Market updates

Bitget Hot Takes (April 03 - April 09)

Beginner

2023-04-10 | 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

• BGB outperformed the Top 3 biggest crypto, with the weekly high up by nearly 10%.

• All eyes on the U.S. CPI data release on April 12.

• Hong Kong is ready to become the world's largest space for Web3 innovation.

• Justin Sun, no longer Grenada's WTO representative, is rumoured to be selling his Huobi's stakes.

• Binance Australia derivatives licence revoked, Binance US relationships with local banks broken.

• SushiSwap hacked, losses totalling more than US$3 million.

BGB Outperformed The Top 3 Biggest Crypto - Again

Bitcoin failed to break through US$29,000, lost the momentum and receded, with several trading experts expecting a drop to US$27,000. Similarly, with the not-so-good news regarding Binance's CEO and branches, BNB also suffered some further losses this week.

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Meanwhile, Ethereum saw a minor uptick of 1.5%, which is equivalent to one-fourth of the increase experienced by BGB. The weekly high of BGB rose by 9.20%, weekly low by 3.06%, so there should be more room to manoeuvre. 7-day volume of the token is also up by 27.8%; demand is possibly boosting because of the upcoming IEO on Bitget Launchpad: GoSleep (ZZZ) on Bitget Launchpad: The Future of Health and Wellness Through Blockchain Technology

The latest analyses provide a detailed summary of BGB’s incredible achievements month by month:

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

… while this article dives in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token

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Hong Kong Is Ready To Become The World's Largest Space For Web3 Innovation

The upcoming Hong Kong Web3 Festival (April 12 - April 15) serves as a proof of global recognition for Hong Kong's vision and development strategy on the subject of Web3. The Hong Kong Financial Secretary Office has announced a subsidy of HK$500 million to Cyberport to support the growth of the Web3 ecosystem here, introducing a new regulatory framework regarding virtual asset services providers as well as studying the regulation of stablecoins - all for a thriving digital space's secure foundation.

As a global player and Web3 keen supporter, Bitget sides with Hong Kong authorities with the launch of our new Bitget Web3 Fund, which aims to provide necessary funding and related expertise for VCs and startups, especially those that are Asian based. Details concerning terms and selection criteria will be announced soon - please reach out to us asap if you have any questions!

Binance went through another rough week with rumours of an Interpol Red Notice for CZ (which has been denied by the exchange), a reported fallout with the U.S. banks and a licence cancellation by the Australia regulators. The WSJ says that BinanceUS is having trouble finding new banking partners after Silvergate and Signature went out of business. Sources mention names of the Cross River Bank and Customer Bancorp Inc., both of whom seemed to have denied services to Binance's US branch due to regulatory risk. As a result, local customers may experience wire deposit, ApplePay and GooglePay deposit and withdrawal interruptions for the time being. Binance has applied for the cancellation of their Australian derivatives operations, according to the Australian Securities and Investments Commission (ASIC). While their spot activities remain normal, all users' derivatives positions will be closed by April 21.

Rumour has it that CZ was offered Justin Sun’s ownership stake in Huobi, but turned it down eventually as Huobi appears to have close ties to China. Binance refused to comment on the news and Tron's founder publicly denied the rumour on his Twitter.

The week came to an end with the SushiSwap hack. An approval bug in SushiSwap's RouteProcessor2 allows an unauthorised someone to steal tokens from the protocol's users. DeFiLlama expert 0xngmi says that ‘only those that swapped on SushiSwap in the last four days are impacted', and The Block Research team discloses that at least 190 Ethereum addresses and 2,000 Arbitrum addresses have approved the mentioned contract. The most unfortunate victim so far is 0xSifu on Twitter with US$3.3 million in assets drained from his wallet.

The Latest Bitget News

Bitget has launched a new US$100 million fund known as the Bitget Web3 Fund, which is meant to provide timely support in terms of funding as well as expert knowledge and connections for Web3 startups and VCs alike. We are in talk with prominent VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital about potential partnerships and how we altogether can provide meaningful support to those with innovations.

And we are pleased to announce the first IEO round of Q2 2023: GoSleep (ZZZ) on the awesome Bitget Launchpad. Combining the unique Sleep-To-Earn concept with the power of Arbitrum, GoSleep is expected to be this year's mega project. Deposit for the GoSleep IEO will take place from April 10 to April 17 and token swap is scheduled from April 17 - April 19 (see guidelines on how to participate here). Don't forget that ZZZ will be listed on Bitget Arbitrum Zone on April 17 - we strongly advise you to subscribe to not miss this opportunity! Spot Margin Trading is open for 9 out of 19 tokens currently listed on Bitget Arbitrum Zone, so there are high chances that ZZZ will also be added to Spot Margin Trading as well!