Bitcoin Transaction Fees Soar to Record Highs on Halving Day

Today's top crypto news includes Bitcoin's record-high transaction fees reaching $128 due to the release of the Runes protocol, an investment firm announcing fees for its proposed Bitcoin and Ethereum ETFs, and former FTX CEO Bankman-Fried cooperating in a lawsuit against celebrity promoters of the exchange. Additionally, the abandonment of several Solana-based memecoin projects that raised millions from investors through presale funding, and the emergence of the Bitcoin Ordinals protocol allowing for the inscription of playable retro video games onto the blockchain.

Bitcoin Transaction Fees Skyrocket to Unprecedented Heights on Halving Day

On April 20th, the highly anticipated Bitcoin halving event triggered extreme volatility in transaction fees. Amidst the network congestion caused by the debut of the Runes protocol, average fees surged to an unprecedented $128, with one fortunate miner pocketing over $2.4 million from the halving block alone. However, the euphoria was short-lived, as fees plummeted back to normal levels of $8-10 just a day later.

Hong Kong Asset Manager Unveils Fee Structure for Proposed Bitcoin and Ether ETFs

Victory Securities, a prominent investment firm based in Hong Kong, has unveiled the proposed fee structure for its upcoming Bitcoin and Ethereum exchange-traded funds (ETFs). Pending regulatory approval, the ETFs will incur primary market transaction fees ranging from 0.5% to 1%, with a minimum investment of $850. Secondary trading fees are expected to hover between 0.15% and 0.25%. These rates align with those charged by similar spot Bitcoin ETFs in the United States, offering investors a competitive alternative.

Bankman-Fried Collaborates in FTX Celebrity Lawsuit

Former FTX CEO Sam Bankman-Fried has agreed to cooperate with investors who are suing celebrity promoters of the collapsed cryptocurrency exchange. In exchange for the dismissal of civil claims against him, Bankman-Fried will assist plaintiffs in seeking compensation for losses incurred during FTX's November 2022 implosion. This cooperation is seen as a strategic move by Bankman-Fried, who is currently serving a 25-year prison sentence for fraud.

Solana Presale Memecoins Abandoned, Leaving Investors Devastated

Blockchain analyst ZachXBT has revealed a disturbing trend within the Solana ecosystem: the abandonment of at least 12 memecoin projects after raising a collective $26.7 million from unsuspecting investors. The most egregious case involved "I like this coin" (LIKE), whose anonymous founder managed to siphon away 52,220 SOL ($7.7 million at current prices) before vanishing. Within hours of launch, LIKE's value had plunged by over 90%, leaving investors with substantial losses.

Nostalgia Meets Innovation: Classic Games Reimagined on the Bitcoin Blockchain

Thanks to the revolutionary Bitcoin Ordinals protocol, developers have unlocked the potential to inscribe media onto the Bitcoin blockchain, including playable retro video games. Projects like Pizza Ninja have successfully embedded emulators for beloved consoles like Super Nintendo and N64, allowing users to access classic games by acquiring specific Ordinals assets. These recreations not only offer a nostalgic experience but also provide a novel method of preserving access to classic games on the immutable Bitcoin blockchain.

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