Bitcoin

Persistent high temperatures stress European energy grids, potentially raising electricity & gas prices. Historically, energy cost spikes correlate with higher inflation prints, which could delay central bank rate cuts. For crypto, that means a continued 'higher-for-longer' rate environment, suppressing liquidity and risk appetite. Additionally, the event reinforces ESG scrutiny on Proof-of-Work mining, even though Europe’s hash rate share is small.

A severe May heatwave across Europe broke multiple national temperature records, with the UK reaching 35.1°C and Ireland 28.8°C.