A New Beginning

Monday Blues? The price of Bitcoin kicks off a new week by hovering around the $40k level, after holding above $41k over the weekend. Last week’s gain appeared to be the longest winning streak in eight years. On-chain metrics suggest that Bitcoin miners are gradually grappling with the great mining exodus, hauling in just over $970 million in July. The figure is a decided improvement from June’s lows, around $839 million, though merely halfway of the all-time monthly high of $1.75 billion in March. The industry also saw its first positive difficulty adjustment in two months, signaling growing competition among miners as Chinese rigs are gradually coming back online from overseas.