Bitcoin

This event fits into a larger trend of climate-related disruptions that are increasingly forcing governments to act. For crypto, the key transmission channel is energy: extreme heat raises electricity demand and prices, potentially squeezing Bitcoin miners' margins. Over time, such events could accelerate regulatory scrutiny on energy-intensive proof-of-work mining, especially in regions with tight grids.

UK government official Burnham will chair a Cobra meeting to discuss extreme heat after the country broke its record for days above 30°C.