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Bitcoin in Unprecedented Trouble: What Just Happened ?
Manage episode 363330413 series 3474370
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This story was originally published on HackerNoon at: https://hackernoon.com/bitcoin-in-unprecedented-trouble-what-just-happened.
Bitcoin’s price dropped by more than 20% in a matter of days, reaching a low of $27,000 on May 8, 2023.
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The past week has been particularly turbulent for the leading cryptocurrency, Bitcoin. Bitcoin’s price dropped by more than 20% in a matter of days, reaching a low of $27,000 on May 8, 2023. One of the main reasons behind this sharp decline was the surge in transaction fees and network congestion on the Bitcoin blockchain. The cause of this increase in fees and congestion was the growing popularity of BRC-20 tokens, which are an experimental token standard.
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