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In what has sparked curiosity and concern in the crypto community, a Bitcoin user recently paid a staggering 1.0 BTC, worth $120,381 in transaction fees, according to blockchain tracker Whale Alert.
The unusually high fee was tied to a single Bitcoin transaction, sparking interest in the crypto community.
While transaction fees are typically just a few dollars or less, even during network congestion, a 1 BTC fee stands out as a major anomaly. Some speculate it could be an error in manually setting the fee, a calculated whale move to make a statement or even testing the network, but the real explanation is unknown as of press time.
A closer look at the transaction on the Whale Alert platform suggests it could be an error, given the quantity of BTC moved by the wallet — less than 1 BTC. Regardless of the reason, the transaction underscores the importance of double-checking fee settings before taking action.
This is not the first time such occurrences have happened. In December, a Bitcoin user paid an exorbitant 8.18 Bitcoin (worth $808,564 at the time) for a single transaction, while only moving 0.142 Bitcoin.
Bitcoin hits new record highs
Bitcoin continued to soar on Thursday, reaching a fresh record high above $111,000. Bitcoin reached $111,903 in early trading hours before trimming some of its gains to trade up 4.01% in the past 24 hours to $110,536, according to CoinMarketCap data.
Despite a slump in U.S. stock markets on Wednesday, the price of the world's largest cryptocurrency is rising. Bitcoin has historically correlated with equities markets, particularly the technology-heavy Nasdaq.
JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic, announced that the bank will allow customers to purchase the digital currency, adding to the positive news for crypto.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team