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Bitcoin August Recap

September 10, 2021

"Bitcoin saw steady, positive growth over the month of July opening around $42.1K and closing around $47.1K, representing 11.9% MoM gain. Bitcoin’s on-chain volume increased by 22.2% MoM in August. This is an important economic indicator as it helps us see the utilization of the network by stakeholders.

Furthermore, the increased utilization of Bitcoin also helped support a resurgence in mining revenue, especially as the network has rebounded after the China crackdown earlier this year. Miners earned $1.4B in August, representing a 44.6% increase MoM."

-Harsharn Singh
Investment Associate | Ember Fund

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