Dogecoin (DOGE) retraced Tuesday’s gains while Solana’s SOL jumped 8% higher as crypto markets rebounded on Wednesday to reverse some losses from earlier in the week.
DOGE fell 7.5% amid profit taking, data shows, to trade at 36 cents in European noon hours, paring gains after a jump from 34 cents to 38 cents on Tuesday — when it surged following the display of its token’s logo on the Elon Musk-led Department of Government Efficiency website.

The website was later updated in Asian morning hours Wednesday to show another animated image of a dog. It was updated again in the afternoon to showcase only its name and a dollar sign.
Crypto majors showed mixed movement as bitcoin (BTC), ether (ETH) and BNB Chain’s BNB gained under 1% in the past 24 hours, while Solana’s SOL and XRP surged as much as 7%. The broad-based CoinDesk 20 (CD20) returned 2.57%.
Hyperliquid’s HYPE token zoomed 13%, returning the most among large-cap tokens above a $5 billion capitalization. As such, traders look to Donald Trump’s executive orders and tariff decisions for cues on market positioning.
“Crypto markets have dipped as traders take profit and wait to see the potential impact of tariffs on Mexico and Canada, which could impact stock markets when the US stock market opens tomorrow,” Jeff Mei, COO at BTSE said in a Telegram message.

“However, we are optimistic that in the coming days and weeks, Trump will issue executive orders and roll back anti-crypto policies set by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we’re already seeing positive signals,” Mei added.
Traders such as FxPro’s Alex Kuptsikevich mirrored the thoughts in an email to CoinDesk.
“The market’s rapid recovery is indicative of continued interest in risk assets. Bitcoin traded near the $105K mark. It was quickly bought back on Tuesday when it fell to $101K, but when it reached the $107K level early Wednesday afternoon, the market shifted to sellers. Clearly, optimism is high in the market, but an additional factor is needed for new momentum,” Kuptsikevich said.

Dogecoin (DOGE) retraced Tuesday's gains while Solana’s SOL jumped 8% higher as crypto markets rebounded on Wednesday to reverse some losses from …

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Bitcoin surges 3%, fueled by whale activity and MicroStrategy purchases. Historical patterns and technical indicators suggest new all-time highs soon.

Hashprice, a metric coined by Luxor that gauges mining profitability, estimates the daily income of miners relative to their estimated contribution to the Bitcoin network’s hash power. In other words, it is the expected value miners can expect from 1 TH/s of hashing power per day.
According to Glassnode, hashprice is hovering above $62 PH/s, around the highest level since mid-December.

What’s driving the increase in hashprice? Well bitcoin (BTC) has surged to well over $100,000, a 56% increase in three months and has given the miners some relief. The network has also seen a slight increase in miner fees of late, roughly 12 BTC per day, the highest amount for over a month, partly driven by the network’s inscription activity.
Due to the halving in April 2024, where the mining rewards get cut in half, the hashprice had dropped from around $115 PH/s.
As a result of the halving, miners struggled in share price appreciation on average last year; while mining revenue for much of 2024 was below the rolling 365-simple moving average (SMA). Only since November has it reclaimed this moving average, which is a historically bullish signal.

BTC: Miner Revenue vs Yearly Average (Glassnode)
While the hash rate, the computational power in order to mine on a proof-of-work blockchain, recently hit all-time highs, as a result sent the network difficulty to all-time highs, which eats into mining profitability, as it becomes harder for miners to receive rewards.

European head of research at Bitwise, Andre Dragosch, told CoinDesk exclusively about miners being in a healthier position than last year.
“We have recently seen a decline in network hash rate since the all-time highs in early January. Meanwhile, the price of bitcoin has increased, and the overall transaction count has picked up again. This has led to a recovery in hash price, which should technically incentivize miners to continue ramping up their hash rate”.
Dragosch says, “overall, bitcoin miners appear to be well capitalized judging by the continued increase in bitcoin miner holdings since the beginning of the year which implies that miners are selling less than they are mining on a daily basis”.

Hashprice, a metric coined by Luxor that gauges mining profitability, estimates the daily income of miners relative to their estimated contribution …

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