Last updated on March 27th, 2023 at 09:00 pm
The revenue of Bitcoin miners from fees has been on the rise, according to Glassnode, a leading provider of on-chain data and analysis for cryptocurrencies.
The increase in activity on the Bitcoin network since the launch of the Ordinals protocol in January has resulted in a 28% increase in the daily transaction count, reaching a two-year high of over 333,000 transactions.
This has led to a rise in miner revenues, which are now at their highest level since June 2022.
However, the Biden administration’s recent Economic Report of the President expressed skepticism about the validity of digital assets, including cryptocurrencies.
The report, released on March 22, 2023, argues that crypto assets have failed to deliver on their touted benefits such as improving payment systems, financial inclusion, and creating mechanisms to transfer value and intellectual property.
Also stated in the report is that cryptocurrencies cannot perform the functions of sovereign money as their prices fluctuate too wildly to serve as a stable store of value or a means of exchange.
The report also critiques stablecoins, arguing that they are subject to run risks and too risky to serve as a fast payment instrument.
What this means for yPredict and Kryptview
Despite the skepticism expressed in the report, the cryptocurrency industry continues to grow with the emergence of new coins like yPredict (YPRED) and Kryptview (KVT).
YPRED ecosystem is designed for developers, traders, investors, analysts, and quant traders seeking high-level insights and predictions into the market.
yPredict is backed by Ai and ML and can scan 100+ charts and patterns to report trends. Kryptview, on the other hand, is a data platform that focuses on community research and sharing insights on various tokens and cryptocurrencies. KVT is used to reward content validators and contributors, as well as protect the platform from promoters.
While the Biden administration’s report may raise concerns about the future of cryptocurrencies, some argue that policymakers may not be fully aware of the potential of the crypto market.
Kristin Smith, CEO of the Blockchain Association, called the report “disappointing” and urged the Biden administration to consider its legacy in the tech revolution.
The rise in Bitcoin miner fees and the emergence of new coins like yPredict and Kryptview indicate that the industry is still growing and evolving, despite the skepticism of some policymakers. As with any investment, it is important for investors to carefully weigh the risks and rewards before investing in the crypto market.