Top cryptocurrency news on August 16: Bitcoin in red, new guidelines for Crypto banks, jump in memecoins and more

Major cryptocurrencies traded in the red early on August 16 as the global crypto market cap declined 2.90 percent to $1.15 trillion over from a day earlier. On the other hand, the total crypto market volume over the last 24 hours jumped 21.48 percent to $77.99 billion. The total volume in DeFi stood at $6.03 billion, 7.74 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $71.28 billion, which is 91.40 percent of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 18.78 lakh, with a dominance of 40.15 percent. This was a 0.10 percent increase over the day, according to data from CoinMarketCap. Read more here.

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The Federal Reserve released formal guidelines this afternoon to oversee the process by which “institutions offering new types of financial products or with novel charters” could be granted so-called “master accounts,” a key financial status that allows for direct payments with, and access to, the Fed. All federally-chartered banks possess a master account. (Decrypt) Read more details here. 

Crypto investors are eagerly awaiting the Merge, the Ethereum blockchain’s long-awaited technology upgrade. Most traders expect the event to go through smoothly. But the price of a popular ether (ETH) derivative token known as stETH suggests a slim chance that some glitches or delays will arise, based on a new analysis by market research firm Enigma Securities. (CoinDesk) Read more here.

The cryptocurrency market has evolved exponentially since Bitcoin first came into existence in 2009, with traders and investors having access to over 20,000 unique tokens to choose from. Compared to increased interest in blue-chip tokens today, meme coins sparked huge interest among investors in 2021 and continue to be of interest even now, despite their high volatility. However, having reached a peak combined market capitalisation of over $3 trillion in November 2021, crypto markets have been in a prolonged bear phase ever since. Read details here.