PDAXScope: Bitcoin Transaction Fees Crashing

Bitcoin Transaction Fees Come Crashing Down Post Halving

Bitcoin (BTC) began the week stable, trading above $65,800, with significantly lower transaction fees after the halving. Medium-priority transactions now cost $8.48, and high-priority transactions cost $9.32. In the initial aftermath of the halving, these fees spiked to over $146 for a medium-priority transaction and $170 for a high-priority transaction.

Bitcoin's 200-Day Average Is Approaching a Record High; Here's Why It Matters

Bitcoin (BTC) entered bullish territory in October, reaching record highs above $73,000 last month. Currently, the 200-day simple moving average (SMA), a crucial indicator of long-term trends, is rising rapidly and is expected to surpass its previous peak of $49,452 in February 2022. At the moment, bitcoin is trading at $66,200, with the 200-day average at $47,909. This is significant for traders, as historical data indicate that the most intense phase of the bullish cycle occurs after the average exceeds its previous peak to reach new all-time highs.

Stocks hit by tech slump; yen flails at intervention zone

Asian stocks declined on Thursday due to disappointing earnings forecasts from Meta Platforms, the parent company of Facebook, which led to a sell-off in tech shares. Meta's shares plunged 15% in extended trading after forecasting lower-than-expected revenue and increased expenses for the current quarter. Additionally, the yen's decline below 155 per dollar for the first time since 1990 raised concerns about intervention from Tokyo.

Oil eases as US demand concerns outweigh Middle East fears

Oil prices remained largely unchanged on Thursday due to a decrease in fuel demand in the U.S., the world's largest oil consumer, amid indications of a slowing economy, while concerns over an expanding conflict in the crucial Middle East producing region persisted. Brent crude futures rose slightly by 9 cents to $88.11 a barrel, following a 0.5% decline in the previous session. Meanwhile, U.S. West Texas Intermediate crude futures for June slipped by 7 cents to $82.88 a barrel, after a 0.6% drop on Wednesday.

Budget deficit narrows in March

In March, the National Government's budget deficit decreased due to a decline in tax collection and restrained spending, according to the Bureau of the Treasury. The deficit narrowed by 6.82% to P195.9 billion compared to P210.3 billion in March of the previous year. However, the deficit widened from February to March, with a fiscal gap of P164.7 billion in February. The Bureau of the Treasury stated that the deficit reduction in March was attributed to an 11.32% year-over-year growth in revenue, coupled with a 3.18% increase in government spending.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

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