Market updates

Bitget Hot Takes (October 23 - October 29)

Beginner

2023-10-30 | 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 is back above US$0.44, scoring a 10% weekly gain in line with the market’s comeback.

• Bitcoin hit the year’s high at US$35,150.

BGB Back Above US$0.44

BGB ended the week on a good note with an increase of 10%, second to Bitcoin (+13.9%) only. Accumulation is back to early October’s levels, and RSI is approaching February’s highs, when BGB achieved its wonderful all-time high at the time.

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What did we talk about in last week’s issue? We were waiting for BGB volatility to pick up, cuz it would equal exactly the rise we are seeing. Too high like XRP and it’ll send us on an emotional rollercoaster, too low implies a slow death; some spices are needed after a few weeks of red, but of course we’ll love to see this measure returns to its consistent level now that BGB turned positive.

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BGB volume rose proportionally with the token’s upward momentum at 12.5% to US$127.9 million and has the tendency to exceed that of Bitcoin again soon at the healthy 0.03 mark.

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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. Afterwards, go check out our BGB Sail Series to see how good BGB is as a long-term investment:

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

Something Good Besides Spot Bitcoin ETFs

We get it: Spot Bitcoin ETFs are in the spotlight, and for legitimate reasons. If you’re not familiar with the subject, we suggest reading our guides to crypto ETFs here:
What is a Crypto ETF? Your Comprehensive Guide to Crypto ETF

Why are BlackRock and Fidelity’s Bitcoin ETFs Significant to the Crypto Market?

Anticipation of Bitcoin ETF Approval Sparks Optimism and Fuels Price Surge

They’ve brought us the good hopium that pushed Bitcoin prices to its yearly high of US$35,150 and flipped the Fear Greed Index to the right side at 63/100. Shorts got rekt; green covered crypto ETFs and crypto stocks.

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But there are other things to celebrate as well. TradFi don’t necessarily wait for a spot Bitcoin ETF to adopt crypto; they have already embraced this inevitable digital revolution. Chainalysis’ latest report says that ‘North America’s 76.9% of transaction volume is driven by transfers of $1 million or more’ and most importantly, activities take place on DeFi protocols and CEXs ‘evenly’. Three things to be taken from this piece of news are (1) DeFi is poised to grow, (2) institutional adoption is already happening, especially in the U.S., and (3) because institutional demand is huge, we can have even more faith in the approval of one, if not several, spot Bitcoin ETFs.

Also proving that crypto will definitely become the ‘new norm’ is how on-chain trades and settlements are being tested and executed more ‘casually’: from PetroChina’s first international crude oil trade of one million barrels, Deutsche Bank and Standard Charter’s SC Ventures completing the first stablecoin swaps to test out the SWIFT Killer network UDPN to World Bank being the first issuer of the Brussels-based securities settlement house Euroclear’s newly launched digital securities issuance service. Apparently, banks and settlement houses are getting more comfortable with the digital space, which should further accelerate the crypto adoption on a large scale.

Last but not least, SBF finally took the stand. We will deliver this week’s recap ASAP, and in the meanwhile, check out the previous pieces of information available in the previous parts of the proceedings:

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

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

The Latest Bitget News

BarbieCrashBandicootRFK88 (SOLANA) was the memecoin of the week on Bitget as it made it to the Top 3 daily gainers three times with a 24-hour gain of 184.6%, 123.2% and 116.9%, respectively. The week also marked the return of Bitget’s specialty - Initial Listing - with five events announced for NERD with a 141.6% increase overnight, OFN at +149.3%, SPURS, BEAM at + 147.2% and TOKEN at a staggering +10,165.2%. The next one? Today, October 30, 2023 at 11:00 AM (UTC) with CYCON!

Bitget Spot Trading’s volume went up by 66.4%, naturally because of the market’s anticipation on a new bullish cycle. 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 an expansion of 3.8%, average Bitcoin OI is however down by 1.2% in the last 7 days, meaning Bitcoin dominance on the futures market decreased by 4.8% to land at only 52%.

Exclusively designed for Credit/Debit card holders are Bitget’s Zero-Fee Program, which is activated every Wednesday and every weekend. Our latest new listing NERD is also added to this program, but for limited time only! Details are available here: Buy NERD using credit/debit card with zero fees

Our perks for crypto lovers also include:

• Up to 50% cashback for your first crypto purchases via Credit/Debit card or bank deposit: Share the 10,000 USDT weekly prize pool until the last day of October!

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

• Bitget’s Halloween mystery revealed: Five days left to grab your treats of Bitcoin - the flagship cryptocurrency that has just hit its yearly high!

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!