Bitcoin surpassed the $64,000 mark on August 18, standing out as the only major cryptocurrency to post gains while the rest of the market struggled. Oil prices surged with Brent crossing above $91 per barrel after Donald Trump indicated he would not extend the expiring agreement with Iran regarding the Hormuz strait. Ether, XRP and Solana all declined or flatlined, with only Hyperliquid standing out at 7.5% weekly gains. Listed Bitcoin miners have reduced their combined hashrate by 21% over three quarters, as the sector’s average production cost hovers around $88,000 while Bitcoin trades at $64,000.
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