Bitcoin Transaction Fees Stabilize After Increasing Due To Runes Protocol Minting Activity

Bitcoin transaction fees fell to a 7-day moving average value of $8.60 on Wednesday 1 May, after the moving average had risen to $40.36 one week previous. Bitcoin fees rose so much after the April 20th halving, that bitcoin miners were making more in transaction fees than in subsidy rewards. The increase in fees was mainly due to crypto investors’ swift uptake of Runes protocol, a new way to mint tokens on bitcoin that uses a UTXO model instead of BRC-20. 

Ordinals protocol creator Casey Rodarmor released Runes at the same moment as the bitcoin halving on Saturday 20 April.

At that moment in the sky, the planet Mercury travelled at 23º20’ of Pisces. Mercury was vakri or retrograde, meaning that from Earth, He appeared to be moving backwards along His typical orbit. On Wednesday 1 May when theblock.co reported bitcoin transaction fees returning to more normal levels, Mercury transited in the exact same place, 23º of Pisces, this time traveling direct once again along His orbit.

The planet Mercury generates news events on Earth.

Because the planet Jupiter travels in the sign of Taurus for the next year, transaction fees are likely to remain elevated relative to their pre-halving levels. Jupiter generates expansion on Earth and and Taurus, payments.

The planet Mars will be apparent in the sky at 23º of Pisces on Thursday 23 May, generating further stress due to Runes related transaction fees. The stressful effects will be noticed as early as Sunday 19 May.