Bitget Bites (December 16, 2022)

The global market cap is standing at US$850 billion, showing a 1.32% decrease from yesterday and the 24-hour volume also went down by 27.00% to US$33.76 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,758.23 and US$17,302.46 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,418.27, which is a 1.74% decrease compared to Ethereum's 1.61% decrease.

Altcoin prices are seeing red, with no altcoin in the Top 10 trading above the volume of US$1 billion.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.1898 and US$0.1851, respectively.

The Top 3 Gainers of The Day are Flamengo Fan Token (MENGO), Treasure (MAGIC), and Celo (CELO):

1st Place

MENGOUSDT: Up by 8.59%

Flamengo Fan Token is the official fan token of Flamengo FC - a Brazil-based football club. MENGO is trading at a current market price of US$0.6782, having touched a high of US$0.7849 and a low of US$0.5740 in the past 24 hours.

2nd Place

MAGICUSDT: Up by 7.40%

Treasure is the decentralised video game console connecting games and communities together through bottom-up driven IP and infrastructure, unified through a common set of composable resources. MAGIC is trading at a current market price of US$0.6268, having touched a high of US$0.6497 and a low of US$0.5814 in the past 24 hours.

3rd Place

CELOUSDT: Up by 5.67%

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. CELO is trading at a current market price of US$0.5996, having touched a high of US$0.6210 and a low of US$0.5404 in the past 24 hours.

Meanwhile, the Top 3 Losers include BTCSTUSDT (-46.13%), MITHUSDT (-31.36%), and VRAUSDT (-16.18%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.40 billion, equivalent to a 6.32% 24-hour increase. The aggregated futures volume saw a 15.34% decrease to US$249 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$2.97 billion, which shows a 5.65% increase from yesterday. The daily volume of Bitcoin contracts decreased by 31.66% to US$172,489.95. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 42.19%/57.81%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.34 from the opening price of US$38.04.

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