Chart of the Day
The price of Bitcoin extended its decline to test support in the upper region of $46k after briefly bouncing back to $48k on Wednesday. Although the reclamation of the $50k-handle proved to be short-lived, the mining industry is staging a quiet yet sustained comeback. Bitcoin mining power has recovered 40% from July lows on the back of China’s strong-handed crackdown. Mining difficulty rose by 13%, signaling intensified competition as miners gradually return to the network.