FameEX Morning Crypto News Recap | June 5, 2023

Bitcoin Transaction Backlog Persists with Over 257,000 Pending Confirmations Despite Fee Decrease
Over 257,000 Bitcoin transactions await confirmation despite lower fees. The network verifies a significant daily range of 355,000 to over 682,000 transactions. To resolve the backlog, approximately 188 blocks or 0.343 gigabytes must be mined.

Economist Larry Summers Urges Fed to Consider 0.5% Rate Increase in July
Former U.S. Treasury Secretary Larry Summers proposes a 0.5% rate hike in July if the Federal Reserve refrains from raising the benchmark interest rate this month. The CME Fedwatch tool indicates a 74% probability of no rate increase at the upcoming June 14 Federal Open Market Committee (FOMC) meeting.

Bitcoin's BRC20 Token Economy Surges Over 1,500% in 39 Days Amidst Market Consolidation
The BRC20 token economy, associated with Bitcoin, has hovered around $475.05 million in the past week, nearing the $500 million mark. Within 39 days, BRC20s experienced an extraordinary surge of 1,511%, escalating from $29.48 million to a market capitalization of $475 million.

Bitcoin NFT Sales Continue Strong Growth as Overall NFT Market Surges 39% in a Week
NFT sales witnessed significant growth in May, with a remarkable 39.35% surge in sales within the past week. Additionally, the Bitcoin blockchain maintains its consistent second-place ranking for weekly sales volume in the NFT market.

BlackRock CEO Larry Fink Raises Concerns Over US Risking Reserve Currency Status of the Dollar
BlackRock CEO Larry Fink warns that the US is risking the reserve currency status of the US dollar due to factors like the debt ceiling debate, national default risk, and potential credit rating downgrades. Fink also predicts that the Federal Reserve will raise interest rates at least twice in the future.

US Lawmakers Push Proposed Bill to Enhance Crypto Regulatory Clarity, Urging Action from SEC
US lawmakers have put forward a discussion draft to establish a regulatory framework that brings clarity to cryptocurrency firms. The proposed bill seeks to prevent the SEC from denying registration to digital asset trading platforms as regulated alternative trading systems. It also allows these platforms to offer services involving digital commodities and payment stablecoins.

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