Bitcoin Fat-Finger Incident: Trend Reversal?

Ritu13

"As fees drop, Paxos has reclaimed the mistakenly paid $500,000, marking the highest transaction fee ever in Bitcoin, and the bearish bullish trend for BTC continues.

Memepool has refunded over $500,000 in mistakenly paid BTC transaction fees.
Daily transaction fees have fallen below $1 million.

A recent post by Memepool ended the controversy surrounding the highest single transaction fee in the history of the Bitcoin [BTC] network.
Record Bitcoin Fees Returned to Owners
On September 15th, Memepool posted confirming that over 19 Bitcoins paid on September 10th have been returned to their rightful owners. The post also confirmed that this substantial amount of funds belonged to Paxos.
It's worth noting that the exchange mistakenly paid over $500,000 in fees for a transaction worth only $2,000. This event initially caused a stir in the cryptocurrency world, as Bitcoin transaction fees exceeding $500,000 were unprecedented.
There were even speculations that this hefty fee might have been mistakenly sent by PayPal.

This hefty fee set a new record for the highest transaction fee in Bitcoin's history and had a significant impact on the transaction fees recorded on September 10th.
On September 11th, Chun from F2 Pool posted that the fee would be held for three days if the rightful owner did not come forward. From the latest developments, it appears they have fulfilled their promise and returned the funds to Paxos.
The Current State of Bitcoin Fees
Following the historic fee event, Bitcoin transaction fees surged to over $1.2 million on September 10th and have since seen a substantial drop.
According to Crypto Fees' data, these fees dropped to around $818,000 on September 11th and have essentially remained within that range. At the time of writing, transaction fees are approximately $814,000.

Additionally, miner revenues have also declined from the levels reached after the fee mishap. As of writing, miner fees have dropped from over 4.8% to around 2.9%.
How BTC Has Been Performing So Far
As of writing, Bitcoin has maintained an upward momentum from a daily time frame chart perspective. The chart shows continuous gains over the past few days, accumulating a total increase of over 5% during that period.
At the time of writing, its trading price is approximately $26,570, with a noticeable upward movement in the current trading session.

The recent price surge has had a significant impact on Bitcoin's Relative Strength Index (RSI). As of writing, the RSI hovers around the neutral line, indicating a relatively weak bullish trend in the market."