Demand for Crypto Remains Low Amid Rising Credit Card Default Rates

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Us citizens continue to fall behind on their credit card and consumer loans. This chart shows credit card default rates at the top 100 US banks and the remaining lenders since 1991 the default rate has picked up across the board with smaller banks registering a record high of 7.5%. Likewise recent data from the Federal Reserve Bank of New York indicates the total credit card balance in the second quarter of this year was $1.3 trillion. The highest since the central bank began tracking the data in 1999 the mounting pile of debt and loans could imply low demand and interest in investing in risk on assets like cryptocurrencies. That's it for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.