Market updates

Bitget Hot Takes (August 28 - September 03)

Beginner

2023-09-04 | 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 waiting for a breakout.

• U.S. job report shows 187,000 new jobs added, unemployment rate rising to 3.8% and average earnings by 0.2% MoM.

• Despite the SEC’s delayed decision on several spot Bitcoin ETFs, Grayscale’s win over the agency signals the inevitable arrival of spot Bitcoin ETFs in the U.S.

BGB Is Waiting For A Breakout

BGB is one of the least affected by the general disappointment caused by the SEC with regards to spot Bitcoin ETF applications, closing the week with a minor loss of 0.4% compared to BTC and ETH’s 0.6%, BNB’s 0.9% and XRP’s 4.6%. The token actually had a good week with both the weekly high and weekly low increased, the former by 1.5% to US$0.441741 and the latter by 1.4% to US$0.425468, and consequently the volume by 33.1%.

Volatility couldn’t not go up in line with prices, but BGB is still a much less volatile asset considering both the 7D rolling volatility and the standard deviation of the last four weeks’ data. That means it’s one of the safest crypto investments out there; throw in the sustainable growth of Bitget and voilà - you have found the ultimate investment option!

Bitget Hot Takes (August 28 - September 03) image 1

Growing volume led to rising liquidity, and in a good way. While good liquidity for others implies a sell-off, BGB’s resilience sparked a new buying wave, which helped its volume-to-market cap ratio surpass even the mighty Bitcoin, and leave the only exchange token (BNB) way behind.

Bitget Hot Takes (August 28 - September 03) image 2

You can 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

U.S. Job Data Says No Need For Further Rate Hikes

The latest U.S. job data shows an unexpected increase in the unemployment rate to 3.8%, which is the highest seen in the last 18 months, most likely due to the Hollywood strike and the Yellow trucking bankruptcy. On top of that, we have average hourly earnings rising by 0.2% MoM (slowest monthly growth pace since last year) and 4.3% YoY (further down from March 2022’s peak), and the total NFP employment by 187,000, higher than the Dow Jones’ estimate of 170,000 but continues the below-200,000 streak of this summer. In short, these numbers suggest a higher probability (93%) that the FED might not need to raise interest rates again to combat inflation. This optimism helped the general stock market land in green at the end of September’s first trading session, though it’s not enough to compensate for crypto’s losses resulting from the SEC’s delayed decisions on five spot Bitcoin ETFs (Wisdomtree, Invesco Galaxy, Valkyrie, Blackrock, and Bitwise). The upcoming deadlines for a spot Bitcoin ETF are as follows:

The excitement peaked on August 29, when Bitcoin hit its weekly high of US$28,089 and volume was recorded at US$29.4 billion. ProShares Bitcoin Strategy ETF (BITO) saw a surge in trading volume from 5.1 million shares on August 29 to 58.3 million shares one day later, leading to a 5D volume change of 187.9% but a weekly performance of -1.9% following the delayed spot BTC ETFs decisions. Another loser of the week is the 2x Bitcoin Strategy ETF of Volatility with a 5D change of -4.9%.

Bitget Hot Takes (August 28 - September 03) image 4

However, this was still a good week for crypto because the court ruling in favour of Grayscale came in: the SEC has no valid reason for not approving Grayscale’s Bitcoin trust into a spot ETF since October 2021. What does this mean? The approval of a spot Bitcoin ETF in the U.S. is inevitable, and during the meantime, investors can possibly opt for indirect exposure to Bitcoin via mining and MicroStrategy (MSTR) stocks.

The Latest Bitget News

The best daily gainers of the week include AITECH/USDT (initial listing) with a 24H change of +243.7%, PEPECOMMUNITY/USDT (+140.6%), GOMINING/USDT (+136.8%) and TOMO/USDT (+121.7%). We have two two-timers of CYBER/USDT and TROSS/USDT, with TROSS being another initial listing on Bitget Spot Trading.

The upcoming rounds of Bitget Smart Trend will open for subscription tomorrow with the highest expected APR being nearly 130%! And if you don’t want to wait or miss any earning opportunity that comes with the daily news, go check out Bitget Range Sniper where daily subscriptions are available, investment durations are flexible and most important of all, much higher yields are expected with a high guaranteed APR floor!

Bitget Futures Markets saw an increase of 8.8% 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 slightly inched higher by 0.1% on average. Bitget Spot Trading’s volume was up by almost 50%. While the futures numbers reflect the broader market sentiment regarding spot Bitcoin ETFs, spot volume demonstrates the allure of initial listings and other attractive spot options on Bitget.

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!