Early on May 16, most cryptocurrencies were trading in the positive. The worldwide crypto market capitalization is now USD1.31 trillion, up 3.02 percent from the previous day. The overall crypto market volume over the last 24 hours has decreased by 11.49 percent to USD76.98 billion.

The overall volume in DeFi is currently USD10.25 billion, accounting for 13.31% of the entire 24-hour volume in the crypto market. The overall volume of all stable coins is now USD68.32 billion, accounting for 88.75 percent of the total 24-hour volume of the crypto market.

The price of bitcoin is currently Rs 24.7 lakh. The world's largest cryptocurrency currently has a 44.34 percent market share, down 0.24 percent from the previous day. In other headlines, top RBI officials informed a parliamentary committee that cryptocurrencies could lead to the "dollarization" of a portion of the economy, which would be detrimental to India's sovereignty.

Meanwhile, top RBI officials, including governor Shaktikanta Das, briefed the Parliamentary Standing Committee on Finance, chaired by former minister of state for finance Jayant Sinha, on their concerns about cryptocurrencies and how they threaten the financial system's stability.

Crypto can lead to dollarisation of economy: RBI

Crypto world stabilizes setting after rocky week shakes dollar-pegged stablecoins

Meta Whale World, a new blockchain-based platform launched in Mumbai