Bitget Hot Takes (September 11 - September 17)
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.
• BGB’s upward momentum is most likely to continue.
• New crypto ETF applications: Franklin Templeton for spot Bitcoin ETFs and Hashdex for spot Ethereum ETFs.
• U.S. CPI data release: 0.6% MoM for headline CPI and 0.3% for core CPI.
• TOKEN2049 in Singapore saw 10,000+ attendees, 300 exhibitors and 400+ side events.
BGB’s Upward Momentum Is Most Likely To Continue
This is the third consecutive green week for BGB with a WoW return of +1.7%, which is only lower than that of BTC (+2.6%). Basic indicators don’t suggest any reversals of trend any time, therefore we can very well expect BGB price to climb up in the next few weeks. XRP prices slided further down, resulting in a US$6.5 billion difference between XRP and BNB’s market cap.
Volatility of BGB of course had to go up as a reflection of the uphill momentum. Compared to the Top 5, BGB is way less volatile, i.e. much less risky as an investment, for changes in its price are of smaller degree and, more often than not, go into one single direction of upward sloping. That is a good factor to keep in mind for any investor choosing a long-term crypto asset to hold.
The minor decrease in BGB’s weekly volume caused the 7DMA liquidity ratio (volume-to-market cap) to plateau below 0.03 - almost 30 times higher than the bare minimum used by Coinranking to determine ‘first tier’ tokens. This move extends the breakaway of BGB from Top 5’s liquidity trends, and for the better.
You can check out our BGB Sail Series to see how impressive BGB monthly performance is:
What Are They Talking About At TOKEN2049?
Expect some stillness in the next three days as the Fed September meeting is about to take place on September 19 - 20. Markets already enjoyed some gains after the U.S. August CPI data release on September 13, a result of the somewhat-slowing-down core CPI - one key focus of the FED - at 0.3% MoM or 4.3% YoY following July’s 0.2%/4.7% figures. According to FedWatch Tool, the probability of the FED’s holding interest rate in the FOMC stands at 99%.
Aside from the macro environment, the crypto community has been having fun at TOKEN2049, the Web3 and crypto conference for the elites, that took place in Singapore from September 13 - 14, 2023. That, again, strengthens Singapore’s position on the frontline of Asian crypto with Hong Kong.
The hottest topic discussed during the week is real-world assets (RWA), along with other on-chain assets and stablecoins, all meant to streamline the capital flow from TradFi to crypto. Other discussions revolved around the tech shift from L1 to L2 and ZK, GameFi and regulations. It’s important to note that around 15% of the attendees come from the U.S., meaning the global interest in cryptocurrencies despite any unclarity around regulations in the mentioned and other regions.
The Latest Bitget News
As a leading voice of the crypto industry, of course Bitget wouldn’t miss TOKEN2049 for the world. Our managing director Gracy Chen took part in a panel discussion about challenges and opportunities for exchanges on September 14 and gave an exclusive interview for CoinGape about how CEXs can operate in a decentralised world. Prior to that, she revealed Bitget’s plan to amp up the regional exchanges, data analytics firms, media organisations and other entities with a US$100 million fund named EmpowerX. Having just celebrated our 5-year anniversary, Bitget already outlines future plans for the expansion of our ecosystem, with EmpowerX being the first step.
On top of that, we have the ever-expanding world of Bitget investments, normally known as Bitget Earn. Bitget Earn has just launched two new products, Bitget Snowball and Bitget Wealth Management. While the former is designed to offer explosive yields from the market fluctuations, the latter includes the utilisation of investment bots to provide high-net-worth Bitget users with a steady wealth growth. Don’t forget the Earn festival - exclusively launched to celebrate Bitget’s 5-year anniversary! Staking, the “DeFi” aspect of Bitget Earn, has also launched DOT Staking with an APR of 7.7%! You better check out the notification centre here everyday to keep up with daily new offers from Bitget Earn.
Among the top 3 daily gainers, the three ones of the week include SMURFCAT/USDT (+239.1%), VEMP/USDT (+184.1%), WITCH/USDT (+182.4%), MOONEY/USDT (+121.2%) and MAX/USDT (+100.6%). Two Bitget initial listings that made it to the list of daily top three gainers include XRP8/USDT (+33.1%) and BIP1/USDT (+32.3%).
Bitget Futures Markets saw an increase of 1.0% for the average crypto OI and 3.3% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has been up by 2.3% on average. Bitget Spot Trading’s volume was up by 3%.
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