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Bitget Hot Takes (September 26 - October 02)

Bitget Hot Takes (September 26 - October 02)

Beginner
2022-10-03 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

Bitget Hot Takes last week can be found here.

Central Themes

• The U.S. Federal Reserve (FED) will have an emergency meeting today October 3, 2022.

• Bitcoin had an all-red weekend again, closing at US$19,051.64.

• BGB recorded the highest single-day return compared to BTC and ETH.

• The British Pound Sterling (GBP) fell to its lowest level in the last 50 years.

• BlackRock launches a blockchain/crypto ETF in Europe and will soon launch a Metaverse-focused ETF in the U.S.

BGB Recorded The Highest Single-Day Return

BGB value remains roughly the same over the last 7-day period, ending the week with a cumulative return of 0.9990%, lagging behind Bitcoin’s 1.0198% but still showing better resistance than Ethereum (0.9948%).

Bitget Hot Takes (September 26 - October 02) image 0

Noteworthy is, BGB has recorded the highest single-day return out of the three at 4.5% (September 26), while the number shows only 2.2% for BTC and 3.2% for ETH.

BGB has successfully demonstrated its ability to thrive when the sentiment is extremely bearish and still able to keep up with the market in the upward cycle. That alone is a decent reason to hold BGB as a hedge for your wealth. Unconvinced? Below are our BGB reports for the last months:

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Cash Is Still King?

We are living in interesting times. The rise of the US-Dollar amid the plummeting of several fiat currencies makes the others look like ‘shitcoins’ - a comparison made by the Twitter community. All jokes aside, unprecedented DXY levels are hurting other countries, especially top import countries like Japan, and even American export businesses as well because they’ll have to compete fiercely with cheaper local alternatives.

Bitget Hot Takes (September 26 - October 02) image 1

Source: TradingView

The British Pound Sterling (GBP) has been spiralling down to its 50-year low on September 28, which led to U.K’s pension funds getting margin called and the Bank of England’s coming in for the rescue with a long-dated gilt purchase plan of up to £5 billion (about US$5.6 billion).

Bitget Hot Takes (September 26 - October 02) image 2

Source: Bloomberg Finance

Meanwhile, the Euro has been trading consistently below the US$1 mark for nearly two weeks.

Bitget Hot Takes (September 26 - October 02) image 3

Source: TradingView

What does this mean for the cryptocurrency market? It’s safe to say that holding your assets in fiat seems to be much less appealing at the moment. That is why the daily volume of BTCEUR and BTCGBP hit record highs last week, per Messari.

Bitget Hot Takes (September 26 - October 02) image 4

Source: Messari

Bitcoin had, however, another all-red weekend with a close price of US$19,051.64. A radical move can be expected after the U.S.’s FED closed board meeting later today (October 3).

Bitget Hot Takes (September 26 - October 02) image 5

BTC Price Chart

Source: TradingView

Crypto Stocks And BlackRock’s New Crypto ETFs

Bitcoin mining firms were winning big this week, clearing out losses from the week before. Marathon Digital Holdings stocks (MARA) saw a return of 12.81% while the number for Riot Blockchain stocks (RIOT) stands at 11.44%.

Bitget Hot Takes (September 26 - October 02) image 6

MicroStrategy is another one to lock in a positive return of 4.88% at the end of the week. The company had purchased another 301 Bitcoin at an average price of US$19,581 on September 20, increasing the firm’s total BTC holdings to 130,000 Bitcoin. Looks like a supporting claim for cryptocurrencies.

And the most exciting news, from an adoption perspective, is BlackRock’s announcement of their new crypto/blockchain ETF in Europe and an upcoming U.S. ETF on Metaverse. After years of Bitcoin hate, BlackRock has finally introduced their own crypto trading services to institutional investors in August. BlackRock is the world’s largest asset manager with nearly US$10 trillion in assets under management (AUM) as of Q2 2022, hence the company’s participation in the crypto industry brings good winds to the digital space.

BlackRock’s iShares Blockchain Technology UCITS ETF (BLKC^-NL:Euronext Amsterdam) began trading on September 27. The fund aims to give European investors exposure to the U.S. companies tied to crypto and its development, including Marathon Digital Holdings (NASDAQ:MARA), Riot Blockchain Inc (NASDAQ:RIOT), Coinbase Global Inc (NASDAQ:COIN), etc. Details on BLKC’s portfolio can be found here. In addition, the ETF unit of this giant has just filed a new fund application with the U.S. Securities and Exchange Commission (SEC) on September 29, whose strategy consists of investments in ‘Metaverse platforms, Wearable Technology VR/AR, Enhanced Social Media, Immersive Gaming, 3D Rendering Simulation Software, Digital Assets Payments’.

Side Chatters

Following the US$160 million-Wintermute hack recently, a Twitter KOL named James Edwards (Librehash) has published his conspiracy theory, saying that this hack was indeed an inside job. Blockchain Security Infrastructure Provider BlockSec quickly released a counterargument of the theory, which concludes that it is ‘not convincing enough to accuse the Wintermute project’.

On Friday night, Solana went offline for eight hours, raising questions about its proclaimed high performance. This Layer 1 has experienced 6 outages so far this year and become the only with outage YTD. Some are saying Solana is new and bugs should be expected; besides, it has achieved the highest transaction per second (TPS) compared to other blockchains. These arguments alone cannot stop SOL prices to fall by 1.95% in the last 24 hours and 0.93% in the last seven days (Data by CoinMarketCap).

The Latest Bitget News

Since the introduction of the exciting Bitget Launchpool in early September, we have released a total of 10 yield farming pools available for all Bitget users! It’s important to note that we select only the most commonly traded tokens so that rewards are truly rewarding and ready-to-be-exchanged at any time! Prepare for the new pools released TOMORROW OCTOBER 4: Stake BGB to earn ETHF and Stake ETHF to earn ETHF!

Bitget ABCs is the new program where you can request the listing of your favourite tokens and express your loyal support! Check out the compiled list from A-H here - all are available on Bitget Spot Trading! Don’t forget that we are charging 0% spot fees and even offering additional trading rewards for newly listed tokens, BGB Airdrop, and up to 48% APY for Flexible Savings subscribers!

New Listings

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LINGUSDT

Futures Trading

BANDUSDT

Futures Grid Trading

MATICUSDT
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ADAUSDT

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New Copy Traders: 110 USDT + Additional Benefits

Bitget US$80 Global P2P Carnival

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0% Fee Spot Trading, 48% APY and BGB Airdrops

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[Bitget VIP] Referral Program

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Good Reads

Five Metrics To Choose An Exchange

A Wrap-Up Of The Ethereum Merge

Why This Crypto Bear Market Is Different

Tokenomics: Which Criteria To Study

Web 1, Web 2, Web 3

Layer 1, Layer 2, Layer 3


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