FameEX Morning Crypto News Recap | May 22, 2023

De-dollarization Underway, Affirms Russia's Foreign Minister Lavrov
Sergey Lavrov, the Russian Minister of Foreign Affairs, confirmed that the process of de-dollarization has been effectively initiated. Lavrov emphasized that Russia's stance on de-dollarization resonates with several other nations, highlighting the West's undermining of the role of the U.S. currency.

Biden Pledges to Oppose Agreement Benefitting Wealthy Tax Evaders and Crypto Traders as US Default Approaches
With the specter of a U.S. default on the horizon, President Joe Biden firmly opposes any agreement that prioritizes shielding wealthy tax evaders and crypto traders while compromising crucial programs such as food assistance. Biden calls upon Republicans to abandon their extreme stances and seeks a compromise to achieve a mutually acceptable resolution.

As 2024 US Election Approaches, Bitcoin Emerges as Key Focus Amidst Presidential Contenders
With the upcoming 2024 US presidential election, there is a growing surge of support for bitcoin and cryptocurrencies. Two candidates have emerged, Democrat Robert F. Kennedy Jr. and Republican contender Vivek Ramaswamy, who openly endorse bitcoin and even accept it for campaign contributions.

Significant Redemptions Lead to $7.3 Billion Contraction in Stablecoin Economy during 2023
Strong growth propelled the crypto economy in the first half of the year, with market capitalization soaring to $1.17 trillion, a surge of 41.77%. Nevertheless, the stablecoin economy experienced a notable downturn, losing $7.3 billion in a mere 140 days.

Reduced Bitcoin Transaction Backlog, Yet Over 289,000 Awaiting Confirmation
On May 20, 2023, there is a backlog of approximately 289,385 unconfirmed Bitcoin transactions, showing a slight decrease from the previous count of over 300,000 on May 11. Concurrently, transaction fees have also declined, with high-priority fees now at $3 per transaction.

Bank of Russia Foresees Robust Growth in Digital Assets Market
The Central Bank of Russia has published a report emphasizing the growth and potential of the digital assets industry. Anticipating an increase in the issuance of digital assets, they acknowledge the benefits they bring. The report offers valuable insights into the industry's evolution and its promising 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.