Golden Finance reported that Markus Thielen, founder of 10x Research, said that according to data released by the Federal Reserve on Wednesday, total outstanding credit increased by $8.9 billion in June, compared with an upwardly revised $13.9 billion in May, which was lower than the consensus estimate of a $10 billion increase. This was mainly due to a rare negative growth in credit card debt and a surge in delinquencies, which indicated that the personal savings rate was collapsing. Thielen said in a note to clients: "This is significant for cryptocurrencies because it shows that the ramp from fiat currency to cryptocurrency will continue to be limited as the spending power of U.S. consumers has reached its limit. Although the reversal of the yen carry trade may have paused on Monday, stabilizing risky assets including Bitcoin, there are still other risks, such as a slowdown in U.S. consumer borrowing."