Bitcoin (BTC) transaction fees have dropped to a level last seen in 2014, according to a new report by crypto and blockchain research firm Diar on Monday, February 11. Bitcoin transactions reached a new one-year high last month, but the average transaction fees have dropped to 2014 levels.
“Median Fees are also at levels not seen since 2015 despite the total monthly bitcoins moved on-chain standing at higher levels than seen throughout most of 2018,” stood in the report. This data comes just a month after Diar reported that crypto exchanges saw record trading volumes in 2018, with exchanges such as Coinbase, Kraken, and Bitfinex, all recording an increase in trading volume.
Last week, Diar released another report stating that, at the beginning of the year, trading volumes on crypto exchanges dropped to a new low for the first time since 2017. The report revealed that January 2019 was the worst period for the leading crypto exchange Binance. The BTC/USD market on the exchange has plunged by more than 40 percent, compared to the volume recorded in December 2018.
Also in January, Diar released another report stating that the on-chain transaction value of Ethereum (ETH) reached an all-time high in December 2018. The number of transactions on the Ethereum network reached 115 million after stabilizing between 16–17 million transactions in October and November.
Coinbase is eyeing emerging markets, Binance set to launch its decentralized exchange
The latest report by Diar looked into other developments in the crypto space, as well. According to the blockchain research firm, Coinbase has been working closely with Japan’s Financial Services Agency (FSA) to obtain a license to operate in the country. Coinbase is planning to launch its exchange in Japan this year, almost a year after the official announcement.
Coinbase is currently exploring countries in Latin America, Africa, and South East Asia, with the aim of expanding its services to those regions. The three regions accounted for 240 billion USD annual money inflows, and over half the world’s remittance corridors, making them an attractive market for crypto exchanges.
Diar also reported that cryptocurrency exchange Binance is set to launch its decentralized exchange (DEX) after forking the Cosmos Tendermint blockchain. Binance has chosen the Ethereum blockchain to launch its DEX, to make it quick and straightforward for users to create tokens and raise funds using Binance’s native coin, BNB.