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May 20,2022
Goldman Sachs: Cryptocurrency Shrinkage Has Little Impact on U.S. Economy KingData News: On May 20, Goldman Sachs economists said that the total net worth of U.S. households was $150 trillion last year, so while the market value of cryptocurrencies has fallen to about $1.3 trillion from $2.3 trillion last year, such a decline is still "very small" compared to overall household net worth. The drag on total spending and the U.S. economy from the recent shrinkage in the cryptocurrency market is expected to be relatively small. As cryptocurrencies and the stock market fall, economists and market watchers are trying to tally how much U.S. consumers will be hit. One study found that for every $1 lost in stocks, spending drops by 3 cents. After five months of selling, that amounts to a loss of about $300 billion this year. Many on Wall Street are predicting that the U.S. economy could soon fall into recession. (Jinshi)
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