This week, the Biden administration announced their plan to provide student loan debt relief to millions of Americans.
The major market indexes finally got the pullback that this newsletter has been discussing for a couple weeks.
European energy prices have reached all-time highs, which has major effects on the rest of the world.
According to Black Knight, housing prices declined in the month of July and was the largest monthly decline since 2011, signaling a decline in demand and a squeeze on consumers.
After the negative price action this week Bitcoin has re-entered the "value" zone in various accumulation metrics
On-chain activity is congruent with that of past bear markets
The lightning network is continuing to grow as a means of sending small payments
The futures market is placing a higher likelihood of negative price action going forward
Hash ribbons indicate the worst of the miner capitulation is over and are flashing a strong buy signal for Bitcoin.
Bitcoin's Energy Gravity currently sits at $0.10, meaning that the modern mining rig (~ 38 W/TH) earns 10 cents for every kWh consumed.
Summary