Chartering a New Course — June 3

Chart of the Day

Lower Fees; and we’re talking about way lower fees. The average transaction fee of Bitcoin has nosedived from its all-time high above $60 to just a little over $7 — a level not seen since January this year when the price of BTC began its upward pace. The all-time high is was a direct result of mining outages in China, which slowed block production and escalated demand for block space. Sidestepping Bitcoin price, readjusted mining difficulty, and stabilized hashrate have helped to ease the supply/demand tussle, allowing transaction fees to return to the acceptable range. Meanwhile, ETH gas fees dipped back to the level previously seen in the early days of 2020’s DeFi summer, owing to the adoption of scaling solutions such as Polygon. 

Talk of the Town

Chartering a New Course in Crypto. Banking giant Standard Chartered announced on Wednesday that its innovation arm, SC Ventures, will launch an institutional cryptocurrency brokerage and exchange platform that offers its European clients crypto exposure. “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” said a representative from SC Ventures. This move comes after its biggest rival HSBC opted out of the crypto craze not too long ago.