Market updates

Bitget Hot Takes (December 04 - December 10)

Beginner

2023-12-11 | 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 breached US$44,000; the SEC reported to continue to work on spot Bitcoin ETF filings.

• Société Général listed its own Euro-backed stablecoin on Bitstamp for the settlement of tokenised bonds and private clients’ getting on-ramp.

• Sotheby’s to auction the first Bitcoin ordinals.

BGB Recovers From The Weekend’s Low

BGB prices almost didn’t sway at all last week, but turned red during weekend hours. This week’s low is still slightly above US$0.50 , and BGB closed the week at US$0.505829 - already somewhat recovered from the weekly low.

Bitget Hot Takes (December 04 - December 10) image 0

The 4-week volatility of BGB is going down, meaning the recent downward trend has slowed down and we are not complaining.

Bitget Hot Takes (December 04 - December 10) image 1

Indicators suggest a distribution trend since the beginning of the month so the RSI (4H) has been swaying below 50 and briefly hit 30 last week. Once we see enough selling pressure to push the RSI below 30 or even 25, a bounceback will sure follow.

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Despite all the not-necessarily-good movements over the last weeks, BGB is still the rare token that constantly achieved new record highs in 2023, with the summary of BGB’s wonderful journey 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 Breached US$44,000

With (mostly) positive news and reports about the SEC’s taking spot Bitcoin ETF filings seriously and engaging in discussions with issuers, Bitcoin rose to as high as US$44,706 on Friday (December 08) and remained above US$43,500 over the weekend. The 279-year-old Sotheby’s announcing the auction of the first Bitcoin ordinal collection last week might also have very well contributed to the joyous green across markets and the still-high Fear Greed Index .

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However, it’s worth noting that we’re not off to a great start into the new week. Longs got rekt hard in the first 4 hours of Monday (December 11, 2023) at US$297.10 million or more than 90% of the total liquidation value of the time frame from 0:30 - 4:30 AM (UTC).

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Captured at 4:30 AM (UTC) on December 11, 2023 on Coinglass .

You can find the (still) green cryptocurrencies on Bitget here:

• BTC: Spot /Futures

• ETH: Spot /Futures

• BIGTIME: Spot /Futures

• IMX: Spot /Futures

• ATOM: Spot /Futures

• JTO: Spot /Futures

• ORDI: Spot /Futures

• ADA: Spot /Futures

• USTC: Spot

• BONK: Spot

The Latest Bitget News

We had one Bitget Initial Listing last week (JTO ) and THREE ongoing events on Bitget CandyBomb : L7 DEX (LSD7) with 1 more day, GameSwift (GSWIFT) 2 more days and Inspect (INSP) 3 more days to join!

The festive season is here, let’s celebrate with cheers! You’ll be bedazzled by the brilliance of our Xmas and New Year events where you can win:

• limited NFT giveaways: Bitget Xmas New Year Crypto Market

• $120 in bonus: Deck The Halls With Festive Rewards

• hot coins/tokens: Spin The Wheel To Get Your Christmas Gifts

• a mystery box of US$50,000 in ETH, BGB, USDT, TIA, T2T2, GAS: Deposit2Win

Welcome to Bitget, beloved new users! First things first, go check out your Bitget Rewards Center to claim your welcome package of up to 5,027 USDT before diving in the following new user-exclusive events:

Get 50 USDT when you join Bitget

Up to 66% APR in Savings - Exclusive for new users in December

Looking for extra earning options on Bitget? Check this out:

• Exclusive for Institutional Investors: Deposit EUR to enjoy a 30-day VIP pass !• 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 INSP with up to 15% APR, ZKS , MYRO , 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! Exclusive pools for new users as well!

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

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

• Win hot tokens for FREE: Everyone gets their share of Bitget’s Christmas gifts

• Also for the festive season: Deposit $100 and get a $120 bonus !

• Buy new tokens with 0 fee: We introduce a new token every week, and you can buy it with your Credit/Debit card at no processing costs for seven days! Added to the program this week is UNI - don’t let this opportunity pass by!

• Saving is Earning: Cut down the processing costs 100% with the Bitget Zero-Fee Program - activated every Wednesday and every weekend for Bitget users who own a Credit/Debit card!

Bitget Spot Trading ’s volume jumped by 37%, followed by Bitget Futures Markets ’s average crypto OI (+17.8%), average Bitcoin OI (+21.5%) in the last 7 days, meaning Bitcoin dominance on our futures market is still up, now very close to the 50% level.