March 29, 2024

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

On Thursday, May 21, the price of the first cryptocurrency continued to decline.As of 19:00 UTC (21:00 Moscow time), the asset fell inAround $8800 — to the price levels recorded immediately after the halving.

</p>

After some time, the price returned above $ 9,000. Over the past 24 hours, BTC, which was recently approaching $ 10,000, fell 5.6%.

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

BTC / USD, TradingView chart

On Thursday, the size of the bitcoin mempool increased, that is, the total volume of unconfirmed transactions.

In the morning, a sharp surge returned thisindicator as of the beginning of 2018. The average 7-day mempool size reached 68 MB - the highest value since the rally in late 2017 / early 2018.

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

</p>

At the time of publication, the size of the mempool was close to 85 MB, and the total number of unconfirmed transactions was close to 55 thousand.

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

</p>

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

</p>

The average transaction processing fee continues to grow. According to Bitinfocharts, on May 20 it exceeded $ 6.6.

Bitcoin price drops below $ 9000 amid rising commissions and a clogged mempool

</p>

The current processes in the bitcoin network are directly related to the halving, as a result of which the block reward was halved from 12.5 BTC to 6.25 BTC.

Against the background of a falling hash, the last recalculation also reduced the complexity of mining Bitcoin, however, this has not yet helped to normalize the situation.

Recall, the day before, bitcoins, which in theory may belong to Satoshi Nakamoto, came into motion.