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George Ma
May 22 15:20

Bitcoin's price fell below $9,000 amid rising commissions

On Thursday, May 21, the price of BTC continued to decline. As of 01:00 SGT, the asset fell to the price levels recorded immediately after halving - US$8,800.
After a while, the price returned to US$9,000, but there is not much reason for investors to be confident about further growth. In the last 24 hours BTS, which had recently reached US$10,000, fell by 5.6%.
On Thursday, the size of bitcoin membrane, i.e. the total volume of unconfirmed transactions, increased.
In the first half of the day, a sharp surge brought this figure back to the beginning of 2018. The average 7-day mempool size reached 68MB, the highest level since the rally in late 2017/early 2018.
The average transaction processing fee continues to grow. So far it exceeded US$6.6 on May 20.
The current processes in the Bitcoin network are directly related to halving, as a result of which the reward for the block was reduced by half - from 12.5 BTC to 6.25 BTC.
Amid the falling hash rates, the last recalculation also reduced the complexity of bitcoin mining, but it has not yet helped to normalize the situation.