**Crypto Market Sees Major Moves Amid Volatility**

The crypto market took a hit on Aug. 5, with Bitcoin plunging 10% in under two hours, dropping from $58,350 to $52,500. This sharp decline drove substantial inflows into centralized exchanges (CEXs). Binance saw a whopping $1.2 billion in net inflows within 24 hours, while Bybit, Crypto.com, and OKX recorded increases of $301.4 million, $107.8 million, and $97.7 million, respectively. Binance CEO Richard Teng noted this as a sign of strong investor confidence despite market stress.

In other news, Ripple Labs faces a $125 million penalty for violating U.S. securities laws, a significant reduction from the SEC's initial $2 billion demand. Ripple CEO Brad Garlinghouse called the ruling a "victory."

Hong Kong's Mox Bank launched a crypto ETF trading service, allowing direct trading of Bitcoin and Ether ETFs. Meanwhile, Morgan Stanley now permits its advisers to recommend Bitcoin ETFs, potentially boosting inflows.

Xapo Bank entered the UK market, offering interest-bearing Bitcoin and fiat accounts. Core Scientific's stock surged 12% after expanding its GPU hosting deal with CoreWeave.

A survey by Barnes & Thornburg revealed that 84% of U.S. investors expect private crypto investment to rise in the next year, with 59% more likely to invest in crypto funds than a year ago.