Bitget Hot Takes (January 09 - January 15)
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 recorded gains of 7%.
• The U.S. CPI lowered in December 2022; Bitcoin back to US$20,000.
• Société Générale secured a loan from MakerDAO.
• Cosmos-based Euro-pegged stablecoin discontinued.
• SEC charges Gemini and Genesis with unregistered securities offering
BGB Recorded 7% Gains
A green week for all. BGB value increased by 7% at the end of Sunday, Bitcoin by 24% and Ethereum by 22%. The take-off followed delighted market sentiment, but BGB does not only perform well in favoured conditions, it’s also been a good keep during volatile and gloomy times.
Check the previous months’ analysis of BGB price trend here:
If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token.
Back To US$20,000
The U.S. CPI for December 2022 came in at 6.5% compared to November’s 7.1%. That is the first decline of the last 12-18 months, hence stock and crypto markets have been enjoying the green heartily. For the first time since the FTX blow-up, Bitcoin prices crossed the US$19,000 mark and continued to breach US$20,000 then US$21,000 on Saturday and Sunday, respectively.
It’s nice to see crypto-linked funds doing well, we mean extremely well, in the first days of the year. Maybe this is not a rocky start, after all. Bitcoin is currently at US$21,100, Ethereum near US$1,600 and the Top 14 equity ETFs year-to-date are all digital asset-focused.
Still the most dedicated Bitcoin advocate, El Salvador has been working on Bitcoin-backed bonds since 2022 and has passed a digital securities bill that allows the realisation of the ‘Volcano Bond’. Meanwhile, the Ethereum ecosystem also saw positive growth with Société Générale, the French-based investment firm with a history of over 150 years, minting US$7 million in DAI using a housing loan as collateral and MetaMask releasing the beta version for Lido and Rocket Pool staking.
Last week ain’t all rainbows and unicorns, though. Crypto lender Nexo is being investigated by Bulgarian prosecutors for ‘illegal criminal activities’ since January 15 (Thursday), and as a result saw withdrawals totalling to 8,324 Bitcoin in the next 24 hours. In 2022, Nexo made offers to acquire the assets of two rivals, Celsius and Vauld, with the latter doubting Nexo’s solvency status. The Bank of International Settlements (BIS), the global of central bankers, published the BIS Bulletin No. 66, suggesting the three lines of actions authorities around the world can take towards the crypto industry: ‘ban’, ‘contain’ (limit the flows between TradFi and crypto) and ‘regulate’, together with their advantages and drawbacks. In the U.S., the Securities and Exchange Commission (SEC) has turned their attention to the feud between Gemini Exchange and Genesis/DCG: On January 12, the SEC announced charges against Gemini and Genesis for ‘unregistered securities offering’. Zipmex Thailand is also being investigated by the local SEC for offering their earn program without approval, and their CEX peers, Coinbase and Crypto.com, both continued to reduce the workforce by 20%.
The Latest Bitget News
Turn on your notifications for the week: Bitget Dual Investment, which offers a smart investing scheme that sticks tightly to the ‘Buy Low, Sell High’ principle, is launching soon. Once subscribed to the program, you have the opportunity to buy/sell an asset at an attractive price and earn the interest at the same time! Wanna explore how it works? Here’s our guide to Bitget Dual Investment
And the biggest news to celebrate this week is the launch of Bitget Spot Copy Trade on Android devices! Try it to share 10,000 USDT in Spot Copy Trader benefits! Bitget One-Click Copy Trade has been well-received by the crypto community as it opens a new door for simple trading of all levels. Bitget Spot Copy Trade is the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here.