Bitget Hot Takes (October 16 - October 22)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.
The latest Bitget Hot Takes can be found here.
Central Themes
• BGB had another negative week, liquidity unaffected.
• SEC staff ‘is doing work’ on 8 - 10 Bitcoin ETF filings; Grayscale filed a new application for a spot Bitcoin ETF.
• SEC dropped charges against Ripple.
• BTC back to US$30,000.
BGB Had Another Negative Week
BGB continued to shed another 2.1% of its value over the last seven days, ending the week at US$0.421313 after recovering from the weekly low of US$0.404749 on October 19.
The 7D rolling volatility is going down as a result of the prolonged period of red, and we hope to see it rise again - the higher the amplitude, the higher BGB prices will be.
It’s good, however, to see BGB volume unaffected by the recent slide: only up by 3%, which signals no sell-off at all. BGB is still considered a good keep and, compared to others with significant 7D volume change, a highly liquid token. Clearly, BGB market cap has a lot of room to grow, hence the current levels of its volume are a better reflection of demand and appreciation than market cap. The jump in volume of the Top 5 biggest cryptocurrencies (excluding stablecoin USDT) pales into insignificance considering their already-big market cap.
If you are a sceptic, then maybe learn about the perks that come with the wonderful token named BGB first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is:
UPtober, Finally?
In a recent interview with Bloomberg, SEC Chair Gary Gensler has confirmed that:
• the SEC didn’t appeal the court ruling regarding the Grayscale case
• the staff ‘is doing work’ on ‘multiple’ spot Bitcoin ETF filings
In addition, the agency also ‘voluntarily’ dismissed the Ripple case regarding violations of securities law on October 19, 2023. All these headlines are but a huge boost for the whole industry: these court victories might set legal precedents that benefit crypto businesses in the U.S. Of course, they also give us the hopium for the approval of multiple spot Bitcoin ETFs in ‘Murica, thereby wide-opening the gate for institutional investors.
As a result, Bitcoin has rallied to US$30,000 and claimed its peak dominance in the 30-month period from May 2021 to October 2023. This surge paved the way for altcoins, with the three biggest gainers in the Top 10 being SOL at 33.4%, BTC at 11.4% and XRP at 7%.
These impressive gains mean more activities in the spot markets. The global spot markets enjoy a jump of 34% in 7D volume, in which the volume of this weekend (October 20 - 22) only is equivalent to nearly 70% of the whole week from October 09 - 15’s volume. The increase in BTC volume over the same period (weekend from October 20 - 22 and weekend from October 13 - 15) is 37.2%, whilst it’s 274.5% for SOL and 115.6% for XRP. We better expect more liquidity in spot markets in the coming weeks, and it’s most likely that there’ll be glorious days for crypto ETFs and crypto stocks, too.
The Latest Bitget News
Last week we have five tokens that experience a double in value overnight: XOR/USDT (+337.8%), TIP/USDT (+307.3%), JOY/USDT (+208.2%), SSX/USDT (+132.4%) and DKA/USDT (+122.9%). This is accompanied by several exclusive events including XOR Savings Boost, Deposit and Trade on Bitget CandyBomb to Share 404,000 JOY, SSX Listing - Grab a Share of 600,000 SSX and DKA Listing - Grab a Share of 350,000 DKA!
Bitget Spot Trading’s volume went up by 83.7%, in line with the demand increase for major cryptocurrencies, whereas Bitget Futures Markets’s average crypto OI was down by 7.3%, average Bitcoin OI by 7.2% in the last 7 days, meaning Bitcoin dominance on the futures market is slightly down by 0.1% to land at 54.7%. A possible explanation of the seemingly less active futures markets lies in the liquidation of short positions when Bitcoin suddenly picked up pace, with at least US$216 millions evaporated from the short side between October 19 and October 22. If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!
Now, there’s a high chance that we are about to enter a new market cycle, with the sentiment inching towards the Greed mark - do you want to fill your crypto bags with good investments? Look no further. Exclusively designed for Credit/Debit card holders are Bitget’s Zero-Fee Program, which is activated every Wednesday and every weekend. Imagine buying Bitcoin at 0 fee last Wednesday at US$28-something-K and it’s now US$30K; you’d have locked in a 7% profit and owned the biggest cryptocurrency by market cap! Plan your purchase to not miss any opportunity like this!
Our perks for crypto lovers also include:
• Up to 50% cashback for your first crypto purchases via Credit/Debit card or bank deposit: Share the 10,000 USDT weekly prize pool until the last day of October!
• Spin and Raffle to share 200,000 USDT: The promotion starts TODAY - October 23!
• Let’s celebrate Halloween together: Bitget’s Halloween mystery will be revealed this Wednesday (October 25) with an incredible BTC prize pool of up to 100,000 USDT in value!
Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!
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New Events
New users only: Deposit and trade in CandyBomb to earn JOY!
New users only: Trade in CandyBomb to earn ETE!
$REKT($REKT) will be listed on Bitget. Come and grab a share of US$5000 worth of $REKT!
dKargo (DKA) will be listed on Bitget. Come and grab a share of 350,000 DKA!
Somesing (SSX) will be listed on Bitget. Come and grab a share of 600,000 SSX!
Trade to Win up to 500 USDT: Bitget KCGI Futures Checkpoint Battle!
Earn Up to 20 BGB airdrops by completing Bitget's Buy Crypto survey
Pop Social (PPT) to be listed on Bitget — grab a share of 150,000 PPT from Launchpool!
Spin for a Chance to Win from a $40,000 USDT Halloween Prize Pool: Trick or Treat?
ZTX (ZTX) will be listed on Bitget. Come and grab a share of $15,000 ZTX!
Hot tokens Carousel: Spin for BIGTIME, LOOM, SOL More!
Good Reads
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Decipher BTC Funding Rate - The Engine of Perpetual Futures
Trading Bitcoin Futures Contracts on Bitget
Best Cryptocurrency to Buy in 2023
How to Buy USDT with Credit Card on Bitget
Simply create an account, and start exploring the incredible Bitget-Verse today!
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