Investing.com — Last week, declined by 0.9%, finishing just above the $67,800 mark. According to H.C. Wainwright, this performance was in line with major equity indices, with the and down 0.5% and 1.4%, respectively.
Mining stocks also lost 3.7%, which reversed some of the gains from the prior week when public miners rallied 10.8%.
The Bitcoin network hash rate fell sharply, dropping 13.8% week-over-week to 567 EH/s after hitting an all-time high of 657 EH/s (7-day average) the previous week. This marks the largest week-over-week decline in the network hash rate since the summer of 2021, when the Chinese government issued a ban on crypto mining.
Less efficient miners with higher power costs continue to capitulate following the halving in late April, and a period of consolidation is expected over the coming months. Heightened volatility in the network hash rate is also expected through September as miner curtailment…
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