Bitget Hot Takes (June 05 - June 11)
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 rose to a new high of US$0.513378, which is right below its all-time high.
• The SEC sues Binance, Binance.US and Coinbase for ‘unregistered securities offering’.
• The CFTC won the lawsuit against Ooki DAO.
BGB Breached US$0.51 - Again
Last week we talked about how indicators suggested that BGB was inching towards a new local high and here it is. On June 06, 2023, BGB price rose to US$0.513378, which is equivalent to a 6.9% increase from last week’s high and a 7.7% increase from the week’s opening price.
Learn about technical indicators here: Trading 101: Technical Analysis Explained
The last time BGB prices hit as high as US$0.51 was in Q1 this year; BGB’s ATH is recorded at US$0.51620 on February 16. This breakout was followed by the increasing 7-day volume from US$112 million (May 29 - June 04) to US$135 million. If we are to calculate the volume-to-market cap ratio, a simple measurement of liquidity, it’s clear that BGB maintained a real stable liquidity throughout the seven days; the only exchange token in the Top 3 saw an upsurge towards the end of the week following the lawsuit of the SEC against Binance, whereas the fact that ETH is not considered a security made its volume and liquidity level jump up.
Check out the summary of the working week from June 05 to June 09 for BGB below…
… and dive deep into our BGB Sail Series to see how impressive BGB monthly performance is:
The Latest Crypto Crackdown
On June 05, the SEC announced 13 charges against Binance, Binance.US and CZ, which includes the ‘unregistered offer and sale of crypto asset securities’, ‘unregistered broker’, ‘failure to restrict U.S. investors from accessing Binance.com’ and ‘misleading investors’. Worth mentioning is that the agency has referred to 12 cryptocurrencies as securities in their court filing: BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI.
One day later, they announced their lawsuit against Coinbase. Defined as ‘securities’ in this lawsuit are SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. During his talk with CNBC on the same day, SEC Chair Gary Gensler said that ‘We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar. It’s called euro. It’s called the yen. They’re all digital now.’ So basically he meant that the SEC has decided to go all-in against crypto.
After the new ‘security’ definition, Robinhood announced that they will delist SOL, ADA and MATIC on June 27. Binance.US will disable the trading of 8 BTC pairs and 2 BUSD pairs in their OTC market, Crypto.com will ‘suspend the institutional offering in the U.S.’, but Coinbase has no plan of delisting the tokens mentioned in the filings.
SEC is not the only one to tighten its grip on the U.S. crypto industry. The Commodity Futures and Trading Commission (CFTC) has received the final ruling on June 09 that ‘Ooki DAO is a ‘person’ and thus can be held liable’. This is bad news for the whole space, especially for DAOs, because it set the precedent for future cases. Coinbase needs to keep fighting the SEC, otherwise it could become an informal precedent and affects the entire crypto landscape.
All eyes are on the upcoming U.S. CPI release on June 13 and the FOMC meeting on June 13-14. See why we need to pay attention to the macroeconomic conditions here: Debt Ceiling Is Lifted. Now What? and Macroeconomic Factors That Can Affect Crypto Prices
The Latest Bitget News
The best performer of the week must be INUUSDT, whose closing price on June 06 is 3.75 times higher than its opening price. In second and third places are SXSUSDT and GPTGUSDT, who locked in 27.9% and 20.5% gains, respectively, in just 24 hours. However, top trendy tokens are RIBBITUSDT (three times in the list of top daily gainers), INUUSDT (twice) and PRIMEUSDT (twice).
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Debt Ceiling Is Lifted. Now What?
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