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Bitcoin Transaction Fees Skyrocketed in April, Reaching Highest Level Since February 2018

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Bitcoin Transaction Fees Skyrocketed in April, Reaching Highest Level Since February 2018
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Daily transaction fees experienced substantial growth this April, reaching a new yearly high of 153.90 BTC. The market finally stopped playing dead after Bitcoin finally reached the $5,000 mark.

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A gargantuan increase  

April was truly a remarkable month for Bitcoin: the price of the number one currency spiked almost 20 percent on Apr. 2 with no reasonable explanation as to what might have caused this rally. Daily transaction fees remained remarkably steady over the last few months, but this drastically changed in April.

On Apr. 4, the number of total transaction fees paid by Bitcoin users reached its yearly high of 153.90 BTC (~$770,470 at the time of writing). Before that, this sum would fluctuate between 15-30 BTC per day. Yet another spike was recorded on Apr. 24 with 130.67 BTC being forked out in transaction fees in one day.

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Bull market vibes?  

Overall, traders paid the highest amount of fees this April since February 2018. The absolute record was set on Dec. 22, 2017, during the peak of the bull market. The daily amount of transaction fees reached a staggering 1,495 BTC ($20.4 mln at that time).

During the peak of the crypto craze, the transaction fees would be so high that one person claimed that he had to pay $16 in order to send $25 worth of BTC.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Reporting Illegal Crypto Fundraising Now Rewarded by Government Officials in China

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    Sharing information about illegal ICOs with Chinese authorities could result in a financial reward

Reporting Illegal Crypto Fundraising Now Rewarded by Government Officials in China
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Those who decide to snitch on initial coin offerings are now rewarded by local authorities in China. 

Sina Finance, one of the largest business newspapers in China, has recently reported that Chinese authorities are extending their clampdown on illegal cryptocurrency fundraising. 

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On Nov. 18, China’s financial regulators issued a letter to provincial and municipal government officials in order to prevent illegal fraudulent cases that involve the blockchain technology, claiming that it should be explored "scientifically and rationally." 

The aforementioned article reveals that Chinese citizens are encouraged to report all instances of illegal fundraising. Once their information gets checked and verified by relevant government authorities, they can get a reward from regulators.      

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As reported by U.Today, blockchain, the technology behind Bitcoin, is now in President Xi Jinping's good graces. It was tempting to assume that China was finally warming up to crypto, but the communist state made it clear that it didn't want to touch cryptocurrencies that is cannot control. 

China was the first to issue a ban on domestic ICOs back in September 2017, which was meant to prevent any losses that stem from engaging in questionable financial activities. The People's Bank of China (PBoC) insisted that 90 percent of all coin offerings were scams. 

 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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