Market updates

Bitget Hot Takes (November 28 - December 04)

Beginner

2022-12-05 | 5m

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

Bitget Hot Takes last week can be found here.

Central Themes

• BGB value remained unchanged; other exchange tokens suffered losses.

• NFT continued to expand its significance.

• BlockFi filed for Chapter 11 Bankruptcy; FTX-backed Serum is now ‘defunct’.

• More exchanges announced job cuts.

• Hacker syphoned US$20 million out of Ankr and Helio.

• Bitget Reserve Certificate is live.

BGB Definitely The Top Exchange Token

All exchange tokens saw some losses this week, with the heaviest ones belonging to BNB holders (-6.5%) and KCS holders (-6.92%). Bitget value remained almost the same with a change of (-0.67%), followed by a 2.48% increase in volume. That is thanks to the recent Bitget Launchpools, which offer up to 20% APY and have therefore attracted a total of 220.5 million in staked BGB after 12 rounds. Besides Bitget Launchpool, there are other earning opportunities that come with holding BGB, thereby demand for BGB is constantly created and renewed.

Bitget Hot Takes (November 28 - December 04) image 0

For BGB’s price movements in the last few months, check out our BGB Sail series here:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Across The Market

Bitcoin saw the highest level since the last two weeks at US$17,347.94 on Sunday midnight, mostly because of hopes for a ‘moderating pace of rate increases’ implied by FED’s Chair Jerome Powell in his speech on November 30, 2022. However, the price still took a hit by Powell’s remark that ‘inflation is still far too high’ and especially by the U.S. job figures release, which came in at 263,000 compared to the estimated 200,000.

Bitget Hot Takes (November 28 - December 04) image 1

Source: TradingView

NFT expansion is unstoppable

The NFT space is a gold mine for commercial brands due to its appealing uniqueness. First Tiffany Co., now Timex. The American manufacturer of NASA-certified space watches, Timex, will create 500 watches, together with their digital twins, exclusively for holders of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Meanwhile, Sotheby’s continued to expand its NFT auction activities, with the latest collection available for sale being Pudgy Penguin's 'Snowed In'. 10 NFT pieces from this collection were sold for US$129,000. And on Saturday (November 03, 2022) only, nearly 255,000 Reddit Collectible Avatars were minted (according to Dune Analytics) - the all-time high record for the number of Reddit digital collectibles minted in one single day.

In addition, the online payment processing giant Stripe has announced their partnership with Audius, Magic Eden and Argent, thus providing onramp services to Web3 and NFT purchases.

Appraisal season: more job cuts, more struggling

With a prolonged bear market, exchanges and other tech companies are re-evaluating their operations and finalising decisions for the months ahead. Line-owned crypto exchange Bitfront released a notice on November 28, 2022 about their shut-down process, which began immediately with the suspension of new account registrations. Customer withdrawals will be open until March 31, 2023 at 5:00 UTC and afterwards, customers will be able to claim their assets in each of their states (for U.S. customers) and in Delaware (for global users).

Kraken, Bybit and Bitso all cut down more on their workforce, with 1,100 layoffs from Kraken only. For Bybit and Bitso, this is a fresh round of layoffs after June, but the numbers are not specified.

According to a report by the Financial Times, Genesis Global Capital owes US$900 million to Winklevoss brothers’ Gemini. The Digital Currency Group (DCG), the owner of Genesis and Grayscale, currently owes US$575 million to Genesis’ lending arm. Genesis has been seeking a US$1 billion emergency loan from investors, but the amount seems to have been reduced to roughly US$500 million.

IN-flows

In the latest funding rounds, a total of US$97 million has been raised for DeFi and Web3 solution providers as follows:
• Staking platform Kiln: US$17 million

• Crypto market maker Keyrock: US$72 million

• Web3 profile information hub Catapult: US$5 million

• Web3 software solution Daylight: US$3 million

Animoca, investors of multiple NFT Metaverse startups, is planning the Animoca Capital - a US$2 billion fund waiting to make its first investment in 2023.

The Latest Bitget News

Bitget Reserve Certificate is now live! You can access the reserve data of Bitget as a whole here and learn how to check your personal Merkle Tree by following the guide at the end of the page.

Bitget KCGI’s Top 16 has been announced, with the immediate prize of 1 BTC to be shared! CIS, Europe and Turkey are the devisions of our Top 3 - good job you guys!

Bitget Hot Takes (November 28 - December 04) image 2

Don’t forget to watch the games with Lionel Messi and show us your prediction to share ONE MILLION BGB!

New for us, new for you: Bitget Insights is officially launched! Bitget Insights is a feature that allows high-quality traders to share their professional opinions publicly to not only help their fellow traders but also earn more followers on Bitget Copy Trade. For a limited time, Bitget Insights is open for all users - the best will secure the right to permanent publishing and access to juicy rewards!

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