Bitget Hot Takes (September 05 - September 11)
Bitget Hot Takes last week can be found here.
- BGB shows a steady rise in returns and volume, even surpassing Ethereum in terms of 7D returns.
- One single event awaited by the whole market this week: The Merge at the difficulty level of 58,750,000,000,000,000,000,000.
- Metaverse exploration continues.
Better than Ethereum?
Bitget Token delivered a remarkable performance, scoring a 7-day growth of nearly 20%. Ethereum has been the best performer in recent weeks in terms of profits. However, the difference between BGB and ETH returns at the end of this week is more than 4% - with BGB claiming the first place in the weekly growth list.
BGB 7D volume has been increasing in par with its returns at 24.09%. If we look at the chart below, it is clear that BGB value is going up consistently, while others show more volatility over the week.
Stronger ‘up’ signals in combination with steadiness mean BGB is gaining momentum despite all ebbs and flows of the market. Definitely a gem to be explored right now. Still unconvinced? Below are our BGB reports for the last three months:
Don’t forget to check out BGB Earn to make sure that you are generating even more BGB!
Asia might become the next NFT Metaverse hub
Last month, The Hong Kong University of Science and Technology (HKUST) announced the plan for their metaverse campuses, called MetaHKUST, to connect students and research activities across regions. Hong Kong has also become the next stop for Solana-based M2E game Stepn, who is setting up its first physical office at the startup-friendly Cyberport. Another Asian representative, the electronic giant LG is rolling out their own NFT platform, integrated into selected LG products.
Despite the recent stricter moves of Singaporean authorities towards crypto, the nation’s biggest bank DBS still commits to listing over 300,000 digital assets on DBS Digital Exchange. DBS has also partnered with The Sandbox to expand its banking services to the metaverse.
Meanwhile, Sony Music is figuring out how to incorporate NFTs for authentication of download and streaming activities, and Puma follows the footsteps of Adidas to showcase their digital sneaker collectibles. Basketball fans are another group to be addressed by the GameFi sector: The (U.S.’) National Basketball Association (NBA) and National Basketball Players Association (NBPA) have announced a multi-year partnership with Sorare, allowing the latter to launch a free-to play fantasy basketball game via non-fungible technology.
In the Eurozone, investors now can take a stake in the metaverse economy via the new Franklin Metaverse UCITS ETF, which is listed on the Deutsche Börse Xetra (XETRA), the Borsa Italiana and the London Stock Exchange (LSE). Franklin Templeton is an American multinational holding company with US$1.53 trillion in assets under management.
Up and down, up and down
In the early beginning of the week, PoolinWallet a.k.a the wallet service of leading Bitcoin mining pool Poolin has announced liquidity issues, thus pausing all withdrawals, flash trades, and internal transfers. Later on, Bitcoin dropped below US$19,000 and the global market cap consequently lost US$1 trillion.
Nevertheless, BTC open interest was able to reach a new all-time high of 565,579 Bitcoin on September 6, the highest over the 3-year period.
Source: Arcane Research
That could be explained by the speculative opportunities revolving around the biggest cryptocurrency. Within the last seven days, Bitcoin had surrendered the US$19,000 mark just to cross the US$21,000 mark three days later, leading to a weekly growth of 9.55%.
Flash loans still a threat
Flash loan exploiters have turned to Avalanche. DeFi staking platform Nereus Finance was hit by a flash loan arbitrage on Wednesday, where the attacker successfully claimed US$370,000 in USDC after the process.
One good piece of news is US$30,000 has been recovered from Axie Infinity’s Ronin hack this spring. Crypto analytics firm Chainalysis has been working with the U.S. government to seize the stolen fund.
Countdown To The Merge
In anticipation of The Merge, several websites have added the countdown clock for this important event, including the giant search engine Google.
Screenshot from Google Search
Top 5 countries that are most interested in The Merge include Singapore, Switzerland, Netherlands, Canada and China, as shown by Google Trends.
Source: Google Trends
The final step before The Merge went live on Tuesday (September 6). It’s the Bellatrix upgrade, which prepares the Beacon Chain for the transition to Proof-Of-Stake consensus.
Investors have been finding a way to scoop more ETH so that they can share the potential staking rewards or airdrops following The Merge, hence the continuous price increase of this lad. However, prices of liquid staking derivatives have been showing discounts since the last week of August, with Coinbase’s cbETH trading at the highest discount to ETH (8%).
Liquid staking derivatives are tokenised proofs of staking activities, here each stETH or rETH or cbETH represents one ETH staked on the platform. Ideally, the ratio between staked ETH tokens and the real ETH should stay at 1:1, but the spread here implies that investors are switching to ETH for uncertainties following The Merge’s completion. Coinbase operating model and the regulatory risk associated with it can be other reasons for the huge discount of cbETH.
Regarding The Ethereum Merge, which is scheduled to commence on September 15/16, Bitget’s take on the event is as follows:
- ETH transactions will not be affected during The Merge;
- After The Merge, all ETH assets, perpetual swaps, futures and relevant products on Bitget will denote the PoS ETH token;
- The listing of potential newly forked tokens of ETH will be announced publicly on our website and other social media channels. Stay tuned!More details can be found here.
The Latest Bitget News
In addition to Bitget Pop Grab - our new feature that helps connect friends and acquaintances in a fun way - we are glad to announce the launch of two more Bitget finesse: Bitget MegaSwap and Bitget Launchpool!
Bitget has never confined itself to the hardcore CEX model; the introduction of Bitget Savings, BGB Earn and Bitget Launchpad earlier this year is the irrefutable proof. But we as the crypto natives know that it’s not enough for our users, who are passionate about the crypto industry as a whole. If Bitget users can now interact with several automated market makers (AMMs), one of the most influential innovations of the digital space, via Bitget MegaSwap and get access to 5,000+ tokens on Ethereum and BNB Chain, Bitget Launchpool incorporates the true spirit of DeFi into our platform: yield farming.
Check out Bitget Academy’s guides to Bitget MegaSwap and Bitget Launchpool here:
Don’t forget to check out these new listings below and head to Bitget Spot Trading - we are charging 0% spot fees and even offering additional trading rewards for newly listed tokens! Get access to hundreds of innovation tokens, fan-based tokens, and of course crypto blue-chips at net price or even discounted price thanks to our zero fee program and GroupCoin program!
Spot Trading Innovation Zone
Futures Grid Trading
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