Crypto News Today: Bitcoin’s 50-Week Average Test, Phantom’s Sui Exit, and Iran Risk

Crypto markets are holding on to their recent gains today. However, high leverage and rising geopolitical tension are keeping prices choppy. Phantom is ending support for Sui. Additionally, the US is tightening financial pressure on Iran. Bitcoin is still below an important technical level that could determine whether the recent rally continues to grow.

Phantom to End Sui Support on September 24

Phantom will stop supporting the Sui network on September 24, 2026, following a decision made with the Sui team. Users will not lose their funds. However, they need to move Sui assets to another compatible wallet or swap them for assets supported by Phantom before the deadline. Phantom is also offering fee-free swaps. In addition, it will provide in-app migration guidance. 

Phantom and Sui have decided to end Sui support on Phantom on September 24, and leave open the opportunity to explore other collaborations in the future.

Your funds remain safe and fully under your control. Before 9/24, you can move your wallet to another app that supports Sui,…

— Phantom (@phantom) August 24, 2026

The move comes only about 20 months after Phantom launched Sui support in January 2025. It also follows the wallet’s recent decision to drop Monad, hinting Phantom may be narrowing its supported network list.

US-Iran Tensions Add Another Risk

US Treasury Secretary Scott Bessent has announced an aggressive new financial campaign against Iran, targeting the country’s economic lifelines. He also warned nations that continue doing business with Tehran that they could face isolation. Iran has responded by warning Gulf countries against cooperating with Washington. Iran is also threatening consequences.

BREAKING: US Treasury Secretary Bessent announces the US is launching "the single greatest financial offensive ever marshalled against an adversary" against Iran, per FT.

Bessent implies the US will directly target China and Gulf states, saying "any nation that serves as a…

— The Hormuz Letter (@HormuzLetter) August 24, 2026

For crypto, the main concern is the potential impact on oil prices, inflation and global risk sentiment. Any fresh escalation around the Strait of Hormuz could increase market volatility and make investors more alert toward risk assets.

Bitcoin Still Has to Clear a Major Level

The broader crypto market is currently valued at around $2.7 trillion. It is up about 0.9% over 24 hours. Meanwhile, Bitcoin dominance remains around 59.3%. 

Best week since March 2023, up 23.6%. And bitcoin is still under the 50 week average at 81,822. Last Sunday I said I wanted a close above that line before calling the trend turned. Not yet. pic.twitter.com/HXozAZszxC

— VirtualBacon (@virtualbacon) August 24, 2026

Bitcoin’s recent rally has been strong. However, analyst VirtualBacon argues that the trend has not been fully confirmed yet. He points to the $81,822 50-week average as the level BTC needs to reclaim on a weekly closing basis before calling the broader trend decisively bullish. Bitcoin is currently trading around $77,030. Its 24-hour trading volume stands at about $33.98 billion. 

Hyperliquid Shorts Add Another Pressure Point

Wintermute has reportedly increased its Hyperliquid short exposure from $146.19 million to $190.77 million, with positions in ETH, BTC, SOL, HYPE and XRP. That creates another potential source of volatility if prices move sharply against those positions.

WINTERMUTE IS DOUBLING DOWN ON SHORTS WHILE MOVING HUGE FUNDS TO BINANCE 🐻

They have deposited millions more into Hyperliquid and increased their short exposure from $146.19M to $190.77M, adding ~$44.58M in shorts since our last update.

Top 5 short positions:

• $ETH: $53.02M… https://t.co/300FjXrgWv pic.twitter.com/Z79o7Fbj76

— Onchain Lens (@OnchainLens) August 23, 2026

Hyperliquid remains one of the market’s strongest performers and recently reached new highs. The project is also gaining attention after Trump backed efforts to make Hyperliquid available legally in the US. Its HyperEVM adds an Ethereum-compatible layer to its derivatives-focused ecosystem. While this is promising, the ecosystem is still waiting for more meaningful on-chain applications.