Market updates

Bitget Hot Takes (March 18 - March 24, 2024) - All About Bitget

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2024-03-26 | 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: All About Bitget / Market Updates

Central Themes

• BGB hit as low as US$60K after reaching the new ATH at US$73K.

• BGB is among those who ended the week with a positive return.

• Bitget Markets: spot volume, average crypto OI and Bitcoin OI declined as a result of the correction.

BGB Is Among Those Who Ended The Week With A Positive Return

After Bitcoin fell to US$60K on Wednesday, the majority crypto but BGB struggled to return their previous price levels. BGB hit the weekly low at US$0.844812 on Tuesday then bounced back at a greater degree to reach US$0.948139 two days later. Over the weekend, BGB was hovering above US$0.90 - let's say it's BGB who paved the way for Bitcoin to climb back to US$66K, US$67K then US$70K on Monday (March 25).

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We can remain bullish at BGB for some more days, since its 7DMA is above its 30DMA, which is supported by growing accumulation trend and the MACD. This might be seen as a potential entry point (NFA) for those who wish to acquire the golden ticket to the Bitget-Verse!

BGB volume decreased by 13.9% last week to a total of US$269 million in the last seven days, hence its liquidity also saw some contractions.

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Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance!

The Latest Bitget News

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Meanwhile, we should definitely use this bullish sentiment to our advantage, too. Bitcoin prices staying around US$60K-70K gives merchants the needed motivation to accept Bitcoin and cryptocurrencies as payments. Why not simplify it with our brand new Bitget Card? All you need to do is to apply for your very own Bitget Card, send some crypto to the linked Bitget funding account and purchase real-world stuff whenever you want with just a swipe! Check out the Bitget Card Introduction to find out more reasons why you've got to own this powerful card!

As a result of cooler price movements, activities across all Bitget markets saw some minor decreases. It's worth noting that the different rates at which the average crypto OI and the average Bitcoin OI changed means Bitcoin dominance on Bitget futures markets once again exceeds 50%.

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Most attention was still directed at memecoins , with most of the biggest top daily gainers belonging to this category: WSG/USDT , BIBO/USDT , SLERF/USDT , IQ50/USDT , PIKA/USDT , DUKO/USDT and TAMA/USDT . Another wonderful new listing we want to highlight is AutoAir AI (AAI) , who recorded a 1,536% gain overnight!