Bitget Hot Takes (October 24 - October 30)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.
Bitget Hot Takes last week can be found here.
• BGB established a new resistance level.
• “Chief Twit”: Elon Musk.
• Google Cloud offers Ethereum blockchain node services.
• Solidus Lab: BNB Chain hosts the most crypto scams.
• Billions of short positions liquidated after Bitcoin and Ethereum rallied.
BGB Established A New Resistance Level
BGB’s key resistance level for Q3 2022 was at US$0.13 before the healthy price movement emerged on September 27, setting a new all-time high for BGB at US$0.20973. So we have the basic ingredients for a new consolidation: a narrow trading range following an upward price trend and low volume. Then we see BGB oversold, i.e., undervalued on October 13, which marked the beginning of a new rally for BGB.
The newly established all-time high of BGB stands at US$0.23911, and the new resistance level at US$0.19. Demand for BGB is rising over time, and it’s never too late to scoop up a bag of your own. Don’t forget to check out BGB’s price movements for the last few months:
Who Let The Bulls Out?
Data from Bitcoin Monthly Return shows that October has been a positive month for Bitcoin prices since 2009, with gains being captured 10 out of 13 times. On October 24, a comeback of the two largest cryptocurrencies liquidated a whopping US$704.781 million in short positions within 24 hours, leading to the liquidation of nearly US$2 billion short by the end of October 29, 2022.
BTC cumulative returns show an 8.32% increase and ETH 23.27% in the last seven days. However, Bitcoin failed to break the US$21K support level on Sunday, hence the value of liquidated long positions was 68% ahead of short.
A reason for Ethereum’s price surge is Google Cloud’s announcement to support Ethereum node-hosting. Web3 developers now have access to secure and quick-syncing node management via the Blockchain Node Engine by Google Cloud, which is first available on Ethereum.
One good news for crypto advocates is the win of the U.K.’s new Prime Minister on October 24, Rishi Sunak, who has been publicly showing his enthusiasm for crypto. Sunak aims to turn the U.K. into a crypto hub by starting with a Financial Services and Markets Bill, which recognises stablecoins as a regulated payment option. It has just been approved by The House of Commons on October 25; we still need to wait for the approval of the House of Lords and King Charles III before the bill becomes law.
Meanwhile, Elon Musk’s US$44 billion Twitter deal has been closed on October 26 with US$500 million in equity investment by Binance. He accordingly changed his Twitter deion to “Chief Twit”. What can we expect from the long-term crypto enthusiast, current Chief DOGE and Chief Twit?
(1) Without him lifting a finger, DOGE price has more than doubled this week, and the 7D volume also skyrocketed by 14 times. A ray of hope for not only DOGE but also other dog-themed coins (SHIB, TAMA, etc.). DOGE has flipped ADA and SOL to become the 8th largest cryptocurrency by market cap.
(2) Positive signals for NFT and Web3 Ecosystem as the NFT Tweet Tiles pilot takes place. Twitter users can buy, sell and access collectibles collections from Magic Eden, Rarible, Dapper Labs and Jump.trade, who cover six blockchains, including Ethereum, Solana, Flow, Polygon, Tezos and Immutable X.
(3) Twitter content creators can get rewards in the form of digital assets for their contribution to the space. Twitter has been the long-standing home of crypt both share the need for real-time information and global trends.
The Latest Bitget News
Do you know that you can earn up to 12% on your USDT deposit with Bitget Savings? Check out the tiered products here: Bitget Savings launches APR Tier for USDT Flexible Savings!
To help investors overcome the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well!
Bitget ABCs Program has come to an end, with more than 80 new pairs listed on Bitget Spot Trading and 25 more to be listed after the completion of their mainner integration. We thank you for your passion and support along the way! Now it’s time to look back at our achievements together with the roundup here.
The biggest event of the year is back! In the last series, the best performers of 4,754 participants shared a total of 10 BTC (around US$300,000 in June) and achieved stardom thanks to Bitget’s extensive media coverage.
Guess what the upcoming theme is? It’s World Cup’s time! We are proud to bring you the most exciting trading event, together with Lionel Messi. Sign up right now and start trading to have more winning chances!