FameEX Morning Crypto News Recap | June 5, 2023
Bitcoin Fees Decline, Yet Over 257,000 Transactions Await Confirmation
Despite a decrease in average transaction fees, there are still over 257,000 pending Bitcoin transactions awaiting confirmation. The network has been verifying a substantial number of transactions per day, ranging from 355,000 to over 682,000. Approximately 188 blocks or 0.343 gigabytes need to be mined to clear the backlog of unconfirmed transactions.
Economist Larry Summers Urges Fed to Contemplate July Rate Increase of 0.5%
Larry Summers, former U.S. Treasury Secretary, suggests that if the U.S. Federal Reserve does not raise the benchmark interest rate this month, a 0.5% rate hike in July may be necessary. Currently, there is a 74% chance that the Fed will not increase the rate at the upcoming Federal Open Market Committee (FOMC) meeting on June 14, according to the CME Fedwatch tool.
Bitcoin's BRC20 Token Economy Skyrockets by Over 1,500% in 39 Days During Market Consolidation
Over the past week, the BRC20 token economy, connected to Bitcoin, has maintained a value just below $500 million, currently at $475.05 million. In the last 39 days, BRC20s have surged by a remarkable 1,511%, soaring from $29.48 million to a current market capitalization of $475 million.
Bitcoin NFT Sales Maintain Rapid Momentum as Overall NFT Sales Surge 39% in One Week
Non-fungible token (NFT) sales experienced notable growth in May, and recent data reveals a staggering 39.35% surge in NFT sales within the past week. Moreover, the sales volume for the trailing week highlights the Bitcoin blockchain's consistent position as the second-highest in terms of weekly sales volume.
BlackRock CEO Larry Fink Warns US of Jeopardizing Dollar's Reserve Currency Status
Larry Fink, CEO of BlackRock, expressed concerns that the United States is endangering the reserve currency status of the US dollar. Factors such as the debt ceiling debate, the risk of national default, and potential credit rating downgrades were identified as destabilizing factors. Fink also predicted that the Federal Reserve would raise interest rates at least twice more.
Proposed Bill Puts Pressure on SEC to Provide Crypto Regulatory Clarity, say US Lawmakers
Lawmakers have introduced a discussion draft proposing a framework to offer regulatory clarity for cryptocurrency firms in the US. The draft bill aims to prevent the SEC from denying digital asset trading platforms from registering as regulated alternative trading systems. It would also enable these platforms to provide services related to digital commodities and payment stablecoins.
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