Bitget Hot Takes (May 01 - May 07)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.
The latestBitget Hot Takes can be found here.
• BGB weekly low inched higher, narrowing BGB's trading range.
• The FED decided to raise the interest rate by another 25 bps.
• Governments rushing to provide clearer instructions on crypto regulation.
• PayPal offers crypto transfer to 60 million users of Venmo.
• Binance halted Bitcoin withdrawal twice in the last 24 hours, adjusting fees.
BGB Trading In Narrow Range
BGB has been outperforming other major cryptocurrencies for the last two weeks. The release of the BGB White Paper certainly helped bolster confidence in this still-low-cap token, and the excellency of Bitget new products chipped in as well. Even after the market took off thanks to FED's delicate 25bps raise, BGB return remained well above that of the Top 3 cryptocurrencies by market cap.
One thing to notice is that BGB weekly low has been on the rise for two consecutive weeks, up by 22.2% from April 24 to April 30 and by another 1.6% last week. That puts BGB in a really tight trading range - traders are waiting for a breakout and preparing their strategic gears correspondingly.
After the first round of events (BGB Lotto and BGB Staking), BGB holders had the opportunity to earn even more BGB with the 40% APY BGB pool on Bitget Launchpool. Nearly 38.5 million BGB were staked, meaning 2.75% of its circulating supply was put into work. Other users opted for the BGB exclusive trading and referral promotion to share 50,000 BGB in rewards and engaged in P2P trades to share 100,000 BGB.
A new VIP system has just been introduced to give BGB diamond hands priority. To join our VIP group, you can either hold 50,000 USDT in your Bitget spot account or 100,000 BGB (around US$40,000 at the time of writing)! Benefits are the same but favourable requirements are applied for BGB holders as our way of saying thank you. Become a VIP today simply by owning BGB!
To access a detailed summary of BGB’s incredible achievements month by month, please refer to our BGB Sail series:
… and dive in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token
Governments Embracing Crypto
Despite the speculation on a softer move in response to the recent bank failures, the U.S. Federal Reserve stands firm in their fight against inflation. However, FED Chair mentioned that the FED will ‘take a data-dependent approach in determining the extent to which additional policy firming may be appropriate’ and ‘factor that [‘what's happening with credit conditions', ‘what's happening with lending'] into their decision making'.
What does this actually mean? Simply put, we can expect the FED to take the banking crisis and the ongoing debt cap negotiations into consideration, alongside their mandate to keep inflation in check. On CME FedWatch Tool, the general consensus is that the FED won't raise interest rates further in their next meeting.
For the crypto market, this means bullish. The global market cap briefly touched US$1.275 trillion following the news, but couldn't keep the momentum, especially over the weekend, when the U.S. Department of Justice is reported to be investigating Binance for possible violations against Russian sanctions and Binance had to halt Bitcoin withdrawal twice in less than 24 hours.
It is a good signal, though, to see governments around the world studying and issuing new crypto regulations. One of the most crypto-friendly zones, Hong Kong plans that guidelines for crypto exchanges seeking a virtual asset service provider (VASP) licence will be released this month and encourages local banks to continue providing services to crypto firms. Meanwhile, both the U.K. and the U.S. are focusing on crypto tax treatments, with the former seeking public views on the taxation of DeFi ‘involving lending and staking' and the latter hoping to issue crypto tax guidance within a year.
The Latest Bitget News
As the SUI team confirms there is no airdrop available, our SUIBG airdrop program becomes the one and only Sui-related airdrop! Congratulations to the participants: Your SUIBG will be swapped for SUI! And for SUI holders, head to Bitget Savings and lock in the unbelievably high APR of 500% before the slots are sold out! The exact date of SUI listing on Bitget will be announced soon, but that shouldn't hinder our users' enthusiasm for the project: Deposit SUI to share 15,000 SUI and US$20,000 in SUI rebates!
Need more Airdrops? Check out the new task-and-airdrop Bitget CandyBomb immediately! With CandyBomb, it is guaranteed that you'll always receive new tokens for free, as long as you complete the given tasks! Read this article for a detailed explanation and guide on how to participate in the first CandyBomb round. There are still over 40 hours to sign up for the DEG airdrop, hurry up!
Need more investment products? You've got it: Bitget Range Sniper allows subscribers to venture a guess at cryptocurrencies' prices with extremely juicy APR! One thing to keep in mind is that while Bitget Range Sniper is non-principal-guaranteed, it still offers a safety net even when the market moves against your predictions.
We have also added stETH as the new margin option on Bitget Coin-Ⓜ Futures. To support the sustainable development of the liquid staking derivatives (LSDs) category, stETH is the first LSD to be added as margin for 9 trading pairs: BTCUSD, ETHUSD, XRPUSD, EOSUSD, BCHUSD, LTCUSD, UNIUSD, LINKUSD and AVAXUSD. Full guide can be found here.
In addition to the VIP system, Bitget also values the dedication of each individual user. To help influencers, KOLs, community leaders and industry experts to review their referring activities with just a touch, we have released the Bitget Partner Management System with an intuitive dashboard.
Simply create an account, and start exploring the incredible Bitget-Verse today!