Bitcoin Network Fees Reach 2-Year High – May 8

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$27,903

Bitcoin price has taken a small slide into the $27,000s to begin the week, as price falls from the $29,000s.

Top-20 altcoins are also down, as Ether falls 3%, BNB also drop 3% and XRP takes a 6% tumble over the last 24 hours.

Top Stories for May 8, 2022 🔥

👉 Bitcoin Network Fees Reach 2-Year High

Fees on the Bitcoin blockchain have surged to two-year highs, due to the rising popularity of the Ordinals protocol and the ‘Bitcoin Request for Comment’ (BRC-20) tokens.

Average transaction fees were hovering at just under $20 during European hours on Monday. The number of NFTs tied to the Bitcoin blockchain surged above 3 million last week, with tokens called inscriptions functioning on the Ordinals Protocol.

The BRC-20 token standard allows users to issue transferable tokens directly through the network.

👉 OpenAI’s Sam Altman Launches “Worldcoin” Cryptocurrency

Worldcoin, the crypto project co-created by OpenAI’s Sam Altman, has launched a self-custodial mobile app called World App.

The app allows users to manage their World ID and a range of cryptocurrencies, including BTC, ETH, DAI, USDC, and Worldcoin’s token, which is set to launch later this year. The app has accrued 1.5 million users in testing and logs 60,000 transactions on a typical day.

It is available for download in over 80 countries and is localized to multiple languages. The app employs a minimalist design and offers “gas-free transactions.”

👉 US DoJ Investigating Binance For Violation Of Russian Sanctions

Leading crypto exchange Binance is reportedly being investigated by the US Department of Justice (DOJ) national security division for violating US sanctions against Russia.

The investigation is being carried out alongside a criminal division inquiry, according to anonymous sources cited by Bloomberg. Binance has also been accused of Know Your Customer and Anti-Money Laundering violations by the US Commodity and Futures Trading Commission.

In a statement, Binance said it was compliant with US and international sanctions, and its KYC protocols are in line with those of traditional banking.