Market updates

Bitget Hot Takes (November 20 - November 26)

Beginner

2023-11-27 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• Bitcoin to US$38,000 and Happy Thanksgiving to our beloved Bitget users!

• Binance settled with DoJ, FinCEN, OFAC, and CFTC; CZ stepped down.

• Mt. Gox repayment to start in 2023 and continue into 2024.

• Sam Altman rehired by OpenAI.

BGB Still Well Above US$0.50

BGB did pretty well this week, seeing a 3.7% increase over the last seven days. While the global market somewhat suffered from the U.S. Department of Justice’s charges against Binance, BGB remained indifferent and consistently went up to hit as high as US$0.560936 on November 25, 2023.

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As changes are still of the upward momentum and less significant, BGB volatility declined sharply. The other exchange token observed here, BNB, experienced increasing volatility due to the news; Bitcoin, Ethereum and XRP are kinda hanging on price levels after Bitcoin reached US$38,000, thus less volatile.

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It’s good to see BGB stay unflinching in terms of price, but the doomed sense of the market did affect its volume, and consequently its liquidity. The Accum/Dist line shows that demand for BGB must have reached a local low between November 19 and 23 and is now picking up.

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The summary of BGB’s wonderful journey is presented here: BGB Achieving New ATH In November (available in your languages). If you want to learn more about the perks that come with BGB, feel free to check out this guide.

We also provide weekly analyses of BGB in our Bitget Hot Takes Series and on a monthly basis with the BGB Sail Series:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

Bitcoin Back To US$38,000

Apart from the short-lived FUD created by the Binance story, which can be found in detail here, this is a rather quiet week - until Bitcoin soared to US$38,000 on early Thanksgiving day. It feels like ages since we last saw Bitcoin at this price, but actually it’s just one year ago: May 2022 before the Terra (LUNA) crash. Talk about the notorious cryptocurrency, now named LUNC, is making its comeback thanks to the community efforts to revive the blockchain. It is still well in the list of Top 100 largest cryptocurrencies by market cap (#77 as of November 27, 2023); prices are already up by 22% from the beginning of the month. On Bitget, USTC was seen in the Top Daily Gainers with a 24-hour increase of 157.9% to end November 26 at US$0.040438.

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Bitcoin dominance is currently 49.3% (at the closing of November 26, 2023), hence any changes in BTC prices still affect the general market greatly, this time for the better. However, note that this is the second consecutive week that the Fear Greed Index lands at lower levels; BTC prices are lingering around US$37,000 and accumulation is on the rise in hope of a ‘BTC ETF lurking around the corner’.

The Latest Bitget News

New listings alert: Holdstation (HOLD) as a new Bitget Initial Listing, and Myro (MYRO) as a new listing on Bitget Innovation Zone. We don’t really think you need to be reminded about the wonderful opportunities that come with a Bitget Initial Listing, but new listings oftentimes perform pretty well, too.

Bitget Hot Takes (November 20 - November 26) image 4

We had three new Bitget Initial Listings last week, which were Vertex (VRTX), D3D Social (D3D) and Plexus (PLX) - all made it to our Top Daily Gainers list! We also witness the rise of one OG Bitget Initial Listing - Degis (DEG) - with two consecutive days of going up as shown in the summary table. If you wish to learn more about these projects and why they were able to achieve awesome gains, check out our guide here:

Discover Degis (DEG) on Bitget's CandyBomb: Crypto Insurance and Risk Management Made Simple

Vertex (VRTX): The Exchange That Combines the Best of DEX and CEX

D3D Social (D3D): The Future of Decentralized Social Networks

Plexus (PLX): Simplifying Cross-Chain Transactions

Pyth Network (PYTH): A Game-Changer in DeFi Oracles

Chappyz (CHAPZ): Leveraging AI to Foster Authentic Communities in Web3

Don’t forget that our spot listings always come with a bunch of real good deals:
• 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 D3D, PLX and CRE with up to 30% APR and SKL with up to 160% APR! Enjoy the Savings Boosts before they are sold out!

• Bitget Launchpool: Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work!

Want some extra juicy deals?

• Check out Bitget Zero-Fee Program: activated every Wednesday and every weekend for Bitget users who own a Credit/Debit card!

• Join Deposit2Win: A mystery box of US$50,000 in ETH, BGB, USDT, TIA, T2T2, GAS is waiting to be opened by YOU

• Exclusive for Institutional Investors: Deposit EUR to enjoy a 30-day VIP pass!

• Bitget Snowball and Bitget Smart Trend: New subscription period begins every Monday!

• Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday

Bitget Spot Trading’s volume decreased by half as a result of turbulences, Bitget Futures Markets’s average crypto OI decreased by 5.7%, average Bitcoin OI by 1.8% in the last 7 days, meaning Bitcoin dominance on our futures market is up for the first time since October 2023 but is still below 50% at 47.7%.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!