There has been a significant increase in bitcoin usage due to the introduction of ordinals, a new data inscription method that works like NFTs. Interestingly, memecoins, which are mainly on Ethereum, have also contributed to the increased usage of bitcoin. It's possible that many individuals are rushing to free up their bitcoin to invest in Ethereum-based coins.
Be aware that converting bitcoin to monero is currently not recommended due to high fees, which can be as high as 40% of your transaction.
In the short term, LB are taking the hit on sellers receiving fees from escrow and to cushion the effect of increased fees. This is a smart move by LB, and many, including me, appreciate the gesture and efforts made to ensure the ship runs as smoothly as possible in this storm.
In the long term, we need to embrace monero, as it's designed for anonymous purchasing and has low transaction fees. Unlike bitcoin, it's less likely to experience fee spikes and won't likely get used for NFTs.
We express our appreciation and respect for the LB team and all LB members feeling the pain right now.