Halving Fees Normalize Apr 2024 event
Overview
Elevated Bitcoin transaction fees that accompanied the April 20, 2024 halving subsided quickly. By April 21, the average fee had dropped to approximately $34.80, following a record near $128.45 the prior day, and continued to fall over the next week as interest in Runes minting waned. Daily Runes transactions, which peaked at 753,584 on April 23, contracted by roughly 97.5% to about 19,000. The episode returned Bitcoin's fee market to levels close to those seen before the halving and revived discussion on whether fee income can sustain miners as the block subsidy diminishes.
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