Transaction fees of flagship cryptocurrencies such as BTC and ETH have declined down to a six-month low, Riksbank Governor said Bitcoin is very unlikely to escape regulation. As the crypto markets cool after the recent downturn of the crypto assets, the transaction charges of Bitcoin and Ethereum have reduced to $7.20 and $4.80.
BTC and ETH Transaction Charges Reduced Significantly
In accordance with the data released by leading market aggregators recently, the average price of executing a transaction using Bitcoin has reduced from an early-April ATH of $62.77 to around $7.20 an 88% drop over just six weeks.
Well, talking about the fall in the transaction charges, it appears to have been directly driven by the recent fall in the volume of the crypto market washing away over $67 billion on May 10 to $30 billion.
In recent months, the meteoric bull run in the market has witnessed the average transaction charges linked with using Bitcoin or Ethereum mainnet frequently skyrocket to unpredicted levels.
The transaction fees of BTC and ETH surged nearly thrice in just a matter of two weeks following an announcement on February 8 that Elon Musk-owned Tesla has invested $1.5 billion in Bitcoin.
Riksbank Governor Says Bitcoin Unlikely to Escape Regulation
In accordance with the statement released by the Governor of the Central Bank of Sweden, Bitcoin and other crypto-assets are highly unlikely to escape regulations.
This is because the supervisory authorities respond to the sheer popularity of this phenomenon.
Stefan Ingves, the Governor of Riksbank, said:
“When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen.”
Randal Quarles, the Vice Chairman of Supervision, said that the United States Federal Reserve officials are in the process of studying the several ways to address this issue.
In addition, he said that the Federal agencies need time to ponder the right regulatory approach before the creation of a framework for regulation.