June 30 (Cointime) - Bitcoin transaction fees have experienced a significant increase of 316% in the second quarter of 2023, reaching a total of $186 million, according to on-chain analytics firm IntoTheBlock.
This surge is mainly driven by Ordinals-related activity, which works on the Ordinals Protocol, allowing users to embed data into the Bitcoin blockchain. Bitcoin is on track for its second consecutive quarterly rise, with a nearly 9% increase from April to June, buoyed by hopes of the launch of spot Bitcoin exchange-traded funds by BlackRock Inc. and Fidelity Investments.
The global cycle of monetary tightening nearing its end has also contributed to Bitcoin's recovery by 86% since 2023.
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