Are Cheaper Bitcoin Transaction Fees Causing A Crypto Selloff?

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Crypto selloff

Is Bitcoin(BTC)the reason behind the crypto selloff?The cryptomarket has actually experienced some major losses in the previous 24 hours. At the time of writing, all coins however two within the leading 100, are down today. To get a taste of the bloodshed, have a look at the data from CoinMarketCap:

Source:

CoinMarketCap The top ten cryptocurrencies are all experiencing significant losses. Leading the pack in losses is Bitcoin Money (BCH)and Litecoin(LTC). There’s no denying that the markets are having a hard time– but why?Bitcoin might be the reason.

> > Have a look at the Crypto Olympics: Bitcoin vs. VeChain Bitcoin Transaction Fees Encouraging Crypto selloff?Bitcoin deal fees

are at their least expensive level because October 2017. According to BitInfoCharts, which was last upgraded on February 20th, Bitcoin deals fees are opting for US$ 3.042. Bitcoin transactions fees have been declining ever since striking their all-time high back in December 2017(US$ 55.16)

. Even as just recently as a couple of weeks back, Bitcoin deals fees were in the$ 10 variety. That’s not extremely expensive, but$ 3.00 is even better.I would think of that there are a lot of people taking advantage of the fairly inexpensive Bitcoin transaction charges. This might describe why much of the altcoins are decreasing today– people are selling their altcoin possessions so they can demolish Bitcoin while it’s low-cost to process.Bitcoin Deal Times In addition to the inexpensive Bitcoin transaction charges, Coinbase and Bitfinex will be upgrading the exchanges with a software called SegWit. SegWit( Segregated Witness),

is promoted as a method to speed up Bitcoin transactions while likewise reducing costs by a further 20 %. It does so by increasing the block size(so more deals will be able to fit per block). This will significantly improve Bitcoin’s performance as a cryptocurrency if SegWit does exactly what it is suggested to do.Bitfinex represent practically 38%of all United States dollar-Bitcoin trades. Coinbase accounts for about 17%. Coinbase’s rollout of SegWit won’t totally entered into result up until the middle of next week; nevertheless, Bitfinex’s support of SegWit was announced yesterday.The adoption of SegWit by these two significant exchanges will no doubt havestrong long-lasting impacts for Bitcoin. For today, this might likewise be accounting for the altcoin selloff currently happening. People are preparing yourself to take advantage of the lower Bitcoin transaction costs and processing times by offering their other cryptos now.Neither of these points alters the truth that Bitcoin is likewise currently down. As for why Bitcoin is down today, I’m not exactly sure. However if Bitcoin is down, it’s little surprise that a number of the other coins are also down. When Bitcoin drops, people tend to worry, offering not only their Bitcoin but also their other crypto assets. > > Bitcoin Price See Featured image: artispixel Ad If You Liked This Post Click To Share