Bitcoin is experiencing downside volatility due to the highest fees in two years and a full mempool, which have caused BTC/USD to break down from $28,000. Binance, the largest exchange, has paused BTC withdrawals several times over network "congestion." The turmoil marks a flustered start to a week already full of potential BTC price volatility catalysts, including macroeconomic data releases, Q1 earnings reports, and the Consumer Price Index. Bitcoin network metrics show that miners are still selling their holdings, leading to analysis that the 2022 bear market is still in play. The network value to transaction ratio has also hit its highest levels in four years.
(By WILLIAM SUBERG)
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