Ethereum Gas Price Drops to Lowest Rates Since March 2020

In brief

  • Gas, measured in gwei, refers to the cost in ETH of making a transaction on Ethereum.
  • Gas price has declined as network congestion has eased.

The price of ETH isn’t the only thing that’s been dropping in recent months. The cost to use the Ethereum network has declined as well.

The average price of gas on the Ethereum blockchain is at its lowest point since March 2020, according to a report today by crypto market research firm Coin Metrics.

Gas refers to the transaction fee on Ethereum, and it’s currently in the 15-30 gwei range. That’s down from roughly 10 times that amount in April, when transaction fees rocketed into the double-digit dollar amount as ETH’s price was soaring.

One gwei is a fraction of one ETH (0.000000001 ETH) and also a fraction of a penny. But if gas prices are so low, why does it currently cost an average of $8.15 for transactions, up from a low of $2.31 on June 26?

That’s because the two metrics are related, but distinct. Transaction fees are determined by taking the price of gas and multiplying it by the amount of gas used. Different types of transactions require more gas to be used. So, bidding on an NFT at auction, making a trade on a decentralized exchange, or sending somebody ETH can all have potentially varying costs because those transactions differ in complexity.

To say it differently, you’ll spend more on fuel if you’re driving across the country than if you’re just going across the city—no matter what the price of gas is per gallon.

And just like actual fuel, gas prices increase or decrease depending on demand. When a lot of people are using the network, prices go up. 

According to Coin Metrics, that’s part of what’s happening here as projects are increasingly using “scalability solutions” like Polygon and Arbitrum, which take some of the strain off of Ethereum while still leveraging it.

But there are two other factors, Coin Metrics says.

First, gas prices started declining in late April—”well before the crash” in ETH’s price from a record $4,165 to its current $2,335—after the gas limit was raised from 12.5 million to 15 million gwei per block. The upshot of the change was that more transactions could be stuffed into each block, easing demand.

Second, arbitrage bots looking to make a profit on decentralized exchange transactions have traditionally boosted fees—they’ll voluntarily pay higher gas prices to push such transactions through because they stand to make a killing from the trade. But this activity is also getting moved off the Ethereum blockchain and into parallel chains, which are like the alleys to Ethereum’s freeway.

But don’t get too used to it. Ethereum gas and fees are slated to adjust yet again on August 4 with the “London” upgrade.


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I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci

Anthony Scaramucci has again reiterated his stand on why he thinks bitcoin will still hit the $100,000 price target he had earlier set. Scaramucci had put forth this forecast when he was on Yahoo! Finance earlier in the year. The founder explained that bitcoin could easily be trading at $100,000 in 12 months.

Anthony Scaramucci who founded Skybridge Capital in 2005 has not always been bullish on bitcoin. But has slowly come around over the years and has now gotten into bitcoin. The CEO believes that more and more funds will get into bitcoin as time passes. His message to other money managers had been that he believed the performance of their funds will eventually be benched off of bitcoin.

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Scaramucci took this one step further when he founded the Skybridge Bitcoin Fund early this year. An institutional-grade fund that was created specifically to invest in bitcoin, which it considers to be the largest and most liquid digital asset.

Although the fund is less than a year old, it has already posted returns of about 50% in the second quarter of the year.

Bitcoin Still Has Some Growing To Do

Bitcoin price has consistently traded for about half its all-time high for the past month. Give or take some price spikes and dips over the weeks pushing it further down or up as the case may be. But the price of bitcoin generally remains on the low side. Despite this, Scaramucci still believes that the price of bitcoin is destined for $100,000 in the next year.

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Related Reading | Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?

In the interview, Anthony Scaramucci explained that a leverage blow-off top had happened to coincide with the launch of the famed Coinbase IPO. Alluding to this, he said this made it so that any little bit of bad news in such a leverage system will always result in a price shock in the market.

Scaramucci went ahead to add that for every bit of bad news surrounding bitcoin that was seen in the market, there has always been some good news. The number of funds coming into the market has increased. With more expected to come in.

Bitcoin chart from

Bitcoin chart from

Bitcoin price breaks $34,000 | Source: BTCUSD on

Adoption news rocked the markets as El Salvador adopted bitcoin as a legal tender back in June, with plans to officially implement it in September this year.

Commenting on the volatility, the CEO said this relates to the level of adoption in the world today. Pointing out that only about 2% of the world currently uses bitcoin.

Ethereum And Other Altcoins

Scaramucci’s faith in the bitcoin market also seems to extend to other digital assets. About a week ago, Scaramucci’s Skybridge Capital had launched an Ethereum fund. Following this, the firm had filed for an Ether ETF with the SEC. Alongside an already pending Bitcoin ETF that the firm had filed earlier in the year for its Bitcoin Fund.

Related Reading | Ethereum Tests $2,300 Range As Market Adds $70 Billion

The founder has been very optimistic about the success of this Ethereum Fund. Even adding that he believes this fund would be able to raise more than $100 million from investors.

On top of this, Scaramucci revealed in the interview that he was researching other potential altcoins in order to launch a similar fund. But has so far been conservative due to the incredibly speculative nature of the space.

“We are going with the top-tier tokens. I tell clients repeatedly that there’s high risk and volatility in this. We believe that certain tokens will be adapted and very successful. Meaning over the next 20 years, I do believe bitcoin will be with us and scaling. I feel the same way about ethereum.” Anthony Scaramucci, Founder, Skybridge Capital.

Related Reading | Scaramucci’s Skybridge Capital Launches Ethereum Fund

Speaking with regards to dealing with the bear market, Scaramucci said that one needs to position size over the long term. According to him, if you’re going to be looking at your portfolio every day, then you probably should not be in the crypto market.

Featured image from Archyde, chart from


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We Need To Talk About The Climate Problem In Bitcoin Mining

The often cited “issue” in Bitcoin is misunderstood and misrepresented.

Recently there has been a deluge of headlines about the environmental impact of mining bitcoin. Nearly every article, tweet, video, etc, cites Digiconomist and/or Cambridge as their primary evidence and says some version(s) of the following statements;

“Bitcoin consumes more electricity than Argentina/Kazakhstan.”

“Bitcoin’s electricity consumption as a country ranks in the top 30 globally.”

Comparing Bitcoin to countries and ranking them does a great job of making people feel that Bitcoin is not only one of the leading sources of emissions already, but is truly an outsized problem compared to the nearly 200 countries on the planet.

This comparison is almost always combined with the universal knowledge of Bitcoin’s historical and exponential price-performance leaving the reader with a powerful and unmistakable impression, i.e., that if Bitcoin was to be left unregulated it would ruin the planet with its exponential growth. A sentiment many authors are happy to state explicitly.

There is plenty to say about the methodology and the limitations of these models (and will be the subject of a later piece). However, taking their own data at full value, the environmental impact of Bitcoin mining is completely immaterial.

Comparing the annual emissions output from Digiconomist with CO2 Emissions data from Our World In Data, we find that Bitcoin’s global share of emissions of approximately 47 million tons of CO2 is only about 0.13% of the global annual total out of roughly 37 billion tons today. This is the same data point as used above but contextualized as any global problem should be, within the context of the whole world. As such it paints a radically different image.

bitcoin carbon emissions globally

It is important to note that these are the calculated emissions for Bitcoin now, at the largest that the Bitcoin network has ever been. While it is impossible to know the exact number, discounting Bitcoin’s exponential growth since 2009 will likely further reduce the average yearly emissions Bitcoin has been responsible for since 2009 by more than half.

Bitcoin has barely been around for 12 years. The data on emissions relating to climate change is measured cumulatively and goes back 270 years to 1750. That’s 21 times longer than Bitcoin has existed. As no one can be 100% sure of Bitcoin’s true impact since 2009, we take the overly conservative approach and project Bitcoin’s current share of global emissions back to the network’s inception and chart it historically with the cumulative amount of emissions. Taking this into account Bitcoin’s share of measured global emissions to date becomes even smaller, approximately 0.028% using this highly conservative approach.

It is important to note the scales of these charts. As Bitcoin’s share of the measured global emissions is so infinitesimally small it is not possible to render any normal size chart that accurately represents Bitcoin’s share of measured global emissions to date. Such a chart would be too small to be visible to the human eye.


Finally, there is also a small provision with the Our World In Data annual CO2 emissions. It only measures CO2 emissions from the burning of fossil fuels for energy and cement production. Land-use change is not included. As energy and cement account for only about 76.2% of the global energy consumption, we need to discount 24%, meaning Bitcoin’s current global share of measured emissions is around only0.098%, less than one-tenth of 1%.

Why Does This Matter?

It is abundantly clear that climate change was around before Bitcoin.

Bitcoin didn’t cause climate change. Does Bitcoin have emissions? Yes, all things do. But its emissions as a share of the global total are completely immaterial.

If you are sincere about reducing emissions, you must also want to reduce them in such a way that you get the best blend of the most amount of emissions reduced, for the lowest cost and at the fastest rate possible. The basic economic principle of marginal utility makes it clear that to reduce Bitcoin’s small amount of emissions down to zero, would require an inordinate amount of cash and effort per unit of reduction. There are however numerous industries where the same amount of capital and effort applied, would have a significantly greater and measurable reduction in emissions due to their existing scale. If your goal is reducing emissions, Bitcoin mining is one of the least effective and meaningful targets you could have.

It should be clear at this point that “Bitcoin’s climate change problem” has nothing to do with emissions and everything to do with trying to build support and justification to regulate the freest market in the world, Bitcoin mining.

This is a guest post by Ben Gagnon. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


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Security Matters (SMX) Launches Blockchain-Enabled Plastics Recycling System

Security Matters (SMX) has announced the completion of its distributed ledger technology (DLT) based conveyor belt detector, which is designed to allow players in the plastics industry to carry out industrial-scale identification, authentification, and quantification. The system fosters plastics recycling efficiency and more, according to a press release on July 6, 2021.

SMX Blockchain-Enabled Conveyor Belt 

In a bid to promote transparency and efficiency in the plastics manufacturing and recycling industry, Security Matters (SMX), a Melbourne, Australia-based firm that’s focused on digitizing physical objects on the blockchain, has successfully developed a distributed ledger technology (DLT) enabled system for the plastics industry.

While the plastics industry is currently being plagued with various challenges, the lack of transparency remains on top of the list.

Per a press release by Security Matters (SMX), the newly developed blockchain-enabled conveyor belt is designed to meet the plastic sorting and recycling needs of industries. The firm says it also facilitates industrial-scale identification, authentication, and quantification of plastics.

Promoting Recycling Efficiency 

Security Matters claims its Conveyor Belt system provides accurate information about the entire chemical composition of the plastics flowing in the value chain, as well as the manufacturer, percentage of recycled content, and recycling loop count,  thereby making it easier to create each product’s digital version, while also fostering recycling efficiency.

What’s more, the team has made it clear that the new conveyor is the missing piece of the puzzle for the plastic industry, as industry players can now mark, track and trace plastics right from when they are just raw materials down to the final product.

Commenting on the new solution, Haggai Alon, Founder, and CEO of Security Matters described it as a revolutionary system for the plastics recycling economy.

“The SMX Plastic Circular Economy online unit is a revolutionary system that will unlock the ability to reclaim and reuse all types of plastic content, By utilizing SMX’s breakthrough technology to ‘mark’ the plastic at virgin sage as well as at recycling and sorting facilities – his will enhance the sorting capability, resulting in higher rates of plastic recycling content,” Alon said.

In related news, last August BTCManager informed that Security Matters had joined forces with Perth Mint to launch the truGold Blockchain Consortium, which aims to promote provenance and responsible raw materials sourcing in the gold industry.

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Chainlink, Aave and Three Altcoins Are Waking Up, Says Crypto Analyst Michaël van de Poppe

Closely-followed crypto analyst Michaël van de Poppe says Chainlink (LINK), Aave and three more altcoins are waking up after the big sell-off event in May.

The analyst tells his 350,000 Twitter followers that Chainlink looks ripe for a 25% rally against Bitcoin (LINK/BTC) from its current value of 0.0006.



“Chainlink looking ready for continuation here.

75,000 satoshis (0.00075) is on the horizon.

Still a massive buy.”

Source: Van de Poppe/Twitter

Van de Poppe also notes that the entire decentralized finance (DeFi) sector looks strong as he highlights three protocols that he believes are starting to make moves.

“DeFi going great, as AAVE, SNX, COMP are waking up heavily. It’s just a start, but the market starts to look good. I’m expecting more to follow suit with those.”

The analyst also has one other under-the-radar altcoin on his watchlist that he says could be in for some giant rallies soon. According to Van de Poppe, multi-purpose blockchain protocol Icon (ICX) could be finished finding its bottom and might be primed to erupt in its Bitcoin pair (ICX/BTC) in the coming months.

“Is Icon bottomed out? Might be. Heavy support bounce, after which it’s looking like it wants to test the resistances. Flipping those are entry triggers. Potential continuation of 75% possible.”

Source: Van de Poppe/Twitter

As for the crypto markets at large, the analyst expects both Bitcoin and the rest of the digital asset space to creep higher, with altcoins likely to outperform BTC in the midterm.

“Most likely expectation is that altcoins will be grinding up way heavier than Bitcoin in the coming period.

They looked great and got destroyed through that final drop of Bitcoin to $30,000.

Therefore, I’m expecting them to continue outperforming Bitcoin in the coming months.”

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Decrypt Reader Token: What Comes Next

In March, Decrypt launched our DCPT reader token, and the first “season” was sponsored by Filecoin. Now that the end of our first season is in sight, we’re ready to talk a bit about how it went, what we learned, and what’s in store for the token beyond Season 1.

In just over three months since the start of our first season, we saw over 74,000 new wallet activations, with a broad and relatively even distribution of 21 million DCPT tokens. We wanted to minimize the emergence of whales and token farming with a daily issuance cap, verified account registration, and a one-wallet-per-device policy, and generally succeeded to that end, with the top wallet holder having just shy of 0.03% of the total DCPT supply.

For our first reward drop, we offered 150 custom NFTs to our token holders. We have since granted these NFTs—and by extension the owners of the 120 wallet addresses that hold them—unique content voting rights on our Snapshot page, where members can vote on what educational content they’d like to see next on Decrypt.

We learned a lot during Season 1, along with a few humbling lessons. 

First, it was challenging for our small team to build new token functionality and at the same time create and release on-chain rewards. While rewards were a good place to start, sidechain capabilities and the ecosystem of Solidity smart contract functionality continued to grow. The DeFi “Cambrian explosion” has resulted in proven on-chain governance and coordination tools that we want to provide to the Decrypt community.

In the next iteration of our token protocol, we plan to completely rethink our token so that it doesn’t just serve as an in-app engagement tool, but instead becomes the platform for an industry-leading, community-governed Web 3.0 publication. As a first step, we will be graduating our reader reward token from the OST platform to Ethereum mainnet.

We are immensely grateful for the assistance of the OST team and supporters along our path. The OST platform offers a unique way for us to deploy in-app token functionality that satisfied the requirements of regulated mobile app stores. It also is one of the few solutions that can handle the scale of our rapidly growing reader base.

After Season 1, we plan to launch a broader protocol in the coming months with better interoperability and a more powerful feature set. Most importantly, this protocol will build on top of the initial distribution of DCPT tokens provided by Season 1. We plan to offer a 1:1 swap or distribution of our OST-chain DCPT token for this new ERC-20 token, which will have no economic or ownership value but exciting new audience and community features which we can’t wait to share. The mobile app will continue to show DCPT balances for users that signed up before the end of Season 1, at least until we complete the migration, but new app users will not see a reference to DCPT and no users will be able to earn more DCPT after Season 1 ends.

This new protocol effort is our top priority, and we want to focus on it 100%. As such, we are pausing new reward drops, at least until we’re ready to share more details about the initial protocol work. We do not plan to mint more DCPT on the OST chain at this time. Once all 21 million DCPT are distributed, we will pause new token issuance and re-assess in light of the new protocol’s goals.

We’re very excited about this new direction, and will be sharing more details soon. Consider this a pre-announcement, and stay tuned!


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Israel Moves to Seize Bitcoin, Tether, Dogecoin From Hamas

In brief

  • Hamas receives crypto in donations.
  • Israel has issued a seizure order against addresses it believes are associated with the group.
  • Those addresses have received Tether, Bitcoin, and Dogecoin.

Dogecoin may be the light-hearted cryptocurrency fun-loving people like to promote—but it’s also being collected by one of the world’s biggest militant organizations: Hamas. 

Yeah, you read that right. Israel’s National Bureau for Counter Terror Financing today issued a seizure order against 84 crypto addresses believed to be controlled by Hamas. 

Those addresses have received $7.7 million in cryptocurrency, according to blockchain analytics company Elliptic. It calculated that over $40,000 has been Dogecoin, a “meme coin” that has exploded in popularity recently. 

But by far the biggest volume of crypto received by the allegedly dodgy addresses was in the stablecoin Tether, at $4.1 million, followed by Bitcoin with $3.3 million, Elliptic said. 

“The seizure order indicates that Hamas is now using a range of cryptoassets—including Dogecoin, Tether and Ether,” a blog post by Elliptic read. 

Hamas, is the largest of several Palestinian militant Islamist groups. It runs the Gaza Strip and is designated a terrorist group by Israel, the US, the European Union, the UK, and other major world powers.

It also likes Bitcoin. The militant organization has been receiving a lot of the cryptocurrency during its latest clash with Israel. As a designated terrorist group by the world’s biggest economies, it is all but locked out of the traditional financial system, making dollars and euros hard to come by. 

Donations to fund its cause are therefore better made in decentralized cryptocurrencies, like Bitcoin or DOGE. Though its biggest holdings, Tether, make even more sense. The cryptocurrency has a stable value—it’s pegged to the US dollar and doesn’t go up and down like Bitcoin or DOGE. Tether is also outside of traditional financial structures and can be moved around quickly.  

Elliptic said that many of the 84 addresses highlighted by Israel have previously been identified by Elliptic as being associated with the Al-Qassam Brigades, the military wing of Hamas. 


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The Bitcoin Price Consolidation Continues

Although we are experiencing stagnation, there are indications that it may be coming to an end.

The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Over the recent six weeks, bitcoin has been heavily consolidating in the $30,000-$40,000 level. Many have been left to ask: Is bitcoin in a bull market, a bear market, or neither?

The truth is: somewhat all three? Bitcoin is in a secular bull market, with entire countries adopting the asset, and with Wall Street and institutional money slowly but surely getting involved.

However, from the traditional view, the price of bitcoin is currently down 47% from the all-time high. To the legacy crowd, this is considered a bear market.

But, bitcoin isn’t the S&P 500, and does not trade like it either. The notoriously volatile asset has throughout its history seen large pullbacks during periods of explosive growth and adoption, and this should be thought of in a similar light.

It is noteworthy that the three largest days of trading volume have all occurred at the $30,000 support level, as shown by the circles in the chart below.

deep dive circles in chart below bitcoin US dollar

The recent consolidation period can be seen not only on the chart, with clear support and resistance at the $30,000 and $40,000 levels respectively, but also in the on-chain volume.

Currently, 16.79% of the circulating bitcoin supply has traded hands in between these levels.

Over 3,000,000 bitcoin have traded hands in this range, showing that there is strong demand from convicted investors with a developed thesis to acquire the monetary asset at a 50% discount from it’s all-time high.

bitcoin utxo realized price distribution

Additionally, BTC one-month implied volatility continues to fall, currently at 86.6%, as traders/investors wait for the impending breakout from the trading range.

bitcoin atm implied volatility

Although one cannot be certain, when a breakout comes, it seems extremely likely to come on the upside, as strong-handed hodlers have once again begun to aggressively accumulate. 

This was an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.


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Price analysis 7/7: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, SOL

Bitcoin’s (BTC) range-bound action seems to be increasing the confidence of institutional investors looking to resume investing in cryptocurrencies. Proof of this comes as Marshall Wace, a London-based hedge fund, announced plans to invest in the digital asset space, according to sources at the Financial Times.

A survey of wealth managers and institutional investors already holding crypto, from the U.S., U.K., France, Germany, and the UAE shows that 82% of the respondents expect to increase their investments in digital assets by 2023.

The research shared with Cointelegraph claims that only 7% of the participants plan to reduce their exposure to crypto, while 40% plan to “dramatically increase their holdings.”

Daily cryptocurrency market performance. Source: Coin360

More evidence of institutional interest was highlighted in a report from CoinShares which revealed a total institutional inflow of $63 million into digital asset funds. The buying was broad-based as all individual digital assets with dedicated funds witnessed inflows for the first time in nine weeks.

However, the arrival of institutional investors is unlikely to result in a sharp upswing in crypto prices in the short term. This is because institutions gradually accumulate their desired exposure before boosting prices higher.

Let’s analyze the charts of the top-10 cryptocurrencies to identify the levels that will suggest the start of a possible uptrend.