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Bitget Hot Takes (July 18 - July 24)

Bitget Hot Takes (July 18 - July 24)

As your most credible source of crypto news and knowledge, Bitget Academy is proud to release Bitget Hot Takes - our weekly newsletter series, the 360-degree onboarding guide for all crypto enthusiasts.

Central Themes

  • BGB has the lowest price volatility in the last 7 days.

  • Global market cap exceeded US$1 trillion again, Bitcoin briefly crossed US$24,000.

  • Tesla sold 75% of its Bitcoin holdings.

  • US$150 million was injected in crypto projects, but US$1.5 million was exploited by hackers.

BGB Had The Lowest Volatility

BGB cumulative return stayed positive for five out of seven days over the week, while the losses incurred on Tuesday and Wednesday were recorded at 0.06% and 0.02%, respectively. Bitget Token ended the week with a green.

Bitget Hot Takes (July 18 - July 24) image 0

It should be noted as well that the BGB price didn’t see any radical changes with the 0.1905% weekly volatility.

Global Market Regained US$1 Trillion Mark

Most remarkable this week was when the global market capitalisation surpassed US$1 trillion, resulting from a mini bull run for Bitcoin and Ethereum. Data shows that Bitcoin funding rate has reached the highest level since May on July 19, meaning that long positions have been dominating.

Bitget Hot Takes (July 18 - July 24) image 1

Source: Santiment Analysis

Another indicator that signals the anticipation of Bitcoin’s new breakout was the Fear Greed Index, which rose to 31 of Fear. The market was constantly in a state of Extreme Fear over the last weeks.

Bitget Hot Takes (July 18 - July 24) image 2


Crypto advocates are also looking for positive developments in the Ethereum network as well as its ecosystem with The Merge approaching. So far Ethereum has been leading the pack, showing a 7-day growth of 15% as traders speculate on the coin’s new highs. Stakers were also actively draining exchanges’ Ethereum reserve and deposit their holdings onto the Beacon Chain.

Bitget Hot Takes (July 18 - July 24) image 3

Source: Glassnode

Bitget Hot Takes (July 18 - July 24) image 4

Source: Dune Analytics

Two things to watch out:

(1) Bitcoin’s mining difficulty dropped by 5.01%, the highest in the last 12 months. Although the impact on Bitcoin is less significant, normally a drop in network difficulty can affect the coin’s price, and not in a positive way.

(2) Tesla Q2 report reveals that the company has sold 75% of its Bitcoin holdings for approximately US$963 million, hurting the general sentiment.

In and Out

The NFT market suffered two hacks in the last 7 days. The NFT registration platform Premint was infiltrated by hackers; 320 NFTs were stolen and sold for more than US$400,000. On Saturday, the decentralised music streaming protocol Audius became the next victim, losing 18 million AUDIO tokens (US$1.1 million) by a malicious governance vote.

Meanwhile, investors have injected nearly US$150 million into crypto projects in NFT, DeFi and blockchain security:
- XLD Finance received US$13 million in a pre-Series A funding round led by Dragonfly Capital and Infinity Ventures Crypto.

- Halborn raised US$90 million in a Series funding round led by Summit Partners.

- Optic Nerve acquired US$11 million in a seed funding round led by Pantera Capital and Kleiner Perkins.

- Hashflow raised US$25 million in a Series A funding round with participation from Dragonfly Capital, Coinbase Ventures, Kraken Ventures, Jump Crypto, Kronos Research, among other investors.

- Cardinal raised US$4.4 million in a seed funding round led by Solana Ventures and Protagonist.

New funds for crypto investments were also created to accelerate technological breakthroughs in the digital space. The prestigious art auction house Christine’s launched the Christine’s Ventures on July 18, which is meant to support companies that bring technology to art. Modular Capital, US$20 million hedge fund, was introduced later the same day with support from Multicoin and Ledger Prime. Asset manager Valkyrie is the latest to plan a crypto VC arm, aiming for US$30 million in investment.

Other Sectors

The impressive growth of GameFi and Metaverse has clearly captured the attention of the gaming industry, where big names see huge opportunities for expansion. Final Fantasy Maker Square Enix was the most engaging last week, announcing the plan to bring Final Fantasy NFTs to Polkadot and participating in the new investment round of the gaming startup Zebedee. However, Microsoft appeared to be less friendly towards the NFT trend as Minecraft banned NFTs and NFTs using in-game assets on all servers. A big player in Metaverse, Animoca Brands, has partnered with Alien Worlds, Dapper Labs, Decentraland, Star Atlas and The Sandbox to launch a DAO for information freedom and interoperability across metaverse platforms.

Good news within the DeFi space was encouraging as well. Founder of Curve Finance hinted about a new, over-collateralised stablecoin at a Web3 Summit, making the protocol’s native token jump by 21% overnight. In addition, Aave DAO and Balancer Protocol completed a US$1 million swap between AAVE and BAL in order to strengthen their collaboration as well as reinforcing DeFi’s robustness.

The Latest Bitget News

Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group!

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