FameEX Morning Crypto News Recap | May 22, 2023

Russia's Foreign Minister Lavrov Asserts the Commencement of De-dollarization
Russian Minister of Foreign Affairs Sergey Lavrov stated that the process of de-dollarization has effectively begun. Lavrov believes that Russia's stance on de-dollarization is shared by numerous other countries, asserting that the role of the U.S. currency is being undermined by the West.

Biden Vows to Reject Agreement Favoring Wealthy Tax Evaders and Crypto Traders Amid Impending US Default
Amid the looming risk of a U.S. default, President Joe Biden asserts that he will not support any agreement that shields wealthy tax evaders and crypto traders at the expense of essential programs like food assistance. Biden urges Republicans to abandon their extreme positions and proposes a compromise to reach an acceptable solution.

Bitcoin Takes Center Stage as 2024 US Election Nears: Clash of Presidential Contenders
As the 2024 US presidential election approaches, the support for bitcoin and cryptocurrencies has gained momentum. Two candidates have emerged who openly express their endorsement of bitcoin and accept it for campaign contributions. Democrat Robert F. Kennedy Jr. was the first to voice his stance, followed by Republican contender Vivek Ramaswamy, who also embraced bitcoin for his campaign.

Stablecoin Economy Contracts by $7.3 Billion in 2023 as USDC and BUSD Witness Significant Redemptions
In the first half of the year, the overall crypto economy witnessed remarkable growth, with a market capitalization reaching $1.17 trillion, marking a 41.77% surge. However, during the same period, the stablecoin economy suffered a significant decline of $7.3 billion in just 140 days.

Bitcoin Transaction Backlog Decreases, but Over 289,000 Awaits Confirmation
As of May 20, 2023, there are around 289,385 unconfirmed Bitcoin transactions in the backlog, a slight decrease from the previous count of over 300,000 on May 11. Despite the reduction, transaction fees have also dropped since then, with high-priority fees standing at $3 per transaction.

Bank of Russia Anticipates Substantial Expansion in Digital Assets Market
The Central Bank of Russia has released a report highlighting the progress and potential of the digital assets industry. They anticipate a rise in the issuance of digital assets, recognizing the advantages they offer. The report provides insights into the industry's development and future prospects.

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