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FameEX Morning Crypto News Recap | May 29, 2023

2023-05-29 16:56:30

AI-Driven Crypto Market Suffers $1 Billion Value Decline in Just 90 Days
In a span of approximately three months, the market value of 74 AI-driven digital currencies, which previously surpassed $4 billion, has plummeted by over $1 billion. The AI-centric crypto market suffered a significant loss in value during this period.

Russian Banker Predicts Chinese Yuan to Supplant US Dollar as Global Reserve Currency
The chairman of Russia's second-largest bank predicts that the Chinese yuan will replace the US dollar as the primary global reserve currency. He cites the Russian central bank's investments in yuan and the significant percentage of trade settlement between Russia and China conducted in yuan and ruble as supporting factors.

Report Reveals BRICS Bank Engaged in Membership Discussions with Saudi Arabia
The development bank established by the BRICS group is reportedly in negotiations with Saudi Arabia regarding its potential membership. As the bank aims to diversify its funding sources due to sanctions on Russia, one of its founding members, the talks come as part of its efforts to expand and strengthen its financial capabilities as an alternative to Western-led institutions.

Ethereum Incinerates 3.33 Million Ether Worth $6.1 Billion Over 21-Month Period
Over the course of 21 months after Ethereum's London hard fork, more than 3.33 million ether, worth $6.1 billion, have been destroyed. The burning rate currently stands at approximately 3.51 ether per minute. Opensea, a prominent platform, has played a significant role in the burn process, contributing 230,050 ETH since August 5, 2021, just below regular ETH transfers.

Dogecoin Outperforms Bitcoin and Ethereum, Processes 2 Million Transactions in 24 Hours
Since the introduction of DRC20 tokens, the Dogecoin blockchain has experienced a remarkable increase in transaction volume, surpassing other major networks. On May 27, 2023, Dogecoin achieved a new milestone with over 2 million transactions, setting a record for the cryptocurrency.

Tentative Deal Struck Between Biden and Republicans to Increase US Debt Ceiling
The White House and House Republicans have reached a preliminary agreement to raise the US debt ceiling, which President Biden hailed as positive news for the American people. This deal aims to prevent a government default and mitigate the risk of an economic crisis both domestically and globally.

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

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