Bitcoin inching closer to $40K as Ethereum’s gas fees reach 3-month low

04 Jun 2021

???? BTC | $38,824 (+1,311, +3.5%)

???? ETH | $2,819 (+127, +4.7%)

???? XRP | $1.04 (+0.019, +1.9%)

???? LTC | $191 (+6.3, +3.4%)

Bitcoin funding rates are remaining at a multi-month low, suggesting that leveraged trading remains low after the wipeout in late-May. The plunge seems to have eliminated much of the frenzied speculation seen during that period, and suggests a more sustainable rise should Bitcoin rise in price in the coming days.

Ethereum’s transaction fees are at a three-month low despite higher usage numbers, a good sign for the network. Ethereum remains well above the long-held $2K resistance, and has been experiencing consistently higher trading volumes than Bitcoin over the past month.

Private-sector investigators are closely tracking the Bitcoin handed over to the hackers of the Colonial Pipeline Company last month. Several specialists have gotten much better at tracking and even identifying Bitcoin wallet holders, and are closing in on methods to prevent bad actors from cashing out their tokens. Bitcoin is currently the most popular medium of ransom for ransomware cyber-attackers.