BTC transaction fees at highest levels in 20 months

Last week bitcoin it did not regain momentum and fell to around $40. The value of cryptocurrencies dropped by almost 000%. on a week-to-week basis as investors look for further bitcoin ETF approvals - likely no longer believing it will happen until later in 6.

Bitcoin started last week above the $43 level, but declined over the course of the week and is currently trading at eToro just under $40.

Meanwhile, ETH fell more than 7% last week, starting above $2300 last Monday before falling throughout the week and currently trading around $2150.

In the week before Christmas, trading in the investment market - and by extension, the cryptocurrency market - is likely to weaken in terms of volume as investors are already resting before the holidays.

There are few current events that could impact cryptocurrency markets on a global level. Japan's final monetary policy decision will be made on Tuesday, while the Office for National Statistics (ONS) will publish inflation data on Wednesday.

A higher-than-expected inflation reading may cool UK markets amid expectations for bank interest rates, but this is largely a sideshow compared to the cryptocurrency market as a whole at the moment.

Bitcoin fees at highest levels in 20 months

Bitcoin transaction fees are at a 20-month high, according to data BitInfoCharts the average transaction is around $40. The recent increase in transaction costs is due to the new push from the Bitcoin Ordinals inscription. Fees are at their highest level since April 2021.

BlackRock's Bitcoin Spot ETF opens doors to Wall Street

Wall Street banks could yet play a role in ETF spot on BlackRock bitcoins, despite the restrictions placed on them in terms of storing cryptocurrencies. BlackRock has improved its mechanics, which means authorized participants can create new fund shares for cash, rather than solely for cryptocurrencies. This would open the door to those banks that are unable to hold cryptocurrencies but can act as authorized participants and thus gain exposure.

British lawmakers accused of lack of knowledge

Industry association CryptoUK suggested that British lawmakers lack knowledge about DeFi and blockchain, with only 5 percent parliamentarians openly discuss this topic in public debate. In its 2023 analysis, the association found that just 37 members of parliament had discussed cryptocurrencies, despite Prime Minister Rishi Sunak's desire to make the UK a cryptocurrency hub.