Bitget Hot Takes (February 06 - February 12)
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
• BGB hit a new record high at US$0.39616.
• Over US$9 million in digital assets raised to help the Turkey-Syria earthquake victims.
• Cryptex Finance launched NFT Index.
• Aave’s decentralised stablecoin GHO went live on Ethereum’s Goerli.
• South Korean regulators expand the definition of securities, which will most likely affect many tokens .
• SEC turned aggressive on crypto staking and BUSD.
BGB Hit A New Record High At US$0.39616
BGB has seen three consecutive weeks of new highs:
• January 23 - January 29: US$0.22185
• January 30 - February 05: US$0.22455
• February 06 - February 12: US$0.39616
Most importantly, the persisted momentum sent BGB to its all-time high, surpassing the US$0.23949 mark in October 2022. On the percentage scale, the landmark US$0.39616 represents an increase of 65.4% from the previous all-time high, 76.4% from last week’s and 78.6% from the week before’s high. Even when the sentiment cooled down on Sunday, BGB’s weekly closing price is still equivalent to 1.98 times the opening price on January 01, 2023.
Source: TradingView
Double the value in less than two months? We are not surprised at all. Check the analyses of BGB price trend in 2022 here..
.. and see yourself why BGB deserves its breakthrough: Why BGB Is Your Bluechip Exchange Token.
The True Colour Of Crypto
Two earthquakes with a magnitude of 7.8 and 7.6 on the Richter scale hit central and southern Turkey as well as northern Syria, followed by multiple devastating aftershocks. We were saddened to hear of the incident and want to express our deepest condolences to all the victims and their families. Our immediate action following this tragedy was to donate 1 million Lira in relief funds to Turkish earthquake victims.
We are delighted to see other crypto and blockchain entities (Vitalik Buterin, Tether, Binance, Gate.io, Bitfinex, Huobi Global, OKEx, Bybit, among others) offering support in our own way a.k.a via digital assets.
Turkish singer Haluk Levent and charities in Turkey have also set up a donation wallet to receive enormous help from the Web3 community worldwide. The donations are tracked by Nansen here: Nansen Portfolio. At least US$9 million in crypto have been pledged for humanitarian efforts, highlighting all the advantages of crypto in urgency: 24/7 transactions, transparency, goodwill and compassion.
What else do we have for the week? These four ‘pump-worthiness’ pieces of news will hype you up:
(1) Cryptex Finance launched their NFT index (JPEGz) that tracks the Top 10 NFT collection by 805b10aa-c45c-43e8-a613-a758b1087a8a cap, including Azuki Official, Bored Ape Yacht Club, CloneX, Cool Cats, CrypToadz, CryptoPunks, Doodles, Mutant Ape Yacht Club, Vee Friends, World Of Women.
Q: Why do we need an NFT Index?
A: Any index will serve as a performance benchmark for the asset group they are tracking, and at the same time provide an affordable, diversified investment option for the majority.
(2) The Sandbox and the Saudi Arabia Digital Government Authority signed a memorandum of understanding.
Q: Why is this big?
A: Saudi Arabia has partnered with one key Metaverse player, confirming the Middle East’s unwavering interest in Crypto and Web3.
(3) MetaMask integrates Onramp.money. Read the official announcement here.
Q: Who is Onramp.money and what do they offer?
A: Onramp.money is a quick, reliable route to deposit INR from Indian users’ bank account to MetaMask. That way more crypto lovers in the second-largest country by population can access Ethereum, BNB Chain, Polygon, etc. and trade/purchase tokens with ease.
(4) Aave’s decentralised stablecoin, GHO, went live on the Goerli testnet of Ethereum.
Q: Another decentralised stablecoin? Really?
A: DAI is also a decentralised stablecoin, and it’s been around for years. A stablecoin makes up for the high volatility often seen in crypto markets, allowing investors/traders to exchange assets without loss and hassle. Aave is one of the biggest lending markets on Ethereum, therefore a stablecoin will be of great benefit for both lenders and borrowers using this protocol. On a broader perspective, it could be considered as another decentralised stablecoin pilot and a good reference for stablecoin issuers-to-be.
However, February seems to be the month of regulatory scrutiny, with South Korea’s Financial Service Commission broadening the definition of securities. Those who do not fall under this definition will have to comply with an upcoming digital asset framework that is to be passed by early next year. And the U.S. Securities and Exchange Commission (SEC) is getting more aggressive than ever towards crypto with their charges on Kraken staking program. In the already unclear crypto environment in the U.S., this case will most likely drive more innovation companies away.
In another move, the SEC is reported to send Paxos a letter saying ‘a possible enforcement action’ regarding the stablecoin BUSD is on the way. BUSD, or BinanceUSD, is issued by Paxos, but in the ERC-20 standard. The BUSD used on BNB Chain and in other Binance transactions is in the BEP-20 standard, meaning that it is a wrap of the BUSD issued by Paxos. Latest update: Paxos is ordered by the New York Department of Financial Services to stop minting new BUSD (Source: The Block).
The Latest Bitget News
The fierce competition between Google’s Bard and Microsoft’s ChatGPT has sparked the AI craze in the crypto sector, with many AI/big data crypto assets rallying by hundreds and thousands percent overnight. To support projects’ growth as well as creating a safe environment for investors, Bitget has upgraded our Bitget Innovation Zone for an even better user experience. Let’s see how we celebrated the 20 new listings last week in Bitget Innovation Zone: In Celebration Of Bitget Innovation Zone’s Comeback
Have you tried Bitget Spot Copy Trade on your Android devices? Realising how much our users love Bitget One-Click Copy Trade, we have worked diligently to release Bitget Spot Copy Trade - the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here.
Not only that, Bitget Spot Copy Trade is also available on web at Bitget Spot Copy Trade - Web version, accompanied by the Learn Earn program exclusively designed for Spot Copy Traders! Read our guide on Spot Copy Trading and join the event to earn 500 BGB - over US$165 at current prices - as soon as possible!
New Events
Spot Copy Trading: 10,000 USDT and More!
Futures Trading Competition: Win a Honda Motorcycle and Split 100,000 USDT
It's Valentine's Day! Grab That Special Someone and Open 7777 Mystery Boxes!
[Valentine’s Day Special] 2 Round-Trip Tickets to Anywhere in the World!
Win-Win-Win! $3000 in MDAO to Grab!
Bitget Will List Concentrator(CTR) in the Innovation Zone - Share $20,000 Worth of Rewards!
Bitget Will List Tranchess (CHESS) in the Shanghai Upgrade Zone- Share $10,000 Worth of Rewards!
NFT Drop Starring BONK – Trade Claim Your Share of 15 Billion BONK Plus NFT Rewards!
Good Reads
BLUR: How Bitget Says Happy Valentine
In Celebration Of Bitget Innovation Zone’s Comeback
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Bitget Strategy Copy Trading Glossary
Blockchain 101: LTC vs. BTC vs. ETH: What Sets Them Apart?
Ethereum Shanghai Upgrade Explained
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