Latest Coinpedia Digest: This Week’s Crypto News Highlights | 16th August, 2025 in Cryptocurrency

Bitcoin As usual, it’s been an eventful week for crypto, folks! Bitcoin hit fresh highs, but that’s only part of the story. Washington is tangled in stablecoin fights, inflation is heating up, and Ripple’s long legal drama finally reached its conclusion. Add to that a high-profile guilty plea, a shake-up at the White House, and Ethereum ETFs stealing headlines and you’ve got a week to watch. Missed any of it? Don’t worry – here’s your complete catch-up. #1 Crypto Market Cap Tops $4.13T as Bitcoin Sets New High Bitcoin had smashed through $124,000, setting a new all-time high and overtaking Google to become the fifth-largest asset in the world. The rally comes on the back of strong institutional demand, ETF inflows, and hopes of a U.S. interest rate cut. The surge hasn’t just lifted Bitcoin – the entire crypto market hit $4.2 trillion, with Ethereum and other major altcoins also gaining ground. Another clear sign that crypto is picking pace. #2 US Banks Warn Stablecoin Yields Could Drain Trillions U.S. banking groups are urging Congress to plug a loophole in the new GENIUS Act, warning it could let stablecoin issuers sneak in yields through affiliates. The Bank Policy Institute, backed by the ABA and others, says this could pull $6.6 trillion out of bank deposits, putting America’s credit system at risk. “Payment stablecoins should not pay interest,” the letter stressed. With stablecoins gaining ground fast, banks fear yield-bearing tokens could challenge savings accounts and squeeze traditional lending. #3 July PPI Surges to 3.3%, Beating Forecasts The U.S . Producer Price Index rose 3.3% in July, its biggest jump since 2022 and well above forecasts of 2.5%. Core PPI climbed 3.7%, showing inflation pressures are spreading beyond food and energy. Beef, eggs, steel, and electronics all saw sharp price gains, highlighting the impact of tariffs. “There continues to be clear evidence that prices of a number of durable goods are being passed through to consumers,” said Michael Hanson of J.P. Morgan. The U.S. Dollar Index ticked higher on the news, but the crypto markets saw a $500M wipeout. #4 Do Kwon Pleads Guilty in $40B Terra Collapse Do Kwon, the South Korean founder of Terraform Labs, has pleaded guilty to fraud in the U.S. after the $40 billion crash of TerraUSD and Luna. In court, he admitted to conspiring on commodities, securities, and wire fraud, and agreed to forfeit $19 million in proceeds. U.S. Attorney Jay Clayton called it “one of the largest frauds in history.” Once hailed as a crypto pioneer, Kwon now faces up to 25 years in prison when sentenced on December 11. #5 Bo Hines Exits White House Crypto Role The White House Crypto Council is set for a leadership change as Bo Hines steps down after eight months as executive director. Calling the role “the honor of a lifetime,” Hines thanked the crypto community and signaled ongoing support as he heads back to the private sector. His deputy, Patrick Witt, is expected to take over. Hines leaves behind bold ideas,  » …

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