Market updates

Bitget Hot Takes (May 22 - May 28)

Beginner

2023-05-29 | 5m

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

• Indicators are showing bullish signs for BGB.

• The U.S. debt ceiling is most likely to be raised; the deal is ‘ready for Congress vote’.

• Retail crypto trading available for Hong Kong citizens from June 01, 2023.

• Zhengzhou establishes a US$8.5 billion Metaverse fund.

• Bitcoin NFT sales volume skyrocketed in May, falling behind Ethereum only.

Bullish On BGB

Demand on BGB has cooled down a bit, with the weekly high decreasing by 0.8% and weekly low by 4.2%. BGB volume remains the same as the week before; and prices have been on the rise since last Friday.

Bitget Hot Takes (May 22 - May 28) image 0

Source: TradingView

The weekend was all green for BGB; it also locked in one of the best 24H change last week on Sunday at 2.47% compared to BTC's 1.31%, ETH's 1.97% and BNB's 1.36%.

Indicators are suggesting that now could be a good time to buy BGB. The MACD (blue) line has crossed above the Signal (orange) line and the zero line, RSI is well within the 30-70 standard range, even the Accum/Dist line is confirming this trend.

Learn about technical indicators here: Trading 101: Technical Analysis Explained

There has been a series of events taking place after the release of the BGB White Paper, including the BGB Lotto, BGB Staking, 40% APY BGB pool on Bitget Launchpool, and the BGB exclusive trading and referral promotion. The latest BGB earning opportunity is offered for Bitget CandyBomb lovers here!

Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: April Edition

BGB Sail: March Edition

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

… and explore the popularity and recognition BGB has earned here: Why BGB Is Your Bluechip Exchange Token

Result In: Debt Ceiling Deal Finalised

Per an official announcement by the Speaker of the House Kevin McCarthy, he and the President have reached an ‘agreement in principle', that is, to raise the debt ceiling for two years. However, the bill must pass the House and the Senate before June 05, otherwise the U.S. won't be able to fulfil the ‘government's obligations’. Markets can expect a short-term rally in appreciation of the deal, especially in crypto where the dominating reference currency is the US-Dollar.

What is the next big thing in crypto? Tokenised securities might just be what you're looking for. The latest data shows that the market cap of on-chain T-bills and ETFs has surpassed US$200 million, which merely came into existence in January 2023.

Bitget Hot Takes (May 22 - May 28) image 1

Source: Dune Analytics @steakhouse

Another ongoing trend is Bitcoin NFTs. The total number of Bitcoin inscriptions tripled in May from 3,069,006 on May 01 to 9,825,343 on May 28, with most of them being texts (91%) and images (in png and webp format). Supply surging equals a rise in demand; Bitcoin NFT sales volume this month is recorded at US$155.8 million, which is more than twice the sales volume of Solana-based NFTs and five times of Polygon-based NFTs. Mind you, Solana is home to one of the biggest NFT marketplaces, whereas Polygon is picked as the trusted partner of Starbucks, Salesforce, etc. for their NFT-based loyalty program and Mastercard, for the issuance of a NFT debit card.

Bitget Hot Takes (May 22 - May 28) image 2

Source: CryptoSlam! NFT Collection ranking

The Latest Bitget News

A new round of Bitget CandyBomb is opened! As an exclusive gift for new users, the second token to be airdropped on our task-and-airdrop platform is BGB. There are 60,000 BGB to be unlocked - trade and invite your friends to win more tickets!

Following the BIP1 IEO completion on Bitget Launchpad, BIP1USDT is now listed on Bitget BRC-20 Zone! There are currently seven BRC-20 tokens, with ORDIUSDT available for margin trading at 3X leverage, and we constantly add new ones to make sure that our traders can trade the best tokens.

Bitget Hot Takes (May 22 - May 28) image 3

Source: Bitget BRC-20 Zone

We are offering new earning opportunities as well! DONS is the latest addition to Bitget Flexible Savings with a 200% APR! You can always get some more DONS here to enjoy the lucrative rate! And you still have four days left to subscribe to BTC deals on Bitget Dual Investment to earn up to 101.43% APR or ETH deals for APRs as high as 64.54%.

Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q1 2023 only, we have released over 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. In order to further assist beginners on their crypto journey, we have created the Blockchain Fundamentals Course with three digestible modules - you will receive a certificate after passing each module! Get your certificates today: Bitget Academy Blockchain Fundamentals Course