Bitcoin demonstrated resilience on Monday, marking a slight uptick after recent losses. Despite the highly anticipated halving event over the weekend, which typically garners attention in the cryptocurrency sphere, focus shifted towards the introduction of a new token minting protocol on the leading blockchain network.
Over the past 24 hours, Bitcoin recorded a modest 1% increase, reaching $65,917.4 by 07:32 ET (11:32 GMT). The market sentiment was buoyed by an improvement in risk appetite, attributed in part to reduced tensions in the Middle East. Nevertheless, Bitcoin continued to trade within a defined range established over the past month.
The weekend’s halving event, which marked a reduction in mining rewards on the blockchain, occurred with minimal impact on Bitcoin’s price dynamics. Instead, the spotlight turned to the launch of the Runes protocol, a significant development on the world’s largest blockchain. Introduced by Casey Rodarmor, the creator of the ordinals protocol enabling the minting of non-fungible tokens (NFTs) on the blockchain, Runes distinguishes itself by facilitating the creation of new tokens akin to those on the Ethereum blockchain.
The debut of the Runes protocol spurred a notable surge in Bitcoin transaction fees over the weekend. According to data, transaction fees surged sevenfold, reaching a record high of nearly $130 on April 20 before gradually tapering to around $35 by Monday.
While Bitcoin miners stand to benefit from the substantial increase in fees, traders largely disregarded the impact of the halving on mining rewards, contributing to the weekend’s fee surge. Nonetheless, the long-term implications of the halving are expected to exert pressure on miners. However, mining-related stocks such as Marathon Digital Holdings Inc (NASDAQ:MARA), Hut 8 Corp (NASDAQ:HUT), Riot Blockchain (NASDAQ:RIOT), and Core Scientific Inc (NASDAQ:CORZ) could see near-term gains fueled by the spike in transaction fees, indicating potential revenue growth for miners.
In parallel, other major cryptocurrencies experienced muted gains on Monday, despite an improvement in risk appetite following diminished concerns over geopolitical tensions. However, the strength of the US dollar and expectations of prolonged higher interest rates in the United States tempered significant upward movements in crypto prices. Consequently, Bitcoin prices remained subdued despite heightened on-chain activity.
Ethereum, the second-largest cryptocurrency by market capitalization, rose by 1.2% to $3,201.66, while XRP and Solana posted modest gains of 0.3% and 1.3%, respectively.
Thailand Implements Measures to Block Unauthorized Crypto Platforms
In a bid to enhance law enforcement efforts against online crime, Thai authorities announced measures to block “unauthorized” crypto platforms. Following discussions by the Technology Crime Prevention and Suppression Committee, the Thai Securities and Exchange Commission (SEC) was instructed to furnish details about unauthorized digital asset service providers to the Ministry of Digital Economy and Society, facilitating the blocking of access to these platforms.
The SEC emphasized considerations for users affected by these measures, granting them a window to manage their accounts before facing restricted access. “Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform,” stated the regulatory announcement.
