The Bitcoin blockchain reached $11.6 million in fees paid on November 16, with the average transaction fee increasing 746% year-over-year.
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The Outlook for a $36,492.20 Bitcoin Exchange-Traded Fund (ETF)
soon to be approved in the United States has increased demand for the leading cryptocurrency, leading to an increase in transaction fees.
The Bitcoin blockchain reached $11.6 million in fees paid on November 16, according to statistics from CryptoFees. At the time of writing, data from YCharts shows that the average transaction fee is $18.69, an increase of 113% from the previous day and 746% from last year.
The price of Bitcoin has been rising since Wall Street investment manager BlackRock filed an application for a spot BTC ETF with the Securities and Exchange Commission (SEC) in June. Following BlackRock's request, several other large asset managers in the United States submitted similar proposals, including Fidelity, ARK Invest and WisdomTree, among others.
While the SEC appears to be engaging with companies on proposal adjustments, it has not yet made a decision, moving the deadlines to January 2024. On November 16, WisdomTree amended its Form S-1 with the regulator , followed by similar amendments from ARK and 21Shares, Valkyrie, Bitwise and VanEck.
