FameEX Morning Crypto News Recap | May 6, 2024

Robert Kiyosaki Offers Crash Survival Guidelines — Warns of Ongoing Crash, Emphasizes Severity

Robert Kiyosaki, famous for "Rich Dad Poor Dad," alerts of a severe ongoing crash. He advocates for investing in Bitcoin, gold, and silver, asserting their status as "real money" with value appreciation, especially in market downturns. Kiyosaki emphasizes prioritizing these assets amidst prevailing economic uncertainty.

NFT Market Witnesses Over 30% Drop in Weekly Sales

During April 27 to May 4, 2024, non-fungible token (NFT) sales hit $164.4 million, showing a 30.16% decrease from the previous week. Bitcoin-backed NFT transactions led with $56.81 million, reflecting a 41.57% decline from the preceding week, underlining Bitcoin's pivotal role in blockchain sales.

Australian Court Rules Against BPS Financial for Unauthorized Crypto Activities

Australia's Federal Court has found BPS Financial guilty of operating the "Qoin Wallet" without the necessary licenses. Emphasizing regulatory compliance's importance, the Australian Securities and Investments Commission (ASIC) aims to protect consumers in the volatile cryptocurrency market.

Bitcoin Hashrate Declines as Miners Anticipate Difficulty Reduction 

Following the fourth Bitcoin halving, the network's hash rate initially dropped from over $100 per petahash to below $45, then partially rebounded to $50 per petahash. Nevertheless, the overall hash rate has decreased by around 50 exahash since the halving, signaling a notable reduction in mining activity within slightly over two weeks after the event.

Study: Cryptocurrency Wealth Shows Limited Impact on U.S. Spending Patterns

A study assessed cryptocurrency wealth's impact on consumption, indicating its limited influence on the $28 trillion U.S. economy. In the past decade, new cryptocurrency wealth increased household consumption by about $30 billion overall. Each dollar of unrealized gains correlated with approximately nine cents of consumption, highlighting the constrained role of cryptocurrency wealth in shaping spending behaviors.

Federal Reserve Decreases Balance Sheet by $77 Billion in April, Falling Below $7.4 Trillion

Data from the Federal Reserve's official website on April 30 disclosed a $77 billion reduction in the April balance sheet. As of May 5, the balance sheet has decreased below $7.4 trillion, now standing at $7.362 trillion.

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