What is the potential impact of the collision between the Soviet satellite and Chinese rocket booster?

The collision could increase space debris orbiting Earth by 20%, significantly worsening an already serious issue. With 500,000 pieces of debris currently in orbit, some traveling at speeds up to 17,500 miles per hour, even small fragments can destroy entire satellites when moving at superspeed. This poses a huge threat to functioning satellites that support global communications and countless other essential services that modern society depends on.