Crypto Market UpdateTable of ContentsCrypto Market UpdatesBitcoin struggles below $60,000 amid rate cut anticipationEthereum whales resurface as ETH/BTC ratio hits lowCrypto products see sharp reversal with $436 million inflowsBinance founder to be released after four-month sentenceToken and Coin DevelopmentsTrump-related tokens fall after second assassination attemptBinance lists NEIRO, Turbo, and Baby Doge CoinFlappy Bird makes crypto comeback on TelegramCatizen players upset over airdrop criteria changesDeltaPrime suffers $6 million exploit on ArbitrumPartnerships and CollaborationsCircle partners with Sony to enhance USDC on Soneium networkScroll co-founder joins Trump-backed WLFI advisory teamInnovations in Crypto ServicesBitGo introduces token management service for crypto foundationsStablecoins and Market ShareTether’s USDT market share reaches 75%Coinbase defends cbBTC against transparency allegationsBlockchain Technology AdvancementsHedera contributes source code to Linux Foundation projectBybit secures provisional approval from Dubai’s VARAChainlink’s CCIP integration enhances ZKsync interoperabilityTokenized Assets and GoldMatrixdock launches XAUm gold token backed by LBMA goldInvestment and Funding RoundsMulticoin Capital leads $10 million round for Permissionless LabsLegal and Security ConcernsFormer Celsius CEO faces potential 115-year prison sentenceBaseBros Fi accused of rug pull after $130,000 siphonedNFT and Digital Asset ProjectsDeGods launches DEGOD token to consolidate NFT ecosystemChiru Labs acquires Anime.com to expand digital footprintBitcoin struggles below $60,000 amid rate cut anticipationBitcoin dropped below $58,000 after staying above $60,000 for most of the weekend, amid rate-cut anticipation and an assassination attempt on Donald Trump. Bitcoin exchange deposits hit an 8-year low as traders hold assets, reflecting bullish sentiment ahead of the Fed’s rate-cut decision. Gold reached a record high of $2,589, reflecting risk aversion, while Bitcoin struggled to surpass the $60,000 mark. Bitcoin transactions plunged 50% in a week, with numbers dropping from 909,000 to 412,000 amid reduced network activity, according to CryptoQuant data. Analysts expect market volatility with a 50 basis-point rate cut this week, further driving a shift toward safe-haven assets like gold. Ethereum whales resurface as ETH/BTC ratio hits lowThe ETH/BTC ratio dropped to its lowest since April 2021, influenced by Bitcoin ETFs' success, while Ether ETFs faced cumulative net outflows of $581 million. A long-dormant Ethereum whale resurfaced on September 15, selling 350 ETH after holding it for 8 years, gaining 446%. Meanwhile, another whale transferred $41 million worth of ETH to Binance, signaling a potential sell-off amid bearish market sentiment. Despite the negative trends, 61% of Ethereum holders remain in profit, a strong contrast to past cycles where profitability dropped as low as 3%. Crypto products see sharp reversal with $436 million inflowsLast week, crypto investment products experienced a sharp reversal with $436 million inflows, countering previous outflows. ETF trading volumes remained stagnant at $8 billion, notably below the average. The surge was linked to market sentiment changes anticipating a 50 basis point interest rate cut. Bitcoin led inflows at $436 million, while Ethereum faced $19 million outflows due to profitability concerns post-Dencun. Binance founder to be released after four-month sentenceChangpeng Zhao, Binance founder, will be released on September 29, 2023, after a 4-month sentence for failing to implement anti-money laundering measures. The low-security facility shifted from FCI Lompoc to Long Beach RRM. He faced a $50 million fine and stepped down as CEO, while the exchange endured a $4.3 billion fine. Trump-related tokens fall after second assassination attemptFollowing Donald Trump's second assassination attempt in Florida, MAGA, TRUMP, and TREMP, Trump-related cryptocurrencies, experienced a price drop, hinting at potential implications for his presidential bid. Trump's reassurance to his supporters and the impact on the PolitiFi tokens are key takeaways, raising questions about the recovery and future resilience of these crypto tokens. Polymarket sees nearly $1 billion staked on the election with Trump's odds barely affected despite a second assassination attempt.Binance lists NEIRO, Turbo, and Baby Doge CoinBinance announced the listings of First Neiro on Ethereum (NEIRO), Turbo (TURBO), and Baby Doge Coin (1MBABYDOGE). NEIRO surged 500% post-listing, while Binance caused confusion by listing two versions of NEIRO on spot and perpetual futures markets. Turbo and Baby Doge Coin showed volatility. NEIRO on Ethereum crashed, while the new version rallied 10x on Uniswap, with whales increasing holdings.Flappy Bird makes crypto comeback on TelegramThe popular game Flappy Bird is making a return on Telegram with a crypto reboot, partnered with Notcoin for its relaunch. Tied to the TON blockchain, it will engage players in games and mining events. The involvement of the original creator is refuted, with reports indicating disavowal and denouncement of the crypto-focused reboot.Catizen players upset over airdrop criteria changesPlayers of the Telegram game Catizen are upset after surprise changes to the airdrop criteria by Pluto Studio, causing disappointment with lower-than-expected token allocations. The total supply of CATI tokens is 1 billion, with 305 million tokens set to circulate at launch. Players expressed frustration over what they deemed a lack of transparency and fair distribution. Additionally, changes to the distribution model and allocation criteria, not communicated in advance, have led to widespread complaints amongst the players. DeltaPrime suffers $6 million exploit on ArbitrumDeltaPrime, a DeFi platform, experienced a $6 million exploit after an admin lost control of the private key, affecting its deployment on Arbitrum. The hacker initially drained $4.5 million before continuing to steal funds. DeltaPrime assured that the risk is contained and the company is investigating the compromised private key, working on asset retrieval and minimizing user losses. Circle partners with Sony to enhance USDC on Soneium networkCircle has partnered with Sony to integrate Bridged USDC Standard on Sony's Ethereum L2 network, Soneium. This collaboration aims to enhance stablecoin adoption and blockchain technology while providing developers with easier access to digital dollar payments. USDC's $35.6 billion market cap solidifies its position as a leading stablecoin in the market. Scroll co-founder joins Trump-backed WLFI advisory teamScroll co-founder Sandy Peng joined World Liberty Financial (WLFI) as the sixth advisor. WLFI, supported by Donald Trump's family, launches on September 16 with the involvement of top crypto security firms. The project aims to advance DeFi and bolster U.S.-pegged stablecoins to strengthen American financial dominance. The advisory team has been expanding since August 30, with a diverse group of experts.BitGo introduces token management service for crypto foundationsBitGo introduced a Token Management Service for crypto foundations like Worldcoin and LayerZero, aiming to simplify asset lifecycle management. The service assists in digital asset vesting, unlocking, and on-chain activities. BitGo addresses market fragmentation by offering a regulated and insured custody platform, easing the burden on protocol builders. Tether’s USDT market share reaches 75%Tether's USDT market share increased by 20% to reach 75% of the entire stablecoin market in the past two years. Tether generated approximately $400 million in revenue over the last 30 days, with a significant portion of its profit attributed to financial gains in Bitcoin and gold. Meanwhile, 1 billion USDT was minted on the Ethereum network at Tether Treasuries authorized for inventory replenishment, not yet issued, per CEO Paolo Ardoino. The mint sparked bullish comments, speculating a bull run. Coinbase defends cbBTC against transparency allegationsCoinbase's CEO defended the firm against allegations of lack of transparency in its Bitcoin reserves and new cbBTC offering. The allegations arose after the launch of cbBTC, with questions about its BTC backing and accusations of selling "paper BTC" to BlackRock. Coinbase addressed these concerns, but doubts about cbBTC's reserves and transparency remain. Hedera contributes source code to Linux Foundation projectHedera, a premier member of the Linux Foundation’s Decentralized Trust initiative, has contributed its entire source code, including the hashgraph consensus algorithm, forming the new project "Hiero." The move signifies a substantial shift toward decentralization, fostering an open, collaborative environment for developers worldwide, accelerating innovation and adoption. Bybit secures provisional approval from Dubai’s VARABybit secures provisional approval from Dubai's VARA, marking a significant step towards obtaining a full VASP license. This non-operational approval enables Bybit to offer virtual asset exchange services in Dubai, reinforcing the company's commitment to compliance. Dubai's favorable policies and strategic positioning make it an ideal hub for cryptocurrency businesses. Chainlink’s CCIP integration enhances ZKsync interoperabilityThe integration of Chainlink's CCIP on ZKsync's Era Mainnet enhances cross-chain interoperability, creating a unified layer-2 ecosystem on Ethereum. This provides an additional on-ramp for users to join the Elastic Chain ecosystem and equips Web3 developers with infrastructure for creating feature-rich dApps. It aims to connect decentralized finance with traditional finance, providing a gateway for institutions to enter the blockchain space. Matrixdock launches XAUm gold token backed by LBMA goldMatrixdock, owned by Matrixport, launched the XAUm gold token on September 16, 2024. Representing a significant milestone in real-world asset tokenization, XAUm is backed by 99.99% pure LBMA-standard gold. It allows purchases using USDT or USDC and offers the option to redeem for physical gold in Hong Kong and Singapore with a 0.25% fee. It supports ERC-20/BEP-20 and ERC-721/BEP-721 standards, providing interoperability across Ethereum and BNB. XAUm offers an innovative and efficient approach for users to interact with gold, bridging physical gold with digital technologies, and setting a standard for future developments in precious metals tokenization and the digital asset space. Multicoin Capital leads $10 million round for Permissionless LabsMulticoin Capital led a $10 million Series A financing round in Permissionless Labs, a key contributor to Pipe Network on Solana. Other participants included Robot Ventures, Solana Ventures, and co-founder Anatoly Yakovenko. The funds will be used to recruit, scale network presence, and launch a private beta and testnet at Breakpoint. Permissionless Labs aims to revolutionize the CDN industry with decentralized content distribution. The project is designed to handle traffic for large enterprises and implement edge-video advertising insertion technology.Former Celsius CEO faces potential 115-year prison sentenceFormer Celsius CEO Alex Mashinsky faces a potential 115-year prison sentence after being accused of defrauding customers and manipulating Celsius’ profitability. He's requested testimony from six witnesses, including the chief financial officer and chief revenue officer. A memo from his lawyers claims he didn't intend harm and relied on Celsius professionals, while the prosecution alleges he artificially manipulated CEL's price. Former Chief Revenue Officer Roni Cohen-Pavon, who reportedly pled guilty, is also a proposed witness. The memo alleges that employees didn't follow Mashinsky's instructions regarding CEL token transactions.BaseBros Fi accused of rug pull after $130,000 siphonedBaseBros Fi, a DeFi protocol on the Base blockchain, disappeared, sparking rug pull allegations after siphoning $130,000 through a vulnerable Vault contract. Despite undergoing audits by Chain Audits, the backdoor vulnerability in the unaudited Vault contract raises concerns about the thoroughness of DeFi security audits, affecting multiple investors financially. Top Altcoin Gainers and LosersGainers:Fellaz FLZ (+15.59%)Losers:Sei SEI (-13.08%)Bittensor TAO (-9.88%)BEAM (onbeam) BEAM (-9.18%)Injective INJ (-8.17%)Celestia TIA (-7.96%) NFT Market MapDeGods launches DEGOD token to consolidate NFT ecosystemDeGods, a popular Solana NFT project, has launched the DEGOD token to consolidate its NFT ecosystem, promoting liquidity and community unity. However, this move has elicited mixed reactions due to concerns about NFT rarity and price volatility. The transition to the memecoin market is perceived as a considerable risk, with success contingent on community engagement, product development, and market dynamics.Chiru Labs acquires Anime.com to expand digital footprintChiru Labs, the creator of Azuki NFT collection, acquired Anime.com to expand its digital footprint and strengthen ties with the anime community. This strategic move aims to foster fan engagement and innovative digital experiences. With this acquisition, Chiru Labs seeks to delve deeper into the anime world, providing new opportunities for growth and interaction with fans.This article has been refined and enhanced by ChatGPT.