Bitcoin slipped below $77,000 on Sunday as the broader cryptocurrency market consolidated gains from a recent rally. The leading digital asset traded at $76,536, down 0.8% over 24 hours, after briefly touching $77,468 and earlier peaking at $79,461 on Friday. At 05:57 ET, it was down 0.60% at $76,586.2, with alternative listings showing a decline of 1.49% to $76,105.00.
Ether, the second-largest cryptocurrency, fell 0.09% to $2,411.01, while XRP dropped 0.36% to $1.4793. BNB declined 0.21% to $689.48, and Cardano fell 0.99% to $0.2206. Solana bucked the trend with a 0.57% gain, and Dogecoin rose 1.73%. The TRUMP meme token surged 88.12%.
The improvement in mining economics continued to support industry revenue. Bitcoin’s hashprice, a measure of mining profitability per petahash per second, rose 20.4% over four days to $38.29 on Saturday, up from $31.80 on August 18, according to Bitcoin.com. Network computing power approached one zettahash, reaching 922 exahashes per second. Miners earned $682.69 million in August through Saturday, with block subsidies accounting for the vast majority at $677.55 million, while transaction fees contributed just $5.14 million.
Foundry USA remained the largest mining pool, followed by Antpool and F2Pool. The sector’s operational scale has expanded alongside rising network security, with hashprice gains reflecting improved efficiency and lower energy costs relative to revenue.
Grayscale Head of Research Zach Pandl noted that Bitcoin’s current bear market, at roughly 10 months old, is approaching the 11-to-12-month average and median duration of the cryptocurrency’s four previous cyclical downturns. The firm’s assessment underscores the historical pattern of Bitcoin’s market cycles, though past performance does not guarantee future results.
Regional restrictions on Bitcoin mining in Russia, introduced since 2025, have contributed to shifts in operational geography. A recent study highlighted a statistical link between higher European carbon prices and increased emissions in Russia’s power sector associated with Bitcoin mining, suggesting miners may be adjusting operations between jurisdictions rather than relocating equipment physically.
Macroeconomic factors continue to influence digital asset markets. U.S. public debt stood near $40.03 trillion as of August 20, while the Federal Reserve maintained its benchmark policy rate at 3.5% to 3.75% following its July meeting, with three officials favoring a hike at the time.
