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Study Reveals Bitcoin Fees Can Be Cheaper Depending on the Timezone

Study reveals bitcoin fees can be cheaper depending on the timezone

Study Reveals Bitcoin Fees Can Be Cheaper Depending on the Timezone

Diar, a crypto firm focusing on data resource analyzing digital currency and assets, reported in its February 11, 2019, issue that Bitcoin fees depend heavily on the time zones in which users are living.

Timezone Caveat

According to Diar’s latest issue, the startup took a look into data analyzed in January 2019 to find out how bitcoin fees have different costs at different parts of the day. The analysis firm found that to perform a bitcoin transaction around 1 PM UTC a user would have to spend a substantially higher fee than another user who would perform the same transaction at night.

Additionally, users making transactions at 1 PM UTC, may have their transaction complete a lot faster but they will also have to spend a lot more.

Much like the Diar’s graph shows, users performing bitcoin transactions at night pay 15,000 satoshis less. On the other hand, a user performing and having his transaction confirmed at 1 PM UTC will have to pay a much higher fee, almost 30,000 satoshis more.

Bar graph showing timezone and satoshis per transaction

(Source: Diar)

But since this happens in different time zones, the inverse is also true for people living in Australia. For those, a transaction will be more expensive at night. In Japan, bitcoin users will also have higher fee costs after 10 PM. 

Transaction Fees Hitting Lows

Diar also reported that Latin America, Africa, and South East Asia are now dominating half of the world’s remittance corridors which represent around $240Bn of annual money inflows.

Fees currently stand at an average of nine percent according to global analysis while in developed countries, the average goes a little bit to hit six percent. This means there are regional differences and that smaller remittance corridors will see high fees. Lower fee transactions will usually take more time to become confirmed but in general, the average cost for a bitcoin transaction is at its lowest in four years.

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Published at Wed, 13 Feb 2019 17:30:35 +0000

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Ripple Price Technical Analysis – XRP/USD Bearish U-Turn

Key Highlights

  • Ripple price extended declines and moved below the $1.80 support against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price continues to move down and it could soon break the 1.60 low to for more losses.

Ripple price faced a lot of selling pressure against the US Dollar and bitcoin. XRP/USD could accelerate declines and it may soon test or break the $1.50 level.

Ripple Price Decline

It seems like the current bearish pressure is here to stay on Ripple price below $2.00 against the US Dollar. The price was under a lot of pressure and it moved below the $1.80 and $1.70 support levels. The downside move is strong and the price is now below the $1.65 level. Recently, there was a recovery from the $1.6062 swing low with a break of the 23.6% Fib retracement level of the last decline from the $2.38 high to $1.60 low.

However, the upside move was capped by the $2.00 handle. Moreover, the 50% Fib retracement level of the last decline from the $2.38 high to $1.60 low also acted as a resistance. More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair. It may continue to act as a strong barrier for buyers above $2.00. As long as the price is below the $2.00 handle, it remains at a risk of more losses below $1.60.

Ripple Price Technical Analysis XRP USD

A break below the $1.60 level could open the doors for a test of the $1.50 level. Below the $1.50 level, there is a chance an extension towards the $1.40 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 25 level.

Major Support Level – $1.50

Major Resistance Level – $2.00

 

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Bearish U-Turn appeared first on NewsBTC.

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