FameEX Morning Crypto News Recap | May 15, 2023

NFT Sales Surge 31% with Bitcoin NFTs Rising to Second Place in Blockchain Sales
Last week, non-fungible token (NFT) sales saw a slight increase of 1.46% compared to the previous week, amounting to a total of $149.31 million from April 29 to May 6, 2023. However, sales surpassed expectations with a remarkable surge of 31.22%, reaching $208.17 million. This notable rise in NFT sales can be attributed to the emergence of NFTs originating from the Bitcoin blockchain.

Hedge Fund Titan Stanley Druckenmiller Warns of Impending 'Hard Landing' for US Economy
Renowned hedge fund billionaire Stanley Druckenmiller warns of an impending recession that could strike the U.S. economy as early as June. He emphasizes the significant reliance on credit card-driven consumer spending in the country, pointing to its low levels. Druckenmiller, a seasoned investment mogul, stresses the need to acknowledge the potential severity of the situation and advises against underestimating the potential consequences.

Biden Appoints New Vice Chair to Federal Reserve as June Rate Hike Appears Unlikely, According to Fedwatch Tool
Anticipated by investors, the target rate is predicted to remain unchanged during the June 14 FOMC meeting following a recent 25 basis points rate hike. In response to inflation concerns, Philip Jefferson has been appointed as the new vice chair, replacing Lael Brainard. President Biden underscores the crucial responsibility of these appointments in preserving price stability and overseeing the functioning of financial institutions.

Bitcoin Resolves Backlog, but Congestion Reduces Lightning Network Capacity and Channels
The Bitcoin network has made notable progress in resolving congestion issues. Following a peak of over 500,000 unconfirmed transactions on May 7, the backlog has significantly decreased to 263,406. Clearing the remaining transactions in the network's mempool will require approximately 184 blocks.

Internal Memo Reveals Democrats on US House Committee Encouraged to Align with Party's Position on Crypto Regulation
On May 10, Democratic Party members of the U.S. House Committee on Financial Services were given a memo, urging them to endorse the party's position on cryptocurrency regulation. The leaked memo underscored the importance of Democrats emphasizing the Republican Party's negligence towards safeguarding investors. It also advocated for the U.S. Securities and Exchange Commission (SEC) to maintain its regulatory authority over the cryptocurrency market in the United States.

Web3 Payment Services: The Key to the Future of Digital Payments, According to Robert Miller of Fuse
Robert Miller, Vice President of Growth at Fuse, emphasizes the benefits of cryptocurrency-based payments, known as Web3 payments. While still not widely adopted, these payments provide advantages such as lower transaction fees and protection against fraudulent chargebacks for merchants. Miller underscores the positive impact they offer, despite their current lack of mainstream popularity.

Glassnode Reports One Million Bitcoin Addresses Now Possess 1 BTC or More
Glassnode data reveals that as Bitcoin prices declined over the past year, buyers who were convicted took advantage of the opportunity to acquire the cryptocurrency at a discounted price. On May 13, the number of Bitcoin addresses holding 1 BTC or more reached a significant milestone of one million.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.