Bitcoin Shatters Transaction Records with Over 703,000 in a Single Day

In a groundbreaking milestone, Bitcoin has achieved a historic feat by processing a staggering 703,692 transactions in a single day, according to data sourced from Blockchair. This remarkable achievement eclipses the previous record set on May 1, 2023, when the network handled 682,281 transactions.

Image Source: Blockchair

According to News.Bitcoin, the recent surge in Bitcoin transactions on September 15, 2023, was predominantly driven by Ordinals. On this record-setting day, Ordinal transactions accounted for a remarkable 62.63% of all Bitcoin transactions, totaling 440,760 inscriptions. This marked an unprecedented high for Ordinal transactions, surpassing the previous zenith of 422,164 inscriptions recorded on July 30 this year.

Image Source: Dune

The meteoric rise of Ordinal transactions underscores Bitcoin’s burgeoning role as a hotbed for innovation and experimentation, with a staggering total of 33.68 million Ordinals minted so far.

Image Source: Dune

Beyond the innovation, this surge in transaction volume has translated into substantial profits for Bitcoin miners. Since December 2022, miners have raked in over 2,068 BTC, equivalent to a staggering $55 million, in Ordinal fees alone. This financial incentive has further incentivized miners to participate in the network’s validation process.

China Could Invest Heavily in Bitcoin: Arthur Hayes

Meanwhile, in a thought-provoking analysis, former BitMEX CEO Arthur Hayes suggests that China may be contemplating a substantial investment in Bitcoin and other assets as a safeguard against economic uncertainties.

Hayes anchors his analysis against the backdrop of the Chinese yuan’s (CNY) depreciation, which has seen it lose nearly 15% of its value against the U.S. dollar (USD) year-to-date. This devaluation may signify a burgeoning capital flight from China.

Image Source: X

To delve deeper, Hayes consulted China researcher Andrew Collier from Orient Capital Research, who recommended scrutinizing the gap between China’s international net export earnings and its official foreign reserves.

The data reveals that while China’s foreign reserves have swelled by $32.4 billion this year, international net exports have surged by a whopping $553.25 billion, leaving an intriguing $520.85 billion unaccounted for. Hayes speculates on the potential destinations for this capital, including the acquisition of gold, the reduction of offshore USD debt held by Chinese banks and corporations, or affluent individuals diversifying their wealth internationally.

Highlighting that China is not increasing its holdings in U.S. Treasuries and that the CNY must depreciate to maintain competitiveness against Japan’s yen (JPY), which is also weakening, Hayes hints at the possibility of Chinese capital flowing into cryptocurrencies, with Bitcoin at the forefront.

In closing, Hayes offers a hopeful perspective, suggesting that some of these funds may find their way into the realm of cryptocurrencies, particularly Bitcoin. He concludes with this cheeky remark: “I hope some finds its way to Lord Satoshi and BTC.”

Image Source: X

Is BTC Gearing for $28,000?

Amidst all this, BTC continues to grow a healthy distance from its recent plummet below the critical $25,000 mark as it locks its trajectory on the $28,000 round figure. Earlier today, the benchmark cryptocurrency recorded a new September high of $27,500 as the market focus turned to the U.S. Fed interest rate decision.

BTC/USD Daily Chart from TradingView

As of the time of this report, the Fed has yet to announce its decision but the consensus across the markets is that the central bank will leave its rates unchanged this month. If this occurs, it could trigger a renewed push for BTC, which has remained in a lull ahead of the event. As mentioned, the first port of call is the $28,000 mark, followed by an aggressive push to $29,500.

However, it is also possible that whatever reaction from the event has already been priced in and that price action remains restrained over the coming days.

BTC Statistics Data

Current Price BTC: $27,270

BTC Market Cap: $530B

BTC Circulating Supply: 19.4M

Total Supply of BTC: 21M

BTC Market Ranking: #1

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