FameEX Morning Crypto News Recap | May 23, 2023
Federal Reserve Chair Powell Suggests a Potential Break in Interest Rate Increases
Federal Reserve Chair Jerome Powell has suggested a potential pause in interest rate hikes at the upcoming Federal Open Market Committee (FOMC) meeting. Powell emphasized the importance of analyzing data and the evolving economic outlook to make informed decisions regarding interest rates.
Ancient Bitcoin Wallet from 2010 Makes Rare Transaction on 13th Anniversary of Bitcoin Pizza Day
On the 13th anniversary of Bitcoin Pizza Day, a dormant bitcoin wallet from July 2010 has made a transaction of 50 BTC, symbolizing the significance of the occasion. This transaction highlights the longevity of the wallet and the value of bitcoin over the past 13 years.
Expert Forecasts Surge in Gold Demand, Signaling Potential Soaring Prices
Despite gold trading below $2,000 since May 16, 2023, Rick Rule, founder of Rule Investment Media, predicts a surge in gold demand due to the struggling U.S. economy. He highlights people's concerns about the purchasing power of traditional savings methods as the driving force behind gold prices. Rule anticipates a fourfold increase in gold demand in the coming period.
Bitcoin and Ethereum Witness $1.77 Billion Outflow from Crypto Exchanges in 30 Days
In May, the cryptocurrency market stayed stable above $1 trillion. Bitcoin and ethereum prices remained steady, but data shows a substantial amount of bitcoin, worth $1.16 billion, has been withdrawn from exchanges in the last month. Numerous major cryptocurrency exchanges experienced significant outflows of bitcoin.
SWIFT Data Highlights US Dollar's Dominance in International Settlements Despite De-Dollarization Efforts
In April, the US dollar's share in international payments increased to 42.71%, defying de-dollarization efforts by some countries. According to data from SWIFT, the dollar remains the top currency in international settlements, with the euro in second place.
Yellen Urges Caution as June 1 Default Looms; Goldman Sachs Identifies 'Real Deadline' to Be a Week Later
U.S. Treasury Secretary Janet Yellen emphasized the possibility of a debt default on June 1, considering it a firm deadline. However, Goldman Sachs, the global investment bank, estimates that the "real deadline" for a potential U.S. default is more likely to be around June 8-9.
South Korea Set to Vote on Bill Mandating Crypto Asset Disclosure for Lawmakers
In response to a political scandal, South Korea is considering new legislation that would require officials to disclose any digital assets exceeding approximately $760. The proposal, which aims to amend the Public Service Ethics Act, includes provisions for reporting virtual assets, including cryptocurrencies, and has received approval from South Korean officials.
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