What is the current state of space debris around Earth according to NASA?

According to NASA's estimate, there are approximately 500,000 pieces of space debris currently orbiting Earth, with some traveling at an astonishing speed of 17,500 miles per hour. This already concerning situation could worsen, as the amount of space debris may increase by up to 20% in the near future. The potential collision between a defunct Soviet satellite and a Chinese rocket booster represents a significant threat that could substantially contribute to this increase, highlighting the growing problem of orbital debris that poses risks to global communications and satellite functionality.