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Bitget Hot Takes (April 15 - April 21, 2024) - All About Bitget

Intermediate

2024-04-22 | 10m

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 prices remained above US$1.1, spread tightening.

• Bitget Markets: activities subsided as the Bitcoin Halving approached.

BGB Spread Has Tightened

Even as the entire market held their breath, waiting for Bitcoin's leading moves, BGB as a delightful outlier still managed to hang on to the US$1 levels, with the weekly low being US$1.13 - only 6% down from the week's opening. It continued to rally on its own, especially during mid-week when others suffered from some minor bleeding, and closed Sunday with an 8% gain.

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The convergence of MACD lines and a 31% reduction in BGB weekly spread indicate a consolidating market, likely heralding an imminent directional move as equilibrium is reached. This contraction in volatility suggests less speculative trading and might be a precursor to significant price adjustments once new catalysts emerge, for example any breakouts of Bitcoin.

Despite an upward accumulation trend signalling strong buying interest and supporting higher price levels, the RSI nearing 80 points to an overbought condition, hinting at potential pullbacks. However, the reduced market volatility could mitigate immediate downside risks, potentially sustaining current price levels unless triggered by adverse market movements.

BGB volume increased slightly by 3.4%, which helps its liquidity remained above Bitcoin and BNB (and for good reasons a.k.a. accumulation).

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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

We're delighted to bring you the new Bitget PoolX - our pioneering stake-to-mine platform that distributes rewards on an hourly basis, which means better opportunities for token holders to ride the waves! The latest pools include:

• Apu Apustaja (APU): Stake ETH and USDT to mine APU

• Artrade (ATR): Stake BGB and USDT to mine ATR

• Rari (RARI): Stake BGB and USDT to mine RARI

• Nettensor (NAO): Stake BGB and USDT to mine NAO

Then goes the pioneering Bitget Pre-Market, an exceptional platform that permits early trading of new cryptocurrencies before their official listing. This avant-garde over-the-counter (OTC) marketplace empowers investors to engage in direct transactions, setting their own prices and quantities. By facilitating peer-to-peer exchanges, Bitget Pre-Market not only accelerates early adoption but also enhances price discovery. Whether you're looking to buy or sell, this platform ensures a fluid, secure trading experience with pre-frozen funds to guarantee transaction integrity. Step into the forefront of cryptocurrency trends and capitalise on emerging opportunities with unparalleled access through Bitget Pre-Market. Learn more about Bitget Pre-Market here: Introducing Bitget Pre-Market: Your Gateway to Early Coin Trading

What else is in store for the bulls? Zero-fee for all Bitcoin and Ethereum spot transactions for Bitcoin halving and (possibly) the approval of a spot Ether ETF in the U.S. until May 20 and a Visa Card that allows its holders to pay for their real-world purchases with crypto !

With anticipation of a Bitcoin price breakout going hand in hand with uncertainties on a larger scale due to macroeconomic and geopolitical factors, many decided to remain quiet until further trends are confirmed, resulting in less activities across Bitget markets. Of course, in the case of futures markets, a great deal of liquidations must have taken place for those who bet on the immediate impact of the Halving event on Bitcoin.

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Despite some quietness, Bitget New Listings still managed to bring in some cool gainers with a 2x-3x value overnight:

Bitget Hot Takes (April 15 - April 21, 2024) - All About Bitget image 3

Want to know why we offer certain tokens on our dedicated platforms of Bitget Initial Listing, Bitget CandyBomb, Bitget PoolX, and so on? Check out our guides below:

Alephium (ALPH): The Next Generation of Blockchain Innovation

TEH $EPIK DUCK (EPIK): Quack Up Your Portfolio

Build & Govern Your Own NFT Marketplace with Rarible (RARI)

Nervos Network (CKB): The New Layer-1 Blockchain of Decentralization and Flexibility

Merlin Chain (MERL): Unlocking Bitcoin's Potential With ZKP Layer-2

Playbux (PBUX): The Go-to Comprehensive Web3 Entertainment Platform

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

• New user exclusive : 50% rebate for crypto purchases via Credit/Debit cards

• 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!

• 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