihood of a Trump presidency and the consequent reduced chances of unrest and destabilization in the US, Drozdz now sees a potential “influx of confidence into the markets,” which could positively impact cryptocurrencies and bitcoin in the coming weeks.
Bitcoin
Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings
The German government completed the sale of its remaining Bitcoin holdings on July 12. The final transaction involved 3,846 Bitcoin, valued at around $62,604 per Bitcoin, which were sent to “Flow Traders and 139Po,” entities likely for institutional/OTC deposit services, according to for Arkham Intelligence.
The majority of the 50,000 Bitcoins sold by the German government over the past three weeks originated from asset seizures. This sale marked the culmination of weeks of increased sales activity by the German government, which unloaded tens of thousands of Bitcoins in multiple tranches. This significant liquidation was a key factor in keeping the Bitcoin selloff at a low of $54,000 on July 5.
Despite Germany’s exit from its Bitcoin holdings, market pressures remain due to Mt. Gox’s impending $9 billion repayment plan. The Mt. Gox exchange, which collapsed in 2014 when Bitcoin was still in the hundreds of dollars, has long been a source of market anxiety. The repayment plan aims to compensate creditors, potentially adding significant selling pressure to the market in the coming weeks. However, it is difficult to estimate the impact of Mt. Gox’s repayment on the markets due to several factors.
Amid heightened selling pressure, institutional investors seized the opportunity to buy the dip. Data from CoinShares showed that U.S. exchange-traded funds (ETFs) saw $295 million in inflows during the week of July 8, reversing a trend of suppressed inflows into these investment funds. This activity suggests that institutional investors remain confident in Bitcoin’s long-term prospects.
Bitcoin
Bitcoin surges as traders bet on Donald Trump election victory after shooting

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Bitcoin surged on Monday following an assassination attempt on Donald Trump, as investors increased their bets on the former president winning the US presidential election in November.
Bitcoin’s price rose as much as 9.1 percent to $62,830, its highest level in two weeks, after a shooter hit Trump in the ear at a campaign rally over the weekend. The Republican is seen as the most pro-crypto candidate, having hosted industry executives at Mar-a-Lago and expressed enthusiasm for bitcoin mining in the U.S.
Trump’s campaign also accepted cryptocurrency payments, a first for a major U.S. political party, raising hopes of an end to the U.S. regulatory crackdown on the sector seen in recent years.
“The probability of a Donald Trump victory has increased significantly,” said Grzegorz Dróżdż, market analyst at exchange firm Conotoxia, adding that a Trump presidency would have a “positive impact” on cryptocurrencies.
Shares of Trump’s Truth social media company jumped 60 percent in premarket trading. Trump Media & Technology Group went public in March in a merger with a blank-check company and rallied ahead of the debate between Trump and President Joe Biden last month.
The slimmer chances of a second Trump presidency were also felt in broader financial markets. U.S. Treasury yields and the dollar rose in a more muted version of the reaction that followed Biden’s disastrous debate performance.
Many investors believe Trump’s tax-cutting policies would increase deficits and inflation, hurting U.S. Treasuries and boosting the dollar, in a pattern similar to what occurred after his 2016 election victory.
The U.S. dollar index, which tracks the greenback against a basket of six other major currencies, rose 0.2% in morning trade, having weakened so far in July as investors increased their bets on a September interest rate cut by the Federal Reserve.
Yields on benchmark 10-year Treasuries rose 0.03 percentage point to 4.21 percent, reflecting a small decline in price. Contracts tracking Wall Street’s blue-chip S&P 500 and the tech-heavy Nasdaq 100 rose 0.3 percent and 0.5 percent ahead of the New York open.
Monday’s movements “touch[s] with a Trumpian theme given the popular narrative that he is good for business and… his pro-crypto stance,” Rabobank analysts said in a note to clients.
“For markets, the complexities of the US political landscape have boiled down to the assumption that the weekend’s events will lead to a greater chance of Trump winning the November presidential election,” they added.
Bitcoin peaked above $70,000 in mid-March but has struggled to make headway since the so-called halving event in April, when the number of daily bitcoins available for miners to share to secure the bitcoin network fell from 900 to 450. Some analysts had expected bitcoin to rebound after the halving.
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