FameEX Morning Crypto News Recap | May 6, 2024

Robert Kiyosaki Shares Rules for Surviving a Crash — Alerts 'Crash Underway, Anticipate Severity'

Renowned author Robert Kiyosaki, known for "Rich Dad Poor Dad," warns of an ongoing severe crash. He shares survival strategies and advises investing in Bitcoin, gold, and silver, labeling them as "real money" with value growth, particularly during market crashes. Kiyosaki urges investors to prioritize these assets amid the current economic uncertainty.

Weekly Sales in NFT Market Plummet by Over 30%

Between April 27 and May 4, 2024, non-fungible token (NFT) sales reached $164.4 million, marking a 30.16% decline from the prior week. Bitcoin-powered NFT transactions dominated, totaling $56.81 million, indicating a 41.57% decrease from the previous week, affirming Bitcoin's prominence in blockchain sales.

Australian Court Finds BPS Financial Guilty of Unlicensed Cryptocurrency Operations

The Federal Court of Australia has ruled against BPS Financial for running the "Qoin Wallet" without appropriate licenses. The Australian Securities and Investments Commission (ASIC) emphasizes regulatory compliance's significance in safeguarding consumers amidst crypto market volatility.

Bitcoin Hashrate Drops as Miners Brace for Potential Difficulty Reduction

In the aftermath of the fourth Bitcoin halving, the network's hash rate plummeted from over $100 per petahash to below $45, before slightly recovering to $50 per petahash. However, the overall hash rate has diminished by approximately 50 exahash since the event, indicating a significant decline in mining activity within just over two weeks post-halving.

Research: Cryptocurrency Wealth Has Minimal Influence on U.S. Spending Trends

Researchers aimed to gauge cryptocurrency wealth's effect on consumption, revealing its relatively modest impact on the $28 trillion U.S. economy. Over the last decade, new cryptocurrency wealth boosted household consumption by approximately $30 billion in total. Each dollar of unrealized gains translated to around nine cents of consumption, underscoring the restrained influence of cryptocurrency wealth on spending trends.

Federal Reserve Shrinks Balance Sheet by $77 Billion in April, Dipping Below $7.4 Trillion Size

As of April 30, data from the Federal Reserve's official website revealed a $77 billion reduction in the balance sheet for April. Currently, the balance sheet size has dropped below $7.4 trillion to $7.362 trillion, as reported on May 5.

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