FameEX Morning Crypto News Recap | July 13, 2023

US Inflation Hits a Two-Year Low, Fueling Gains in Stocks and Precious Metals
June's Consumer Price Index, according to the U.S. Bureau of Labor Statistics, showed a 3% inflation increase, reaching its lowest point since March 2021. This indicates a consistent 12-month decrease in the U.S. inflation rate, with a monthly index rise of 0.2%.

Rise in De-Dollarization Spurs Predictions of US Dollar's Declining Dominance
The chief economist at S&P Global predicts a diminishing role for the U.S. dollar as the world's primary currency. He emphasizes the declining influence of the USD, pointing to the increasing de-dollarization trend among nations. Moreover, he highlights the growing popularity of the Chinese yuan as a preferred trading currency.

US Government Transfers Confiscated Silk Road Bitcoins Worth $300 Million
The U.S. government has recently transferred around 9,800 bitcoins (BTC), worth about $300 million, as revealed by onchain data. These bitcoins were originally acquired from the Silk Road hack conducted by James Zhong. In a separate event, the Department of Justice had previously transferred a comparable amount of Silk Road-linked bitcoins in March.

Value of Stablecoins Declines Persistently as Dollar-Pegged Token Economy Contracts
In the last month, major stablecoins experienced consistent redemptions, causing a decline in the dollar-pegged cryptocurrency economy to reach $127.32 billion by July 12. The supply of BUSD, a stablecoin, dropped below 4 billion, with a 16.7% decrease in circulating coins during this period.

PwC Hedge Fund Survey Highlights Crypto's Endurance in Face of Recent Market Turbulence
Despite a decline in the portion of traditional hedge funds investing in cryptocurrencies, a substantial group that remains active in the market plans to boost their crypto investments this year.

European Regulatory Body Releases Consultative Paper Outlining MiCA Standards for Crypto Asset Service Providers
The EU's markets regulator, the European Securities and Markets Authority (ESMA), has released a consultative paper on July 12, presenting the initial set of technical specifications for crypto asset service providers (CASPs) as part of the Markets in Crypto-Assets (MiCA) mandates. This publication marks the first of three planned consultative releases by the regulatory agency.

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