Inflation

1. The annual inflation rate in the US accelerated to 9.1% in June of 2022, the highest since November of 1981, from 8.6% in May and above market forecasts of 8.8%. 

Energy prices rose 41.6%, the most since April 1980, boosted by gasoline (59.9%, the largest increase since March 1980), fuel oil (98.5%), electricity (13.7%, the largest increase since April 2006), and natural gas. Food costs surged 10.4%. Prices also increased significantly for shelter (5.6%, the most since February 1991), new vehicles (11.4%), used cars and trucks (1.7%), and airline fares (34.1%).

2. Very few exchanges have seen volume growth recently, of the top 12 only FTX, Kraken and Binance have rising Bitcoin spot volumes according to Kaiko data.

3. Another sector demonstrating the early signs of stress is the mining sector. Bitcoin hash power peaked in June 2022 at 267 EH/s, having now fallen by 40% to 159 EH/s highlighting that in this weak price environment some miners are beginning to turn off their rigs