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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 ContentsCrypto Market UpdatesBitcoin Rebounds Amid Market VolatilityWhale Accumulates Ethereum During Market DipUS Bitcoin ETFs Experience Significant OutflowsSemler Scientific Increases Bitcoin HoldingsCrypto Security and HacksRonin Network Recovers Lost Funds from HackWazirX Pursues Legal Action After HackRegulatory and Legal DevelopmentsSEC Resists Coinbase's Subpoena RequestsDemocrats Push to Ban Political Betting ContractsIndia Demands $86M in GST from BinanceStablecoins and Financial ProductsEthena Maintains Stablecoin Peg Amid DownturnPendle Finance Launches Yield TokensCorporate and Industry NewsStarknet Foundation CEO ResignsTrumpCoin Plummets Amid ControversyTransak Introduces Wire Transfers for US BuyersBitcoin Rebounds Amid Market VolatilityBitcoin rebounded 13% at one point to approximately $56,900, driven by US market support and increased buying on Coinbase, with trade volume reaching $8.1 billion, the highest since March 2024. Despite a brief plunge below $50,000, experts like Matt Hougan of Bitwise see a buying opportunity. Concurrently, the U.S. government moved 300 ETH worth $700,000 to Bybit, raising sell-off concerns amid Ethereum's decline. However, Ethereum rebounded 8% to over $2,500. Both assets face market volatility, influenced by macroeconomic factors and potential policy updates from the Fed and Bank of Japan.Whale Accumulates Ethereum During Market DipA mysterious whale with over $1.57 billion in assets quietly accumulated Ethereum during a market dip. Known as "7 Siblings," this entity purchased $129 million worth of ETH as its price dropped to $2,305, following a strategic buying spree over 12 hours. Other whales also joined in, purchasing a total of 144,071 ETH amid the market correction. Ethereum is currently trading at $2,511.US Bitcoin ETFs Experience Significant OutflowsUS spot bitcoin ETFs saw $168 million in net outflows on Monday amidst market turbulence. Grayscale’s GBTC led with $69.12 million outflows, followed closely by Ark Invest and 21Shares’ ARKB with $69 million. Fidelity’s bitcoin fund reported $58 million outflows. The sector also experienced significant volatility, influenced by global equities and macroeconomic factors.Semler Scientific Increases Bitcoin HoldingsSemler Scientific has bolstered its Bitcoin holdings by purchasing $6 million worth of BTC, despite facing a 17.41% loss on its overall investment. This move follows the firm's strategy to integrate Bitcoin into its treasury, with plans to raise $150 million through securities to further fund its cryptocurrency acquisitions.Ronin Network Recovers Lost Funds from HackThe Ronin Network recently recovered $12 million lost in a bridge exploit, with $500,000 awarded to ethical hackers. The incident involved 4,000 ETH and $2 million in USDC, rectified through swift actions and audits. This follows a major $622 million hack earlier this year. Security flaws in the Ronin Bridge were identified, underscoring ongoing risks in crypto infrastructure.WazirX Pursues Legal Action After HackWazirX responded to a significant hack by filing an FIR under IT Act sections 66(B) and 153A, signaling serious pursuit of the case. The exchange abandoned plans to distribute losses after facing backlash, opting instead to seek a $230 million investment and explore partnerships. This move underscores their commitment to recovering and strengthening security measures.SEC Resists Coinbase's Subpoena RequestsThe SEC is resisting Coinbase's broad subpoena requests for SEC Chair Gary Gensler's pre-SEC emails, calling them excessive. Coinbase aims to challenge SEC's crypto regulations using Gensler's correspondence. This legal clash underscores tensions between a major crypto exchange and the regulatory body.Democrats Push to Ban Political Betting ContractsSenator Elizabeth Warren and other Democrats are pushing the CFTC to ban political betting contracts, citing concerns over election integrity. Polymarket reports over $500 million in bets on the 2024 US presidential race, prompting fears of manipulation and public trust erosion in democracy. It came as Kamala Harris strategically chose Minnesota Governor Tim Walz as her running mate, aiming to boost electoral appeal. Walz's focus on regulating crypto kiosks in Minnesota adds a unique angle. Initially an underdog in predictions against Josh Shapiro, his selection over Shapiro hints at Harris' evolving campaign tactics towards the crypto industry's interests. After rumors circulated that Tim Walz might be Kamala Harris' VP pick, meme coins surged in value. However, the excitement quickly faded, leading to a sharp crash in their prices. India Demands $86M in GST from BinanceIndia's Directorate General of GST Intelligence (DGGI) has demanded $86 million in GST from Binance for transaction fees from Indian customers, marking the first major regulatory action against a crypto firm in India. Binance allegedly earned approximately $476 million from Indian transaction fees, underscoring significant tax compliance challenges for global crypto exchanges.Ethena Maintains Stablecoin Peg Amid DownturnEthena navigated a significant Ethereum market downturn without its USDe stablecoin de-pegging, managing $50M in redemptions smoothly. Despite initial panic, USDe maintained its $1 peg and saw strategic deployment in Bybit's perpetual swaps. The protocol's resilience highlights its ability to handle market stress, though risks remain in high ETH funding fees and stablecoin stability during crises.Pendle Finance Launches Yield TokensPendle Finance has launched PT-weETH and PT-sUSDe on Term Structure, bolstering yield token utility. They offer a 12% APY on Ethereum with maturity this month. This move has boosted Pendle's token value by 40%. Upbit's support for Pendle's markets aims to enhance capital efficiency, drawing interest from dYdX users exploring the platform.Starknet Foundation CEO ResignsDiego Oliva, CEO of Starknet Foundation, has resigned from his position, effective immediately. He had held the role since March 2023. James Strudwick, who joined the foundation in January 2024, will succeed him as executive director. Oliva will assist in the transition over the coming month. Under Oliva's leadership, Starknet launched the Provisions project and several ecosystem development initiatives.TrumpCoin Plummets Amid ControversyTrumpCoin (DJT), a Solana-based memecoin linked to Barron Trump and Martin Shkreli, plummeted over 98% as liquidity vanished. Shkreli accused Barron of orchestrating the crash by withdrawing liquidity, reducing DJT's market cap from $56 million to below $500,000 before a partial recovery. Barron has not confirmed involvement, casting doubt on the token's origins amid controversy.ransak Introduces Wire Transfers for US BuyersTransak introduces wire transfers for US crypto buyers, offering a convenient method with a 1% fee and high transaction limits. This new service aims to enhance security and accommodate larger transactions, setting it apart as the first fiat-to-crypto platform to offer such an option. It targets increased adoption by simplifying access to cryptocurrencies for American users. Top Altcoin Gainers and LosersGainers: Notcoin NOT (+32.16%) AIOZ Network AIOZ (+31.25%) Akash Network AKT (+23.06%) Bittensor TAO (+21.00%) Based Brett BRETT (+18.22%) Losers:Maker MKR (-1.14%) NFT Market MapThis article has been refined and enhanced by ChatGPT.