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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.
Punk Not Dead. NFT avatar project CryptoPunks are selling better than hotcakes this weekend, as the average price of a piece skyrocketed by 53% in merely a week. The buying spree was kicked off by major purchases by Gary Vaynerchuk, a digital marketing guru, who expressed “incredible confidence” in the asset and loosely compared the pixelated art to a Jackson Pollock painting. Well, the weekend mini bull run was no doubt a front-page splash, the question is — how long will it last?