FameEX Morning Crypto News Recap | July 13, 2023

US Inflation Reaches Lowest Point in Two Years, Providing a Boost to Stocks and Precious Metals
The U.S. Bureau of Labor Statistics reported that June's Consumer Price Index revealed a 3% rise in inflation, marking the lowest level since March 2021. This signifies a continuous 12-month decline in the U.S. inflation rate, with a monthly increase of 0.2% in the index.

Forecasts of US Dollar Decline Emerge as More Countries Embrace De-Dollarization
The chief economist at S&P Global has forecasted the decline of the U.S. dollar as the dominant global currency. He emphasized the waning influence of the USD, citing the growing trend of de-dollarization among nations. Additionally, he highlighted the rising popularity of the Chinese yuan as a trading currency.

US Government Transfers Seized Silk Road Bitcoins Valued at $300 Million
According to onchain data, the U.S. government has transferred 9,800 bitcoins (BTC) valued at approximately $300 million. These bitcoins were originally obtained from the Silk Road hack orchestrated by James Zhong. In a separate incident, the Department of Justice had previously transferred a similar amount of Silk Road-associated bitcoins in March.

Stablecoins Experience Continuous Decrease in Value as Dollar-Pegged Token Economy Contracts
Over the past month, leading stablecoins have witnessed ongoing redemptions, resulting in a contraction of the dollar-pegged cryptocurrency economy, which now stands at $127.32 billion as of July 12. The supply of the stablecoin BUSD has dipped below 4 billion, with a 16.7% decrease in the number of circulating coins in the last month.

PwC Hedge Fund Survey Shows Crypto's Resilience Amid Recent Market Turmoil
A significant number of traditional hedge funds have reduced their investments in cryptocurrencies, although a considerable portion that continues to engage in the market intends to increase their crypto investments in the current year.

European Regulator Issues Consultative Paper on MiCA Standards for Crypto Asset Service Providers
The European Securities and Markets Authority (ESMA), the EU's markets regulator, has published a consultative paper on July 12, outlining the Markets in Crypto-Assets (MiCA) mandates. This initial package focuses on technical specifications for crypto asset service providers (CASPs) and is the first of three planned consultative releases by the agency.

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