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Bitget Hot Takes (July 17 - July 23)

Bitget Hot Takes (July 17 - July 23)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• XRP flipped BNB to become the fourth largest cryptocurrency by market cap.

• OpenAI CEO's Worldcoin (WLD) will launch on Bitget today, July 24, at 8:00 AM (UTC).

• The Twitter account of Uniswap’s founder Hayden Adams was hacked.

• Signs of altseason in Q3 following the XRP ruling.

BGB Is Seeing A Positive Divergence

As both the global market cap and BTC price didn’t succeed in breaching resistance levels, most cryptocurrencies landed in red, except for Ripple (XRP). The ruling clearly has a positive impact on the token, helping it secure the 4th place on the list of biggest cryptocurrencies by market cap. Despite the recent burn that is worth ca. US$480 million, BNB still lost another 5% of its value this week.

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BGB prices also experienced some further decline, though, ranging between as low as US$0.451967 and US$0.473984. However, the Accum/Dist line doesn’t show any signs of new troughs at all, meaning the current downward movement of BGB shouldn’t last long.

BGB's volatility increased over the last seven days because of lower prices, but still suggesting better stability than XRP and BNB.

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However, BGB’s liquidity has been maintained at 0.02, only lower than that of XRP and ETH. That means buying and selling activities with regards to this token weren’t affected by the recent stall, and they clearly show better resistance to outside noises than Bitcoin.

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Here's a recap of BGB activities from July 10 to July 14, 2023:

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Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

On a side note, recent data shows that BGB has become, once again, the exchange token with the highest potential. The disproportionate growth between BGB value and Bitget makes room for BGB to soar higher - are you ready?

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Altseason Q3 This Year?

Despite the fact that Bitcoin hasn’t been able to hold on the US$31,000 mark, data from Glassnode shows that the number of new Bitcoin addresses a.k.a. ‘unique addresses that appeared for the first time in a transaction of the native coin in the network’ achieved new yearly highs on July 16 and July 18 at 544,678 and 547,534, respectively.

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Meanwhile, the total number of Bitcoin ordinal inscriptions has increased to 19,079,230 as of 0:00 July 24, which is equal to a rise of nearly 7% from 17,834,780 on July 17, per Dune Analytics.

Learn more about Bitcoin ordinals with Bitget Academy: What Are Bitcoin Ordinals?

There have been four key events that (almost) guarantee the end of a bearish cycle, including BlackRock’s change of heart on Bitcoin, followed by their Spot Bitcoin ETF application, XRP not labelled as a ‘security’ per the latest court ruling in Ripple’s case against the SEC, positive U.S. inflation data in June, and last but not least, the fear greed index consistently showing Greed since June 20.

Now again comes the daily question of what we are buying today. Winter is almost over, there is no need for investors to hold tight on staples and stables and no need for developers to take a cautious approach to product rollouts. We are witnessing the (re-)surge of familiar names such as ChainLink (LINK), Axelar (AXL), Synthetix (SNX) and Uniswap (UNI). The former two are leading infrastructure providers and the latter top DeFi blue chips, which implies the rise of buidl-ers, once again. And that could very well lead to a new altseason in Q3, especially when Bitcoin dominance seems to continue to go down.

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The Latest Bitget News

Are you an avid reader of Bitget Academy? Are you confident with what you have acquired from our knowledge bank? Participate in our completely new event to share 1,000 BGB prize pool - the rules are explained here! So excited to see how we have grown together!

What’s new on Bitget, too? Of course the mighty Bitget Crypto Loan - through which any user can get instant access to more funds! Bitget Crypto Loan currently accepts BTC, ETH, USDT, XRP, LTC and BCH as collateral for the borrowing of 15+ assets. For a detailed guide on how to start borrowing right away, check out our Introduction to Bitget Crypto Loan!

The biggest talk of the town is dropping on Bitget today: Worldcoin (WLD), a project founded by OpenAI's CEO Sam Altman, will be available for trading on Bitget Spot Trading on July 24, 2023 at 8:00 AM (UTC)! For spot grid traders, WLD/USDT will be available 24 hours later or July 25, 2023 at 8:00 AM (UTC) here!

We have had several initial listings last week, all of which resulted in new extraordinary daily gainers: SALD/USDT (+760.5%), PC/USDT (+151.4%), UNIBOT/USDT (+146.9%) and WAGIEBOT/USDT (+129.0% on July 21 and +47.5% on July 23). Other awesome deals include ARKM/USDT (+1,233.7%), MOG/USDT (+255.4%), L/USDT (+203.6%), BITCOIN/USDT (+201.1%), PSI/USDT (+141.0%), QUICK/USDT (+111.8%) and SHIB2/USDT (+103.4%).

Bitget Futures Markets saw a rise of 3.8% for the average crypto OI and 2.1% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by another 1.6% on average, totally in line with the drop in Bitcoin dominance on the global market.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!

New Events

Worldcoin (WLD) has been listed on Bitget — come and grab a share of $25,000 in WLD!

50% Off Special Deal : Buy crypto with credit/debit card now!

80,000 BGB Giveaway! Deposit EUR or GBP Now!

80,000 BGB Giveaway! Deposit BRL Now!

Bitget Builders Million Fans Program:Share the $5,000 Welcome Bonus Win the MacBook Air

Be a #BitgetAcademyLearner, Prize Pool of BGB 1000!

Invite friends to Earn and get a 20% rebate!

Bitget Will List Mog Coin (MOG) in the Innovation and Meme Zone

EML Protocol (EML) to be listed on Bitget — grab a share of the 11,000 EML prize pool!

[Initial Listing] Bitget Will List YouSUI (XUI) in the Innovation Zone and DeFi Zone

YouSUI (XUI) Savings is Live! Subscribe Earn up to 100% APR !

[Initial Listing] Bitget Will List Unibot (UNIBOT), Wagie Bot (WAGIEBOT) and Bridge Bot (BRIDGE) in the Innovation and BOT Zone

Good Reads

Understanding the 2023 Litecoin Halving: An In-depth Analysis

What Is EML Protocol (EML)

3 Trends That Will Accelerate Crypto Adoption in 2023 and Beyond

What is the Future of Blockchain in 2023?

Simply create an account, and start exploring the incredible Bitget-Verse today!

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