Bitcoin Faces Continued Selling Pressure

Bitcoin is currently trading at $19.8k — slightly up from yesterday's 6-week $19.5k low — as the digital asset faces continued selling pressure. Having earlier this month achieved a slow but steady 41% recovery to $24.8k following June's catastrophic collapse, the current 2-week-long slide leaves bitcoin valued 18% off this high. The sell-off reflects movements in other risk-on assets and coincides a 9% decline in the tech-heavy Nasdaq-100 as market sentiments waver in light of global macroeconomic concerns.

In spite of gloomy markets, the Bitcoin Network is on track for recovery post July's slowdown. The Network's 14-day moving average hashrate is currently 217 EH/s — up around 11% from mid-July — and accelerating rapidly in pursuit of May's 224 EH/s all-time high. The result is a third successive upwards difficulty adjustment, expected tomorrow, with a significant 7% likely. This will serve to drive hash price (expected dollar revenues per TH/s of equipment deployed) below 0.09 $/TH/day for the first time since mid-July, depressing miners' earnings.