Bitcoin slipped under $77,000 on Sunday as the cryptocurrency pulled back from a weekly high of $79,461, trading down 0.6% at $76,586.2 at 05:57 ET. The decline followed a four-day advance that pushed the digital asset from $76,536 on Friday to intraday peaks above $77,468.
The latest leg of the rally was supported by lower U.S. Treasury yields, sustained spot demand and the forced closure of bearish positions, according to market participants. Bitcoin’s hashprice—a measure of mining revenue per unit of computing power—rose 20.4% over four days to $38.29 per petahash per second on Saturday, up from $31.80 on August 18. Network hashrate approached 922 exahashes per second, nearing the symbolic one-zettahash threshold.
Miners generated $682.69 million in revenue from block subsidies and transaction fees through Saturday in August, with transaction fees accounting for just $5.14 million of the total. Foundry USA led mining pools, followed by Antpool and F2Pool. Grayscale Head of Research Zach Pandl noted that long-term adoption, the maturity of the current bear market and a supportive macroeconomic backdrop may underpin continued buying interest.
The broader cryptocurrency market showed mixed performance on Sunday. Ether fell 0.09% to $2,411.01, while XRP declined 0.36% to $1.4793. Solana gained 0.57%, BNB slipped 0.21% to $689.48, and Cardano dropped 0.99% to $0.2206. Among meme tokens, Dogecoin rose 1.73%, while TRUMP surged 88.12%.
Macroeconomic factors continued to influence digital-asset sentiment. The Federal Reserve maintained its policy rate at 3.5% to 3.75% in July, with three officials favoring a hike. U.S. public debt stood near $40.03 trillion as of August 20. A separate study linked higher European carbon prices to increased Russian power-sector emissions tied to Bitcoin mining, suggesting operators adjusted operations across jurisdictions rather than relocating equipment.
