Bitcoin prices fell below $56,000 in early Asian trading, hitting their lowest since August 8 and wiping out nearly all of their gains over the past month. The price subsequently recovered, surpassing $56,500, but is still down more than 4% compared to the past 24 hours. The CoinDesk 20 Index (CD20), a broad indicator of the digital asset market, fell about 3.5%. In the U.S. market, the Nasdaq 100 and S&P 500 fell as much as 3.5% on Tuesday, marking the beginning of a historically bear market in September, mainly due to weak U.S. manufacturing data that raised concerns about an economic slowdown. worries. This situation also spread to Asian markets, causing Japan's Nikkei 225 index to fall by more than 4%.

Bitcoin mining profitability has dropped to historic lows. Morgan Morgan noted in a new report, “We estimate that Bitcoin mining reward revenue per EH/s averaged $43,600 during August, a record low.” By comparison, Bitcoin prices in November 2021 When it reached $60,000, the value was as high as $342,000, when the network’s computing power was 161 EH/s. Gen Morgan analysis believes that Bitcoin’s network computing power increased for the second consecutive month in August. “The average network computing power in August was 631 EH/s, an increase of 16 EH/s from the previous month, but still lower than before the halving. The level is about 20 EH/s.”

Additionally, crypto derivatives protocol Volmex Finance has released an Implied Volatility Index for the Solana (SOL) token, which measures the cryptocurrency’s expected price fluctuations. Volmex said in an email to CoinDesk that the SVIV index will measure the expected volatility of SOL in the next 14 days to help traders assess the direction and magnitude of possible short-term price fluctuations. Volmex plans to further launch the long-term SOL Implied Volatility Index, including the commonly used 30-day volatility measure, and launch derivatives related to it to allow market participants to trade volatility. Since April this year, Volmex’s Bitcoin and Ethereum Implied Volatility Indexes have been traded via perpetual futures on the Bitfinex platform.