Federal Reserve Releases New Guidelines Benefitting Crypto Banks – August 16


πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $23,856

Bitcoin price has slipped below the $24,000 mark by a hair, still trading near the key level to begin Tuesday.

Top-20 altcoins have seen small drops across the board, as Ethereum falls 2%, BNB drops 1% but Dogecoin stands out with an 8% rise.

Top Stories for August 16, 2022 πŸ”₯

πŸ‘‰ Federal Reserve Releases New Guidelines Benefitting Crypto Banks

The Federal Reserve has released new guidelines that may enable crypto-based banks to be granted “master accounts”, allowing them to transact directly with the Federal Reserve.

The new system will function using a tiered framework, with most crypto-oriented banks most likely falling into the “higher-risk” Tier 3 in the guidance.

Decrypt questioned the Federal Reserve about the potential impact of the news on well-known crypto banks Custodia and Kraken, however did not receive a response by press time.

πŸ‘‰ Bitcoin Miners Sell 27% Of Holdings Since May

Bitcoin mining firms have sold more than a quarter of their Bitcoin holdings since May, according to data from Arcane Research. Around 12,000 BTC was sold by one mining firm alone, in what Arcane believes was forced selling to remain in business.

Arcane Research has predicted that miners will continue to sell more Bitcoin than they mine in the near future, adding to three straight months of net Bitcoin outflows for mining firms.

πŸ‘‰ Hodlnaut Becomes Latest Crypto Lender To See Financial Trouble

Centralized crypto lending platform Hodlnaut has become the latest of its kind to get into financial trouble, filing for “judicial management” – a type of creditor protection – in Singapore.

The company froze customer withdrawals just three days ago, following in the footsteps of several similar platforms that experienced liquidity issues over the last several months.