First Mover Americas: Bitcoin Drops to Lowest Since August as U.S. Stocks Slide

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Jamie Crawley is a CoinDesk news reporter based in London.

BTC subsequently recovered some ground, trading above $56,500, still more than 4% lower in the last 24 hours. The CoinDesk 20 Index , a broad measure of the digital asset market, has fallen around 3.5%. U.S. stocks tracked by the Nasdaq 100 and S&P 500 indexes fell as much as 3.5% on Tuesday to kick off a historically bearish September as weak U.S. manufacturing data reignited concerns over an economic slowdown.

"We estimate bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record," the analysts wrote. That compares with a peak value of $342,000 in November 2021, when the BTC price was $60,000 and the network hashrate was 161 EH/s. The network hashrate, a proxy for competition in the industry and mining difficulty, increased for the second straight month in August, JPMorgan noted.

Bitcoin's seven-day options skew has dropped to three-week lows, indicating a renewed demand for puts offering downside protection. It's a sign of traders preparing for a more profound price drop in the wake of renewed U.S. growth concerns and NVDA's sell-off.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

 

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