Crypto Market Update: Bitcoin Falls as Ethereum Gas Fees Hit Record Lows

King Newswire | August 20, 2024

Bitcoin price drops for a second day as institutional demand for stablecoins cools. A holder, in particular, burnt nearly $90,000 in ethereum fees to perform a transaction that cost less than $2, all this having come at a time when eth’s gas fees tumbled to lows last seen in 2016. At the same time, the American authorities have declined to set a date on the listing of the Hashdex Nasdaq Crypto Index exchange-traded fund (ETF).

Bitcoin price drops below $59,000 as institutions stop buying stablecoins

Large investors have stopped purchasing stablecoins for the last two days thus making Bitcoin to be below a vital psychological price.

Over the past day, the Bitcoin BTC price fell 3. down from $62,510 touched earlier in the week, BTC/USD was trading 9% lower at $58,930 as of 08:03 am UTC on Aug 12.

Crypto Market Update: Bitcoin Falls as Ethereum Gas Fees Hit Record Lows — BTC/USD, 1-month chart. Source: Cointelegraph

The drop below the $60,000 mark was likely caused by institutions stopping their stablecoin buying frenzy, according to an Aug. 12 X post from onchain analytics platform Lookonchain:The drop below the $60,000 mark was likely caused by institutions stopping their stablecoin buying frenzy, according to an Aug. 12 X post from onchain analytics platform Lookonchain:

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Crypto Market Update: Bitcoin Falls as Ethereum Gas Fees Hit Record Lows

Bitcoin price drops below $59,000 as institutions stop buying stablecoins

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