Bolt! — June 14

Chart of the Day

Bolt! With recent extreme bearish sentiment, the number of transactions on the Bitcoin network has plunged to levels last seen in August 2018. Correspondingly, the average transaction fee has nosedived from its recent peak near $60 to around $5.60.

However, Lightning Network, arguably the best Bitcoin scaling solutions to date, has seen substantial growth. Network capacity has just exceeded 1,500 BTC, and that’s not all — network nodes and channels, alongside capacity, have reached their respective all-time highs. The growth is likely spurred by El Salvador’s recent adoption of Bitcoin as a legal tender, as the two most popular finance apps in El Salvador are Lightning-enabled Bitcoin wallets. 

Talk of the Town

One powerful and influential individual opens his mouth and removes a few doubts. The Technoking and Dogefather said in a Twitter response to Cointelegraph’s criticism of market manipulation that Tesla “will resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable clean energy by miners”.

Like many that came before it, the tweet has moved the price of Bitcoin to break through the $37k resistance. The big question remains — will this momentum propel BTC above the $40k mark?