Market updates

Bitget Hot Takes (October 30 - November 05)

Beginner

2023-11-06 | 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

• BGB rose to as high as US$0.48; last week’s high is this week’s low.

• FED decision: interest rates unchanged; U.S. job report shows numbers lower than forecasted.

• SBF convicted on all seven criminal charges.

BGB: Last Week’s High Is This Week’s Low

BGB ended this week with a 3.2% profit, although the actual number should definitely be higher. The token’s high of the previous week (October 23 - 29) is US$0.464878 and US$0.495611 for this week, whereas the respective weekly lows are US$0.421107 and US$0.462193. So you can see that last week’s high is indeed this week’s low, and the weekly low has made a jump of nearly 10% following the broader market rally.

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BGB volatility seems to plateau after prices reversed the trend last week from red to green, and it’s justified that we’re happy with this slowdown.

Bitget Hot Takes (October 30 - November 05) image 1

On a side note, BGB volume as well as liquidity remain at really good levels. Because our volume-to-market cap chart shows the 7-day moving average volume, meaning each day’s number is the average of the last seven days’, a dip in liquidity as seen for BTC, ETH, and XRP means that their volume experienced some significant declines towards the end of the week.

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If you are new, hi there, BGB is the native token of Bitget. It’s currently one of the most searched for tokens on CoinGecko, and we invite you to learn about the perks that come with BGB to see why this wonderful token is so loved. BGB has hit its all-time high this year in June at US$0.513378 (and US$0.495611 as of last week) from a mere opening price of US$0.181712 on January 01, 2023. We have good reasons to retain our faith in its incredible performance:

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

No Rate Hike; SBF Convicted

Two pieces of good news to begin with: the FED decided to not change the interest rates in their latest meeting from October 31 to November 01 and the release of the U.S. job report on November 03.

Whilst there is still the possibility that the FED will announce another rate hike in December, data is illustrating how market-crunching this series of rate hikes is, now for the labour market. After several months of ‘everything’s alrite, we still doing well’, the unemployment rate in the U.S. rose to 3.9% in October - highest since January 2022. The number of jobs added in October is only 150,000, the lowest since January 2022 and lower than economists’ prediction of 170,000. As a result, stock markets locked in the best week of 2023 so far, including crypto stocks.

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The talk of the town this week, however, is the SBF trial. Below are our recaps of each week:

The First Two Weeks of FTX Trial: Friends to Foes, Secrets Exposed

What Happened During The Third Week of the Sam Bankman-Fried Trial

And now the verdict’s in. Guilty on all charges of fraud, conspiracy and money laundering, the fallen crypto mogul is facing up to 115 years in prison, but SBF has returned to prison - for now - and is waiting for a potential trial in March 2024, where he has the chance to reduce his sentence should he pled guilty. Funny, though, that very same prison has just welcomed another crypto criminal: Avraham Eisenberg, the fraudster behind Mango Markets’ US$116 million exploit back in June. His trial has been moved to March/April next year instead of December 04.

The Latest Bitget News

Two Bitget’s initial listings that went live last week are Memecoin (MEMECOIN) and Celestia (TIA), with the former’s prices multiplying by 24 times overnight and the latter achieving a 52.8% gain within 24 hours. These two are immediately added to our Bitget’s Zero-Fee Program, which is exclusively designed for Credit/Debit card holders. Check out the timeline and perks here:

Buy MEMECOIN using credit/debit card with zero fees

Buy TIA using credit/debit card with zero fees

Bitget Spot Trading’s volume went down by 5.7%. If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget! Bitget Futures Markets’s average crypto OI saw a further expansion of 12.2%, average Bitcoin OI by 8.3% in the last 7 days, meaning Bitcoin dominance on the futures market decreased by another 3.1% to land at only 50.5%.

Some notable perks for crypto lovers include:

• Zero-fee crypto purchasing days for Bitget users who own a Credit/Debit card: The Bitget’s Zero-Fee Program is activated every Wednesday and every weekend!

• New user exlusive: Buy crypto and get up to 50% rebate!

• Spin and Raffle to share 200,000 USDT: The promotion will end on November 19, make sure to join before it’s too late!

• For spot margin traders: Exclusive 30,000 USDT, airdrops and coupons are waiting for you!

• Exclusive for new bot traders: 60,000 USDT prize pool for November plus loss protection on your first trade!

Don’t miss out the opportunity to grow your holdings with Bitget Earn! Bitget Dual Investment now supports 8 new coins including MATIC, AVAX, LINK, TRB, BNB, ZRX, MKR, and STORJ, and Monday-Friday as the new subscription periods is introduced for Bitget Snowball and Bitget Smart Trend! Want to take it simply? Join us on the Bitget Wealthy Tuesday every week and earn up to 10% APR!

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!