Canaan's July Hashrate Figure Includes Paused Ethiopia Operations

Bitcoin

This event has no direct fundamental link to digital assets, but it serves as a reminder that markets are influenced by human psychology and narrative. In a low-confidence environment, any distraction can exacerbate short-term volatility, especially if traders misinterpret unrelated events as signals. Historically, celestial events have been cited in market folklore, but no causal relationship exists.

A solar eclipse will occur, with up to 96% of the Sun covered in the UK and total eclipse visible in parts of Spain, Greenland, Iceland, Portugal, and Russia.

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Public Bitcoin Miners Cut Hashrate 13.4% as AI Revenue Reshapes the Business

Study: Wind-Powered Bitcoin Mining Doesn't Pay at Current Prices

BitFuFu Mined 112 BTC in July, Sets Sights on 20 EH/s by Mid-August

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Poolin, Once Top Bitcoin Mining Pool, Files for Chapter 11 Bankruptcy

Bitcoin Mining Pool Poolin Files for Bankruptcy, Owing $173 Million

Foundry USA Pushes BIP-110 Vote as Bitcoin Miners Show Little Support

The US-Iran escalation threatens the Strait of Hormuz chokepoint, potentially disrupting 20% of global oil supply. This adds to existing inflation fears and could force central banks to maintain or even tighten policy, countering the recent dovish pivot. For crypto, it tests the 'digital gold' narrative as Bitcoin initially sells off alongside equities before possibly decoupling.

Crude Oil

Oil prices rose after U.S. forces struck Tehran and Washington reinstated a naval blockade of Iranian ports near the Strait of Hormuz.

Oil Surges After US Strikes Tehran, Crypto Sinks as Risk-Off Sweeps Markets

The Strait of Hormuz Blockade Could Trigger a Bitcoin Mining Exodus from Iran, Reshaping Global Hashrate Distribution

Public Bitcoin Miners Dumped More Coin in Q1 Than All of Last Year as Profit Squeeze Bites

Bitcoin Mining Difficulty Drops 10% in Second-Biggest Decline Since February

While traditional safe havens like gold and the dollar often rally on such headlines, crypto has historically suffered initial sell-offs due to liquidity fleeing risk assets. However, the current extreme fear level suggests much of the bad news may already be priced in. This event tests whether Bitcoin has matured as a hedge against geopolitical instability beyond the crypto-native narrative.

Israeli military chief vowed to strike Iran with force once given green light, following Iranian missile attacks on Israel and Iranian strikes on targets in Iraqi Kurdistan.

Israeli Strike Threat Rattles Crypto as Bitcoin Nears $60k

Iranian Bitcoin mining disruption: The hidden supply shock from an Israeli strike

While mainstream media frames this as a pure political story, the deeper market takeaway is that Trump-aligned candidates, if they consolidate power, tend to favor deregulation and business-friendly policies — which historically correlate with positive sentiment for risk assets like crypto. However, given the current macro environment (extreme fear at 11, BTC down 5.5% in 24h), political signals are being priced at a discount. The primary outcome does little to alter the immediate regulatory deadlock in Congress, and any pro-crypto legislation remains dependent on broader electoral outcomes in 2024.

Trump-backed candidate Ken Paxton ousted a Republican senator in the Texas primary.