Bitsgap blog

News of September 3, 2024: August Crypto Phishing Surge

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šŸ“ā€ā˜ ļøšŸ“ˆ In August, the number of crypto-phishing attacks increased by 215%, with $55 million lost as a result of one attack.

Source.

Bitcoin Margin Longs on Bitfinex Defy Bearish Seasonality

The number of bullish bets raised with the help of borrowed funds has steadily increased since late August.

Bitfinex Margin Ling Position

On crypto exchange Bitfinex, traders are borrowing funds to set up bullish bets, one analyst said.

Perpetual funding rates have flipped positive.

Over-the-counter desks are witnessing demand for higher strike call options

The recent market behavior on Bitfinex, with traders borrowing funds to establish bullish positions, along with the shift in perpetual funding rates to positive territory, and increased demand for higher strike call options on over-the-counter desks, suggests a growing optimism among market participants. These indicators point to a potential upward momentum in the crypto market. However, this increased bullish sentiment could also lead to heightened volatility, especially if the market fails to meet these optimistic expectations. The likelihood of a short-term rally seems high, but investors should remain cautious of possible sharp corrections.

How Bitcoin ETFs Are Allowing Wall Street to Manipulate BTC Prices

Mark Yusko, a seasoned hedge fund manager, asserts that Bitcoin ETFs have given Wall Street some control over Bitcoin's price. He attributes the recent price correction to institutional shorting in the futures market, where some players may be deliberately driving prices down to buy at lower levels.

SOL to see significant unlocks in Q1

The Solana Unlock schedule is insane especially with http://Pump.fun falling apart. 

Billions coming to market Q1 2025.

"I donā€™t know how the price stays afloat with this much supply and no ETF and massively decreasing activity," said Trader from the Twitter space.

SUI to launch handheld gaming device

The SuiPlay0X1, the first Web3-native handheld gaming device, combines premium hardware for an exceptional gaming experience with high performance. It features a 7-inch bezel-less screen, along with triggers, buttons, a joystick, USB-C, a headphone jack, and a TF Card slot for expandable storage. Powered by an AMD Ryzen 7 7840U CPU, the device is equipped to handle even the most demanding games.