Bitget Hot Takes (April 10 - April 16)
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 growth cherished by crypto community.
• U.S. CPI: +0.1% Month-over-Month; Bitcoin to US$30,000.
• Ethereum Shanghai upgrade completed.
• Hong Kong Web3 Festival.
• Singapore High Court ruled against recognising crypto as money.
• Aave exploited for nearly US$11 million, Bitrue for US$23 million.
BGB Growth Cherished By Crypto Community
BGB price range tightened a bit in the last 7 days, with weekly high up by 6.22%, weekly low by 6.52% and week-over-week return by 1%. However, BGB saw an awesome increase of over 10% on April 10, 2023, thus recognised as the biggest gainer of the day among the Top 200 cryptocurrencies by market cap.
BGB was also the only exchange token in the list of daily top gainers by CryptoDep on Twitter the same day. As summarised by crypto influencer GrizzlyCrypto, ‘investing in this coin is fun': BGB has had two consecutive weeks of increasing 7-day volume (27.8% and 28.8%, respectively) as well as higher weekly high (from US$0.409509 on March 29 to US$0.447168 on April 09 and US$0.474976 on April 10), not to mention the new all-time highs it has achieved in Q1 2023.
The latest analyses provide a detailed summary of BGB’s incredible achievements month by month:
… while this article dives in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token
‘We Are So Back’: Bitcoin To US$30,000, Ethereum To US$2,000
The Hong Kong Web3 Festival took place from April 12 to April 15 with insightful discussions about the future of tokenisation and digital currencies, Web3 security and infrastructure and the institutionalisation of virtual asset investment. Hong Kong has been supporting the sustainable growth of Web3 ecosystem with new regulatory framework and a subsidy of HK$500 million to Cyberport. As a global player and Web3 keen supporter, Bitget sides with Hong Kong authorities with the launch of our new Bitget Web3 Fund, which aims to provide necessary funding and related expertise for VCs and startups, especially those that are Asian based. Details concerning terms and selection criteria will be announced soon - please reach out to us asap if you have any questions!
Good news of the week? Fairly good U.S. CPI data, Bitcoin to US$30,000 and Ethereum Shanghai upgrade.
U.S. CPI rose by 0.1% month-over-month in March, which translates to a 5% yearly increase - a figure still further above the Federal Reserve's 2% inflation target. But considering the continuing downward momentum of prices as demonstrated in the chart below, markets might expect the FED to adjust their rate hikes again towards a dovish tilt.
Source: CNBC, U.S. Bureau of Labor Statistics
Bitcoin prices soared from below US$28,000 at the beginning of the week to as high as US$30,979.32 on April 14 (two days after the U.S. CPI report). Investors were also full of anticipation for the Ethereum Shanghai upgrade, which occurred on the same day as the March CPI data and sent ETH price to US$2,123.35 on Friday as well. As a result, the global crypto market cap surpassed US$1.3 trillion for the first time since the Terra (LUNA) blowup.
One bit of news important to keep up with is that the Singapore High Court refused to give cryptocurrencies, in this case USDC, the legal status of money. It is the main theme of the case between Algorand Foundation and the failed hedge fund Three Arrows Capital, where the former seeks a claim of 53.5 million USDT from the latter. The win of Three Arrows Capital against Algorand Foundation poses the question of regulatory clarity, especially when it comes to disputes over defaults and the status of cryptocurrencies.
The Latest Bitget News
The first IEO round of Q2 2023 - GoSleep (ZZZ) - is about to begin on the awesome Bitget Launchpad. Combining the unique Sleep-To-Earn concept with the power of Arbitrum, GoSleep is expected to be this year's mega project. Token swap for the GoSleep IEO is scheduled from April 17 - April 19 (see guidelines on how to participate here). Don't forget that ZZZ will be listed on Bitget Arbitrum Zone on April 17 - we strongly advise you to subscribe to not miss this opportunity! Spot Margin Trading is open for 9 out of 19 tokens currently listed on Bitget Arbitrum Zone, so there are high chances that ZZZ will also be added to Spot Margin Trading as well!
Bitget Launchpad and Bitget Innovation Zone are the powerful duo offering endless earning opportunities for investors. We are constantly adding new options from these two to Bitget Flexible Savings - an investment product that allows you to redeem your assets at any time. Check out this event immediately and if you need guidance - we are here for you as always!
One event to look forward to this week is the upcoming HOLD airdrop for KEY-holding BitKeepers! This airdrop is the second round of Bitget's unique 2023 airdrop plan. In the first round in early April, users have received KEY NFT(s) and they are about to receive more! Rules, terms and conditions are available in this blog post.
Simply create an account, and start exploring the incredible Bitget-Verse today!