FameEX Morning Crypto News Recap | May 29, 2023

AI-Powered Cryptocurrency Market Plunges by $1 Billion in Value within 90 Days
Over the course of about three months, the combined market value of 74 AI-powered cryptocurrencies, which once exceeded $4 billion, has sharply declined by more than $1 billion. This period witnessed a substantial devaluation in the AI-centric crypto market.

Russian Banker Anticipates Chinese Yuan Overtaking US Dollar as Global Reserve Currency
The chairman of Russia's second-largest bank foresees the Chinese yuan overtaking the US dollar as the dominant reserve currency worldwide. He points to the Russian central bank's yuan investments and the substantial portion of trade settlements between Russia and China being carried out in yuan and ruble as factors supporting his prediction.

BRICS Bank Reportedly in Talks with Saudi Arabia for Membership
Reportedly, the BRICS development bank is in talks with Saudi Arabia for potential membership, aiming to diversify funding sources amidst sanctions on Russia, one of its founders. These discussions reflect the bank's efforts to enhance financial capabilities as an alternative to Western-led institutions, expanding and strengthening its reach.

Ethereum Destroys 3.33 Million Ether, Valued at $6.1 Billion, Within a Span of 21 Months
Following Ethereum's London hard fork, over 3.33 million ether, valued at $6.1 billion, have been destroyed in a span of 21 months. The burning rate is around 3.51 ether per minute. Opensea, a prominent platform, has contributed significantly to the burn process, incinerating 230,050 ETH since August 5, 2021, ranking just below regular ETH transfers.

Dogecoin Surpasses Bitcoin and Ethereum, Achieves 2 Million Transactions in 24-Hour Period
Following the implementation of DRC20 tokens, the Dogecoin blockchain has witnessed a remarkable surge in transaction volume, surpassing other prominent networks. On May 27, 2023, Dogecoin set a new record for the cryptocurrency by processing over 2 million transactions, marking a significant milestone.

Biden and Republicans Reach Tentative Agreement to Raise US Debt Ceiling
In a significant development, the White House and House Republicans have reached a preliminary agreement to increase the US debt ceiling. President Biden sees this as a positive outcome for the American people, as the deal aims to avert a government default and reduce the potential for domestic and global economic turmoil.

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