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Discover the excitement and rewards that await you at Betplay.io with a 100% welcome bonus and 10% weekly cashback!Crypto Market UpdateTable of ContentsMarket UpdatesBitcoin Dips 19%, Rebounds Amid Market TurmoilETH Falls to $2,100 After Aggressive Sales by Jump TradingFund and Investment MovementsBitcoin Funds Face $400 Million OutflowBitcoin ETF Trading Surges Amid Market CrashDecentralized Finance (DeFi)Aave v3 Liquidations Double to $428.9 MillioCrypto BankingXapo Bank Introduces Interest-Bearing Bitcoin AccountIndustry AnnouncementsJustin Sun Refutes Liquidation RumorsVitalik Buterin Sells Neiro Tokens, Price Surges 200%USDB Stablecoin Depegs, Recovers Amid Market VolatilityNetwork Upgrades and LaunchesFilecoin's Waffle Upgrade Enhances Network OperationsMultiversX Launches xExchange V3 on TestnetToken and Exchange NewsJupiter Exchange to Burn 30% of JUP TokensZircuit Launches Mainnet Phase 1 with ZK RollupBitcoin Dips 19%, Rebounds Amid Market TurmoilBitcoin experienced a sharp downturn, plummeting 19% to a low of $49,300 before recovering to $55,000 and pushing the Fear & Greed Index to 26, driven by macroeconomic concerns and geopolitical tensions. Over 277,000 traders liquidated BTC holdings, totaling $1 billion in 24 hours. Analysts link the crash to US recession fears, weak job growth, and Japan's sudden interest rate hike, which spurred a global market sell-off. The crypto market saw leveraged positions in Bitcoin and Ethereum liquidated, amplifying the decline. Analysts predict further downside, potentially to $42,000, unless Bitcoin reclaims $51,000. The market's sentiment is bearish, with futures premiums and options markets reflecting pessimism, exacerbated by substantial liquidations and economic uncertainty.ETH Falls to $2,100 After Aggressive Sales by Jump TradingQCP Capital reported a crypto crash triggered by Jump Trading and Paradigm VC's aggressive Ethereum sales, causing ETH to drop to $2,100. This was accompanied by a broader market sell-off and worsened macro sentiment due to poor US unemployment data. Market makers have deposited over 130,000 ETH to centralized exchanges since August 3, exacerbating the decline. CoinShares noted Ethereum net outflows since the ETF launch at $430 million. Amidst this, a Nomad Bridge hacker bought $40 million of ETH at around $2,200, using Tornado Cash to obscure transactions. Bitcoin Funds Face $400 Million OutflowBitcoin funds experienced a significant $400 million outflow amid rising recession concerns, marking the end of a four-week inflow streak. Ethereum products saw $146 million in outflows, while new US ETFs gained $430 million, offset by $603 million leaving Grayscale. Overall, digital asset investment products recorded $528 million in outflows, driven by global economic uncertainties.Bitcoin ETF Trading Surges Amid Market CrashOn August 5, 2024, Bitcoin ETF trading volumes exceeded $1 billion amid a crypto market crash. Galaxy Digital's Alex Thorn reported that Bitcoin ETFs reached $1.3 billion in 20 minutes. Concurrently, Capula Investment Management disclosed owning $464 million in spot Bitcoin ETF shares from BlackRock and Fidelity. Ether's 21% drop and Jump Trading's $377 million ETH sale triggered this activity.Aave v3 Liquidations Double to $428.9 MillionAave v3 saw $253.4 million in liquidations today, doubling its all-time liquidations to $428.9 million. Crypto market crashes wiped out $341 million, with Bitcoin down 13%, Ethereum 20%, and Solana 16%, and other cryptos getting back to their multi-month lows like FTM, MATIC, or falling to new ATLs like ARB. Aave generated $6M revenue, including $802,000 from a $7.4M WETH liquidation. The broader DeFi sector's TVL fell to $111.5 billion.Xapo Bank Introduces Interest-Bearing Bitcoin AccountXapo Bank has introduced the first interest-bearing USD and Bitcoin account in the UK, leveraging its Gibraltar banking license to expand into the market. Users can transfer up to £1 million GBP domestically, benefiting from a secure environment with USD deposit guarantees up to €100,000. The bank's offering includes a 1% interest Bitcoin account and integrates traditional banking services with digital assets.Justin Sun Refutes Liquidation RumorsJustin Sun has refuted rumors of liquidating their $280 million positions, emphasizing their focus on long-term industry support over risky trading. Sun announced a $1 billion fund to counter fear, uncertainty, and doubt (FUD), reinforcing commitment to industry stability and growth through strategic investments and liquidity provision.Vitalik Buterin Sells Neiro Tokens, Price Surges 200%Vitalik Buterin sold his entire 17 billion Neiro token airdrop, initially causing a 60% price drop. However, shortly after, the token rebounded to mark a surge of over 200%, reaching an all-time high. This dramatic turnaround followed Buterin's sale, highlighting the unpredictable nature of meme coins in the cryptocurrency market.USDB Stablecoin Depegs, Recovers Amid Market VolatilityUSDB, a stablecoin native to the Blast ecosystem, experienced a depegging amidst recent market weakness, dropping below $1 before recovering. This instability reflects broader crypto market volatility, exacerbated by factors like geopolitical tensions and market corrections. Despite the recovery, USDB's episode highlights ongoing risks in stablecoin stability during market downturns.Filecoin's Waffle Upgrade Enhances Network OperationsFilecoin's network upgrade, Waffle, commences at epoch 4154640 on August 6, integrating multiple Filecoin Improvement Proposals (FIPs) for enhanced network operations. Noteworthy proposals include FIP-0065 to adjust circulating supply calculations, FIP-0079's addition of BLS Aggregate Signatures to the FVM, and FIP-0084's simplification of the mining process. Other proposals target account management and security improvements. MultiversX Launches xExchange V3 on TestnetMultiversX is launching xExchange V3 on its testnet, with an "Battle of Yields" event from August 5-7 for users to test features. The initiative uses MultiversX Testing Fork technology to create a realistic testing environment. Assets hold no real value, and the mainnet won't be affected unless critical issues arise. Jupiter Exchange to Burn 30% of JUP TokensJupiter Exchange plans to burn 30% of its JUP tokens, totaling 3 billion tokens valued at over $2.37 billion, over six months. This move aims to enhance token scarcity and value by reducing supply. With strong community support, reflected in a 95% approval rate, the exchange prioritizes transparency and tokenomics alignment.Zircuit Launches Mainnet Phase 1 with ZK RollupZircuit has launched Phase 1 of its mainnet, allowing users to migrate funds to its zero-knowledge rollup (ZK rollup) and explore decentralized applications (dapps) within its ecosystem. The platform also initiated its ZRC token airdrop for early adopters who participated in its staking program. This phase limits initial asset bridging to Ethereum, with plans to expand to other assets later. Zircuit aims to enhance security with AI-powered protection against exploits and has attracted over 60 projects to its platform. Phase 2, slated for later this month, will facilitate asset transfers from Ethereum to Zircuit. Top Altcoin Gainers and LosersGainers: Based Brett BRETT (+15.55%) Celestia TIA (+11.39%) Helium HNT (+9.79%) Ondo ONDO (+8.81%) Bittensor TAO (+6.45%) Losers:Lido DAO Token LDO (-16.59%) Render Token RENDER (-14.09%) KuCoin Token KCS (-13.28%) Arbitrum ARB (-12.95%) Uniswap UNI (-11.87%) NFT Market Map This article has been refined and enhanced by ChatGPT.