BTC Fees Reach Multi-Year Highs, Crypto Daily TV 8/5/2023

Memecoin hype drives Bitcoin transaction fees to multi-year highs

Bitcoin transaction fees surged in early May, reaching their highest point over the past two years, according to data from Crypto Fees. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping about 400% from late April. 

Stripe tackles ‘cold start problem’

Crypto-friendly payment company Stripe has launched a fiat-to-crypto onramp service to help Web3 companies tackle the issue of their customers not having “crypto in their wallets to carry out transactions.

Binance closes BTC withdrawals.

Crypto exchange Binance closed Bitcoin withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network.  Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed at the time.

BTC/USD traded sideways in the last session.

The Bitcoin-Dollar pair traded sideways in the last session. The Ultimate Oscillator is giving a positive signal. Support is at 27632.3333 and resistance is at 30474.3333.

The Ultimate Oscillator is currently in positive territory.

ETH/USD exploded 1.0% in the last session.

The Ethereum-Dollar pair exploded 1.0% in the last session. The MACD is giving a positive signal. Support is at 1780.851 and resistance is at 2070.731.

The MACD is giving a positive signal.

The last session saw XRP fall 0.4% against USD.

The last session saw the Ripple fall 0.4% against the Dollar. The ROC is giving a positive signal. Support is at 0.4425 and resistance is at 0.4766.

The ROC gives a positive signal.

LTC/USD skyrocketed 1.4% in the last session.

The Litecoin-Dollar pair skyrocketed 1.4% in the last session. The MACD is giving a negative signal. Support is at 76.271 and resistance is at 92.731.

The MACD is giving a negative signal.

Daily Economic Calendar:

FI Trade Balance

The Trade Balance is the total difference between exports and imports of goods and services. A positive value shows a trade surplus, while a negative value represents a trade deficit. Finland’s Trade Balance will be released at 06:00 GMT, Japan’s Jibun Bank Services PMI at 00:30 GMT, and Germany’s Industrial Production at 06:00 GMT.

JP Jibun Bank Services PMI

The Jibun Bank Services Purchasing Managers Index (PMI) captures the business conditions in the services sector. The services PMI is an important indicator of the overall economic conditions.

DE Industrial Production

Industry is a basic category of business activity. Changes in the volume of the physical output of the nation’s factories, mines, and utilities are measured by the index of industrial production.

UK BRC Like-For-Like Retail Sales

The British Retail Consortium Like-For-Like Retail Sales measure changes in the actual value of retail sales from participating companies with invaluable management information on a regular and reliable basis. The UK’s BRC Like-For-Like Retail Sales will be released at 23:01 GMT, Japan’s Overall Household Spending at 23:30 GMT, and the US 3-Month Bill Auction at 15:30 GMT.

JP Overall Household Spending

The Overall Household Spending is an indicator that measures the total expenditures of households. The level of spending can be used as an indicator of consumer optimism.

US 3-Month Bill Auction

Treasury bills are short-term securities maturing in one year or less. The yield on the bills represents the return an investor will receive by holding the bond until maturity.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.