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Bitcoin whales defy September's trend by betting big on bullish turnaround |
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Key points: |
Data shows Bitcoin has dipped an average of 4% in September over the past 14 years. Traders on Bitfinex, known for market influence, are placing bullish bets on Bitcoin.
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News - Despite the historically bearish trend in September, Bitcoin whales on the Bitfinex exchange are defying the odds and placing bullish bets on the cryptocurrency. |
The exchange, known for its market influence, has seen a surge in margin longs, indicating that traders are borrowing funds to buy Bitcoin. This is a significant departure from the usual September slump, suggesting a growing confidence in Bitcoin's future. |
What about the options market? The options market has also witnessed a surge in demand for Bitcoin call options. This suggests that traders are anticipating a potential price increase in the near future. |
Further, the positive shift in the open interest-weighted global average funding rates for Bitcoin perpetual futures indicates a growing bullish sentiment among market participants. |
These developments are particularly noteworthy as they contradict the historical trend of Bitcoin price declines in September. It remains to be seen whether these bullish bets will pay off or if the traditional September slump will prevail. |
Crypto phishing attacks soar 215% in August, biggest heist exceeds $55M |
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Key points: |
Crypto phishing attacks are becoming increasingly common, with the industry losing over $66 million in August alone. Security teams and exchanges are actively working to combat phishing attacks and protect users.
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News - Cryptocurrency phishing attacks saw a dramatic surge in August, with a single incident resulting in a staggering loss of over $55 million. |
The overall cost to the industry from such scams in August exceeded $66 million, despite a decline in the number of victims. |
The DeFi protocol Maker was particularly vulnerable, falling victim to a large-scale phishing attack that exploited a loophole in the system. The attacker was able to steal a significant amount of stablecoins from an unsuspecting user. |
What's more? In response to the growing threat of phishing attacks, security teams, and exchanges are stepping up their efforts. The Security Alliance, led by white hat hacker Samczsun, has received numerous reports of hacks and is working to address the issue. |
Crypto exchange Binance has also developed a tool to combat address poisoning scams, which trick investors into sending funds to fraudulent addresses. |
Notcoin shows signs of recovery amidst a bearish market trend |
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Key points: |
Notcoin's price has increased after a 28% decline in the past month. The sentiment surrounding Notcoin has improved, suggesting a potential bullish outlook.
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News - Notcoin (NOT) has shown signs of recovery after a recent price decline. The cryptocurrency's price has increased by 28% in the last 30-days, suggesting that the broader market may be stabilizing. |
Despite a significant drop in price since its all-time high, Notcoin has maintained a positive outlook among investors. |
On-chain metrics - Weighted Sentiment analysis indicates a shift from bearish to bullish, suggesting growing confidence in the project. |
Furthermore, Notcoin holders have demonstrated remarkable patience, holding onto their tokens for extended periods. This indicates a strong belief in the long-term potential of the cryptocurrency. |
The combination of improving sentiment and patient holders could lead to upward pressure on Notcoin's price. As per technical indicators, NOT's market could face a bearish trend reversal anytime soon. |
Ethereum Layer-1 revenue collapses 99% as L2s take center stage |
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Key points: |
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News - The Ethereum network has experienced a significant decline in layer-1 revenue, plummeting by 99% since March 2024. This dramatic drop is largely attributed to the proliferation of layer-2 scaling solutions, which have become increasingly popular due to their lower transaction fees. |
The Dencun upgrade, introduced in March, significantly reduced fees for Ethereum layer-2 transactions. This has sparked a competitive race among L2 providers, each vying to offer the lowest possible fees to attract users. As a result, many users have shifted their transactions to layer-2 networks, bypassing the Ethereum base layer. |
The decline in layer-1 revenue has also impacted the supply of Ether (ETH). The deflationary mechanism introduced by EIP-1559, which burns a portion of transaction fees, has been less effective due to the reduced fees. This has led to a steady increase in the supply of ETH, which in turn has put downward pressure on its price. |
In conclusion, the competitive landscape and reduced fees on Ethereum layer-2 networks have presented challenges for the Ethereum ecosystem. |
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More stories from the crypto ecosystem |
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Did you know? |
Before China's crackdown on cryptocurrencies, the country used to account for a whopping 65% of the global crypto miners. As of January 2022, 458,814 token contracts had been created on the Ethereum blockchain. Around the same period, Binance Smart Chain had about 1.73 million token contracts. One Bitcoin transaction's carbon footprint is equivalent to more than 762,000 Visa transactions, according to Digiconomist.
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Top 3 coins of the day |
Avalanche (AVAX) |
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Key points: |
AVAX bears have been losing their strength gradually. RSI, at press time, stood in the neutral territory.
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What you should know - Avalanche is currently trading at $22.44 and is moving within a downward channel pattern. The upper trendline of this channel is acting as a resistance level, capping any bullish attempts to break out. The price is consistently forming lower highs and lower lows, indicating a continued bearish trend. The Relative Strength Index is at 45.55, which suggests neutral to slightly bearish momentum, without being oversold or overbought. For AVAX to break out of this channel, it needs to surpass the upper trendline, around the $28 level, accompanied by strong buying volume. If the downward channel persists, further declines could push AVAX toward the lower boundary near $20. |
Monero (XMR) |
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Key points: |
XMR, at press time, was trading at $174. It was up by 9% over the last seven days.
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What you should know - Monero (XMR) is trading at $174.99, up by 2.57%, showing strong bullish momentum. The price is comfortably above its key exponential moving averages (20, 50, 100, and 200 EMAs), indicating sustained upward movement. The recent surge pushed XMR above the $170 resistance, turning it into new support. The Awesome Oscillator displays positive momentum, suggesting that buyers are currently in control. If XMR continues its upward trajectory, the next target could be around the $180–$185 range. However, a pullback could see the price retesting the $160–$165 zone, where the 50 and 100 EMAs converge. |
Aptos (APT) |
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Key points: |
APT has continued its rangebound movement since June. The market sentiment, at press time, looked neutral.
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What you should know - Aptos (APT) is currently trading at $6.15, showing a decline of 3.15%. The price remains in a rangebound pattern since June, oscillating between $6.00 and $8.00. The long-term resistance level at $10.24 continues to pose a significant barrier for bulls. The Bollinger Bands suggest low volatility, with the price moving closer to the lower band, indicating potential downward pressure. The MACD is near the zero line, with a slight bearish crossover, suggesting weakened bullish momentum. For a bullish breakout, APT needs to close above the $8.00 mark with increased volume. If the rangebound trading persists, APT could continue to consolidate within its current zone, while a drop below $6.00 may lead to further downside pressure. |
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