Bitget Hot Takes (July 11 - July 17)

As your most credible source of crypto news and knowledge, Bitget Academy is proud to release Bitget Hot Takes - our weekly newsletter series, the 360-degree onboarding guide for all crypto enthusiasts.

Central Themes

• BGB ended the week slightly better than Bitcoin, but shows the lowest volatility in the exchange token category.

• Ethereum is leading the pack as The Merge draws near.

• Celsius filed for Chapter 11 Bankruptcy.

• New crypto projects have raised more than US$400 million in the last 7 days.

BGB Had The Lowest Volatility In Exchange Tokens

Ethereum has breached the US$1,300 mark last week as The Merge approaches, which results in positive 7-day returns. BTC holders have experienced a 1.84% loss compared to BGB holders’ 1.64%. At the beginning of the week, BGB locked in a loss of only 0.6%, which was 0.2% less than BTC and ETH.

BGB has been a resilient performer in the category of exchange tokens. The previous weeks proved to be fairly profitable for BGB holders, and they can still count on BGB as the exchange token with the lowest level of volatility.

Want more mid-term reports on BGB? Check out our BGB Report for May and June 2022. Bitget is still buzzing with trading activities; the daily volume for futures contracts reached its peak for the week at US$185 billion on the 14th of July.

Bitcoin Holding Onto US$20,000

Bitcoin has been struggling to stay above US$20,00 for the last few weeks. The price action did stir concern among investors; many have decided to swap their BTC into USDT for safety. The increase in BTC spot volume was recorded at 6.67 million BTC for June (+24.3%).

However, don’t forget its correlation with the U.S. Dollar is constantly declining as well, now at almost -25%. Amid fears of hyperinflation and recession, Bitcoin could once again become the hedge against inflation.

Source: Kaiko Analytics

Another positive signal for the flagship cryptocurrency is the newly announced partnership between Hyosung America, the largest ATM manufacturer in the U.S. and the Bitcoin POS provider DigitalMint. The plan is to help DigitalMint users purchase Bitcoin more conveniently, at more than 175,000 ATMs in the U.S.

So far, not so bad.

Other Sectors

The great rush may not be over for NFTs, while the stablecoin market has witnessed drastic changes in terms of market share.

Solana-based NFTs, GameStop, and US$124 million in investments

Solana (SOL) price has been moving aggressively, with its daily volume remaining over US$500 million for the whole week. The still-booming NFT ecosystem on this blockchain is undeniably one of the biggest contributors to the rapid price movement of SOL:

- Magic Eden, which has several times topped OpenSea in daily trading volume, has launched its investment arm to back Web3 gaming startups.

- The P2E soccer game MonkeyLeague successfully acquired US$24 million for its Series A funding round. The project raised US$4.4 million in token sales last year.

- The original M2E game StepN has earned US$122.5 million in Q2 revenues and decided to allocate 5% of the earnings to buy back GMT, its in-game token.

- Solana Ventures continues to push the NFT growth by backing the Montreal-based indie gaming studio Bravo Ready in its US$3 million seed round.

Investment inflows into the NFT sector is not limited to projects built on Solana:

- Game software company Animoca Brands raised US$75 million after securing US$65 million in October 2021 and US$360 million in January.

- Paradigm led the US$16 million Series A round for Hang, a NFT-powered platform for membership and loyalty rewards. Among Hang’s clients are Budweiser, Pinkberry and Superfly.

- Supermojo secured US$6 million in seed funding. Supermojo is a NFT financing platform intended to build the ‘buy now pay later’ model.

GameStop has released the public beta version of its long-awaited NFT marketplace at https://nft.gamestop.com/. This is the latest move by the video retailer to promote growth after years of financial struggle. Corporates are not the only ones to explore NFT’s buzzy area; Shanghai City Government has released a policy paper presenting the plan to ‘cultivate’ a US$52 billion Metaverse industry by 2025. The High Court of England and Wales is another authority to adapt blockchain technology by allowing legal documents to be served through NFTs.

Despite these bustling activities, employees of the No.1 NFT Marketplace OpenSea are feeling the winter’s chill. 20% of its staff were let go on July 14 as announced by OpenSea’s CEO and Co-founder. Meanwhile, Binance confirmed that the exchange is no longer Sky Mavis’ lead investor and the reimbursement process for victims of the Ronin hack should take place ‘without significant investment from Binance’.

USDT’s dominance fell below 50%

Data from Glassnode shows tha t USDT’s dominance in the stablecoin market has decreased by 43.1% since July 2020, paving the way for USDC (+320%), BUSD (+650%) and DAI (+290%). Please note that these figures are calculated over a two-year timeframe.

Source: Glassnode

Tether’s largest rival, Circle, released its first monthly report on July 14, disclosing detailed reserve composition for USDC. The report can be found here.

The Latest Bitget News

Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events:

New Listings

IP3USDT

AAVEUSDC
APEUSDC

WWYUSDT

New Events

1,000 WWY For Grab

7,00 USDSP As Prizes

Good Reads

What does blue-chip cryptos mean?

What Is Interoperability?

What is HODL?

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