Bitcoin transaction fees soar to the highest level since April 2021.
Due to the increased transactions involving Ordinals tokens, Bitcoin network transaction fees have surged. On Sunday, transaction fees on the Bitcoin blockchain soared to over $37, reaching a level not seen since the bullish market period in April 2021. Data from BitInfoCharts indicates that the average network fees in September and early October were around $1-2.
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Data: In the past 24 hours, total liquidations across the network reached $383 million, mainly from short positions.
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