Market updates

Bitget Hot Takes (August 14 - August 20)

Beginner

2023-08-21 | 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

• Markets plunged in fear of stubborn inflation.

• Stablecoins and crypto ETFs are the key components to navigate institutional adoption.

• Tether ended support for USDT on Bitcoin, Kusama and Bitcoin Cash blockchains.

• Bitget’s KCGI 2023 is open for the first round of registration, calling for the genius spot traders.

BGB Is Standing Strong Against Fear

Whilst the latest U.S. inflation data didn’t trigger a clear reaction in crypto prices, concerns of FED officials over the ‘unacceptably high’ inflation did the trick. BTC prices dropped to as low as US$25,409 following the news, which equals to a 13.2% decline from the week’s opening. There have been some recoveries but they weren’t enough to offset the heavy losses; red was seen across all markets with Bitcoin value decreased by 11.2% WoW, Ethereum by 9.7%, BNB by 9.6% and XRP by 17.1%. BGB, however, shows the highest level of resilience, losing only 7.4% of its value.

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This situation of course resulted in a higher volatility for all of the above-mentioned coins. The bigger the move, the higher the volatility. XRP was the one to wobble the most due to the additional pressure from the SEC’s attempt to appeal the court ruling last month. As the weekly updated chart shows, BGB remains the most stable out of the five in general, showing it has the intrinsic power to withstand the external influences.

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Normally, a price reduction spotted with an increase in volume can be considered a sign of investors selling off the assets. Here BGB slightly went down (-3.1%), meaning investors see the long-term potential of the token and decided not to sell regardless of the general market sentiment. In addition, BGB continued to have a real good liquidity ratio of 0.02 steadily over the last four weeks.

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You can find a summary of all the perks and events exclusive for BGB holders last week here:

… and check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

On a side note, recent data shows that BGB has become, once again, the exchange token with the highest potential. The disproportionate growth between BGB value and Bitget makes room for BGB to soar higher - are you ready?

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Stablecoins And Crypto ETFs Are The Key Components To Navigate Institutional Adoption

Institutions have been wanting a slice of the cake that is crypto. Even the former U.S. President Donald Trump is about to get the ‘Ethereum whale’ title with his US$2.8 million ETH holdings. We’ve seen PayPal starting to offer crypto staples as well as stablecoin to its 435 million users, BlackRock filing for a spot Bitcoin ETF and the SEC approving the first leveraged Bitcoin ETF.

Although the U.S. is now trying to remain competitive, regulation-wise, when it comes to stablecoins, their Asian peers have outpaced them as Hong Kong plans to introduce the new stablecoin regulatory regime in 2024 and Singapore finalises their stablecoin regulatory framework on August 15.

Regarding the crypto ETF landscape, Valkyrie is the latest to file for an Ethereum Strategy ETF with the SEC, bringing the total number of Ethereum ETF applications to at least 12. If the SEC decides to move on with these applications, we will see the first listing as soon as October 12. Whereas it’s likely that the SEC will greenlight these Ethereum futures ETFs, the agency delays the approval of Cathie Wood’s ARK 21Shares Bitcoin ETF, which means we will all have to wait until January 2024 to know their decision on spot Bitcoin ETFs. Meanwhile, Canada already approved the world’s first Bitcoin spot ETF in February 2021, followed by Brazil in June of the same year, and Europe with the Jacobi FT Wilshire Bitcoin ETF (BCOIN) on Euronext Amsterdam on August 15, 2023.

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As for the current options, institutions who don’t have direct exposure to Bitcoin can choose to invest in Bitcoin futures ETFs and/or Bitcoin mining stocks. Bitcoin shedding over 10% brought the global market cap down by 9.1%, Bitcoin mining stocks (average) by 22.6% and long Bitcoin ETFs by 8.9%. Big sell-offs were detected across markets as the broader sentiment has turned cautious about the next rate hikes.

That, though, didn’t stop crypto investors from earning big. Sei, the trading-focused blockchain, went live on August 15 and saw their native token value soar following the launch. On Bitget, the 24-hour price increase of SEI was recorded at a magnificent 2,650% from the opening of US$0.008 to US$0.22 at the end of the day. And the new memecoin rally acknowledges HarryPotterObamaSonic10Inu (BITCOIN) as the leader; the token has climbed to the 6th place on CoinGecko’s list of top memecoins by market cap.

The Latest Bitget News

The famous Bitget’s KCGI for 2023 has begun with the Spot Trading registration! Make a team of at least five trading superheroes to receive 100 BGB or be the lone wolf and secure up to 50 BGB! Rewards are limited on a first come, first serve basis - don’t let this opportunity pass by!

More on Bitget’s 2023 KCGI can be found here: Bitget KCGI 2023: Unleashing the World's Trading Titans

Bitget has recently undergone the new rebranding initiative that demonstrates our dedication in equipping individuals with innovative products as well as sophisticated tools for an efficient financial future. Both our focus on users and our commitment of providing a safe, smart and productive trading environment remain the same.

KaratDAO (KAT) will be the next initial listing on Bitget Spot Trading on August 22, 2023 at 9:00 AM (UTC). Apart from SEI with the awesome daily gain, we also recorded some phenomenal daily gainers including CYBER/USDT (+393%), HUB/USDT (+204.9%), BAD/USDT (+141.8%), KOK/USDT (+131.3%) and SOLANA/USDT (+106.7%).

New options for Bitget Earn: Want to join the BGB holder squad without having to find a good entry for BGB? Subscribe to LTC, EGLD, BONE, TAO, or ORDI Savings products to earn BGB! FTN Savings vault still has some slots left - subscribe to get 120% APR or if you want to stick with SEI, go check out SEI Flexible Savings with 4.2% APR. For those who want to dive in the world of investments, we have increased the guaranteed floor APR for Bitget Smart Trend to 4.5% and to 7% for Bitget Shark Fin! Don’t forget to check out the latest upgrade of Bitget Dual Investment is even higher APR (over 200%), daily subscriptions and VIP exclusives!

Bitget Futures Markets saw a decrease of 9.0% for the average crypto OI and 8.9% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has risen slightly by 1.7% on average.

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!