Crypto Market UpdateWritten by VanTable of ContentsCrypto Market and Exchange UpdatesEurope's First Bitcoin ETF Launched by Jacobi Asset ManagementStellar Development Foundation Invests in MoneyGramBinance Faces SEC Scrutiny; Sei Network Valuation Hits $1.8 BillionHelium Mobile Introduces $5 Unlimited Plan in MiamiBanking and Regulatory UpdatesFDIC Identifies Cryptocurrency as Top Risk in Annual ReportCelsius Network's Bankruptcy Plan to Restart as User-Owned CompanyDubai and Singapore Enhance Tech and Crypto RegulationsPrime Trust Files for Bankruptcy; Liabilities Reach $500 MillionCrypto Security and Legal DevelopmentsFormer FTX CEO Indicted for Conspiracy and FraudRocketSwap Hacked; Compound and SushiSwap's New DevelopmentsChinese Filecoin Mining Executives Face $100 Million LawsuitTechnology and Platform InnovationsFrax Ether V2 to Enable Permissionless Validator RunningAllianceBlock Launches Nexera DEX on Ethereum Layer 2Immutable Launches Testnet Phase of zkEVM for Web3 GamingCountry-Specific Developments and NFT UpdatesSei Network's SEI Token Valuation Reaches $1.8 BillionDeGods NFT Trading Volume Surges to $16.1 MillionReddit's NFT Sales on Polygon Blockchain Exceed $40 MillionEurope's First Bitcoin ETF Launched by Jacobi Asset ManagementLondon-based digital asset management firm Jacobi Asset Management has launched the first Bitcoin exchange-traded fund (ETF) in Europe, beating the US in the race.The ETF, trading under the ticker BCOIN, tracks the Melanion Bitcoin Exposure Index, which is a custom basket of European and American stocks closely tied to crypto coin prices, including BTC's market price. The fund also emphasizes its eco-friendly nature by utilizing renewable energy certificates and recording them on a blockchain platform. The launch of the ETF marks a milestone for the European crypto market, as regulators in the US are yet to approve spot Bitcoin ETF applications.Stellar Development Foundation Invests in MoneyGramThe Stellar Development Foundation has made a strategic investment in payment firm MoneyGram International to explore blockchain technology and enhance crypto price analysis, and will also have a seat on MoneyGram's Board of Directors. This investment will help bolster MoneyGram's digital business expansion and explore blockchain technology. The amount of the investment has not been disclosed.Binance Faces SEC Scrutiny; Sei Network Valuation Hits $1.8 BillionBinance seeks protection from the SEC's "overbroad" information requests, calling them a "fishing expedition." The SEC wants communications from six employees and executives and to depose at least six employees. Binance's regulated buy-and-sell crypto arm, Binance Connect, will shut down on August 16 due to changing market and user needs.Binance is facing litigation with the SEC and CFTC over allegations of operating an unlicensed exchange. Meanwhile, Sei Network achieves a fully diluted valuation of $1.8 billion, aiming to enhance decentralized exchanges' trading capabilities. Helium Mobile Introduces $5 Unlimited Plan in MiamiHybrid wireless carrier Helium Mobile has launched its $5 per month unlimited talk, text, and data plan in Miami, Florida. The service combines the Helium 5G network with T-Mobile's nationwide 5G network. Speeds are slowed after 30GB of data usage per month.FDIC Identifies Cryptocurrency as Top Risk in Annual ReportThe US Federal Deposit Insurance Corp. (FDIC) has included cryptocurrency as one of the top risks in its annual risk report. The report acknowledges the agency's readiness to engage in supervisory discussions with institutions regarding crypto-related activities.US banking agencies maintain the view that banks should largely distance themselves from digital assets unless specific activities are approved by regulators.Celsius Network's Bankruptcy Plan to Restart as User-Owned CompanyBankrupt crypto lender Celsius Network will send out ballots to account holders to vote on its plan to restart as a new user-owned company. The approval from a US bankruptcy judge is contingent on providing more information about the volatility of the crypto industry and potential challenges.Celsius filed for bankruptcy in July 2022 and owes billions of dollars to investors. Former CEO Alex Mashinsky has faced lawsuits and criminal charges over allegations of fraud.Dubai and Singapore Enhance Tech and Crypto RegulationsDubai is offering commercial licenses to AI and Web3 businesses at a 90% subsidy to attract global talent and diversify investors. The licenses will be issued by Dubai International Financial Centre (DIFC) and will support the creation of a tech hub in the Middle East and North Africa region.The city has also granted operational licenses to crypto exchanges. Meanwhile, Singapore's central bank has released a regulatory framework for stablecoins, outlining requirements for stablecoin issuers to meet to be deemed regulated by the Monetary Authority of Singapore.Prime Trust Files for Bankruptcy; Liabilities Reach $500 MillionDigital asset custodian Prime Trust has filed for Chapter 11 bankruptcy, with liabilities reaching up to $500m. The company's financial deficit in July reportedly exceeded $82m. The potential impact on the industry could be significant, given its pivotal role in providing custodial services to institutional crypto investors.Former FTX CEO Indicted for Conspiracy and FraudFormer FTX CEO, Sam Bankman-Fried, has been indicted on seven counts of conspiracy and fraud related to political donations. The indictment alleges that he used $100 million for political contributions and disguised the source of the funds.Bankman-Fried's legal troubles have escalated, and he has been remanded into custody by a federal judge.RocketSwap Hacked; Compound and SushiSwap's New DevelopmentsDecentralized exchange RocketSwap hacked for $866,500; called on hackers to return stolen assets. Hacker created meme coin LoveRCKT with stolen funds. RocketSwap plans to redeploy new farm contract. Meanwhile, Compound launches on Base, with SushiSwap's V2 coming. Base mainnet surpasses 100,000 daily active users. Chinese Filecoin Mining Executives Face $100 Million LawsuitFive executives of a Filecoin mining service in China are facing a $100 million lawsuit over allegations of running a pyramid scheme. The lawsuit claims that they attracted investors by exaggerating profit predictions and selling storage servers, ultimately defrauding more than 57,000 users.Chinese authorities have been cracking down on crypto-related fraud and deepfake AI schemes. Frax Ether V2 to Enable Permissionless Validator RunningFrax founder Sam Kazemian has explained how the upcoming Frax Ether V2 will allow anyone to run validators in a permissionless manner, by posting ether as collateral and borrowing a validator. This approach aligns with the concept of decentralized lending and aims to reward efficient validators.Kazemian also highlighted the differences between Frax ETH V2 and rival liquid staking platform Lido, emphasizing that Frax ETH V2 eliminates the need for trust assumptions.AllianceBlock Launches Nexera DEX on Ethereum Layer 2AllianceBlock has launched the Nexera DEX on Ethereum layer 2 network, Arbitrum One, and integrated it with Uniswap liquidity. The DEX uses advanced on-chain order book protocol and plans to introduce limit orders, tokenisation of real-world assets and staking-enabled on-chain order books.Nexera aims to attract institutional traders by becoming regulatory compliant, using zero-knowledge-proof technology for KYC and AML processes. Immutable Launches Testnet Phase of zkEVM for Web3 GamingImmutable has launched the testnet phase of its zkEVM, an Ethereum-compatible network for Web3 gaming. Over 20 gaming companies, including GameStop, are partners, and 12 games, such as CoinArcade and Rune Realms, are already being developed on the platform.The network aims to lower development costs and increase ownership rights for gamers.Sei Network's SEI Token Valuation Reaches $1.8 BillionSei Network's SEI token reached $1.8 billion valuation, reflecting in the cryptocurrency charts with an opening at $0.064 and settling at $0.18. Coinbase adds support for SEI, expected to start trading today, but with limited availability in certain jurisdictions. Top Altcoin Gainers and LosersGainers:Hedera Hashgraph HBAR (+8.04%)Radix XRD (+5.67%)THORChain RUNE (+5.35%)Losers:FLEX FLEX (-9.55%)Pepe PEPE (-6.37%)Rollbit Coin RLB (-6.05%)NFT Market MapDeGods NFT Trading Volume Surges to $16.1 MillionDeGods experienced a significant surge in trading volume, with a five-fold increase to $16.1 million from the previous week's $2.6 million. The floor price of a DeGods NFT now stands at 7.1 ETH ($13,000). This spike can be attributed to the announcement of y00ts' migration to Ethereum and the upcoming release of "DeGods Season III" with new features and additions to the art collection. Reddit's NFT Sales on Polygon Blockchain Exceed $40 MillionNon-fungible tokens (NFTs) on the Polygon blockchain have achieved significant growth on Reddit. The cumulative sales of Reddit NFTs have exceeded $40 million, with over 20.3 million collectible avatars and 16 million holders. The market capitalization of the Collectible Avatars is expected to reach $100 million. The Gen 4 collections have recorded primary sales of $856,190 and over 200 sales within the past 24 hours. The success of Reddit's NFT ecosystem has drawn attention to the growing Polygon blockchain ecosystem.This article has been refined and enhanced by ChatGPT.