Market updates

Bitget Hot Takes (January 15 - January 21, 2024) - All About Bitget

Beginner

2024-01-22 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.

The latest Bitget Hot Takes can be found here.

Central Themes

• BGB is up by 0.6%, while volume is down by 0.7%.

• BTC dropped to hit a weekly low of US$40,297.

• Bitget Markets: average crypto OI is up by 9.2%, Bitcoin OI by 4.2%, spot volume down by 30.9%.

BGB Was Slightly Up

After BGB closed week 2 of 2024 at US$0.59, it returned to US$0.62 around mid-week last week before receding back to the tight range between US$0.59 and US$0.60 again. That means BGB trading range has declined by 35.5% and BGB is re-testing US$0.59 as the new support level. The more tests there are, the less likely BGB prices will fall below this level, i.e. confirmation of minimum value.

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With BGB testing and re-testing the new support level, it seems that investors are also holding their bags really tight, not out of fear but for the sake of 'winning' - after an incredible 2023, we have to agree that BGB is the next blue-chip token as well as the exchange token with the highest potential out there. Even though no sell-off is detected, the level of engagement in spot markets for BGB is still good, around the same as that of BNB. Let's take this as a cue of confidence from the market: Bitget has quickly and sustainably risen in terms of size, scope, and reputation since the start of the bear market.

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The Latest Bitget News

First and Foremost: Bitget Card IS OUT! Bitget has simplified crypto on-ramp for even the noobest of noobs (at zero cost on selected days even), and now it's time to conquer the real world with Bitget Card - a credit card provided by Visa and Bitget! You only need to have some crypto in your Bitget account to enjoy instant ultra-high USD spending limits no matter where you are! Besides, BGB cashback is soon to be added for Bitget Card holders - be the first to get a Bitget Card and earn more on your spending!

Bitget Card Introduction is available here, together with our tutorial on how to apply for your Bitget Card.

Want to learn more about BGB? Check out our BGB White Paper and BGB Intro.

Another big drop on Bitget is the launch of Bitget Spot P2P Market, where anyone can get their hands on all BRC-20 and SPL-20 tokens there are - at minimum costs. Instead of bridging to Ethereum at crazy fees, dealing with high slippage and low liquidity on DEXs or waiting for exchanges to list the trendy ones, you can DYOR and head to our OTC-like spot market to purchase your BRC-20 and SPL-20 tokens directly from other peers. Again, we recommend you to do a proper fundamental analysis and refrain yourself from FOMO buying at any time!

Bitget futures markets continued to take the lead with an increase in the average number of outstanding contracts: crypto OI up by 9.2% and Bitcoin OI up by 4.2%, which is a direct result of the fading hype around spot Bitcoin ETFs and change of focus onto the latest Ethereum upgrade. A time of more speculation means more volatility, hence spot traders must have taken a more cautious approach a.k.a. waiting for clearer trends and news. Correspondingly, Bitget spot volume in the last 7 days experienced a decrease of more than 30%.

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Top daily gainers of the week on Bitget include MANTA/USDT , OORT/USDT , PKEY/USDT , WAGMIGAMES/USDT , AVAV/USDT , IOST/USDT , UPC/USDT , and PONKE/USDT , with the three Bitget Initial Listings achieving the highest 24-hour gains. It's always important to make sure you do not miss first-mover advantages for any poised-for-success tokens, therefore we provide the most comprehensible token intros in a timely manner as follows:

Manta Network (MANTA): Building Web3 with A Dual Blockchain Approach

Avascriptions (AVAV): Powering the ASC-20 Ecosystem

UPCX (UPC): Building the Financial Ecosystem of Tomorrow with Scalability and Security

Pocket Network (POKT): Unleashing the Power of DePIN

Islamic Coin (ISLM): Decentralizing Finance with Ethics and Innovation

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New users are so very welcome to invest wisely in crypto by minimising costs. Time the market and make 0-fee crypto purchases on Wednesday and the weekend as Credit/Debit card owners! It's not just limited to newbies, experts can deliberately join, too! Don't forget to check out the great Bitget Reward Center for 5,027 USDT in welcome bonus and take our limited-time offer for 50% rebate on crypto purchases. Hurry up, 1,200,000 USDT in rewards is being distributed on a first-come, first-serve basis until JANUARY 31 ONLY!

Looking for extra earning options on Bitget? Check this out:

• Bitget Savings : New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! The newly added options are AIMX , ZKF , ELA , OORT , and MANTA with up to 50% APR, DUSD with up to 40% APR and OX , $AI , FNSA , XAI , DOME , POKT , and AVAV with up to 30% APR. Enjoy the Savings Boosts before they are sold out!