Bitget Hot Takes (September 18 - September 24)
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 is up by 1.2%, some red over the weekend shouldn’t last for long.
• FOMC meeting: no rate hike this month but one more this year.
• Big banks in crypto: Citigroup, Standard Chartered, Nomura.
• Mt. Gox delayed repayments again to 2024.
BGB: More Up?
Another green week for BGB with a weekly return of 1.2% while most of other risky assets, Bitcoin and Ether included, dipped in red. Even though BGB has hit as low as US$0.447789 on September 15, 2023, it’s not supposed to be a sustained momentum. There was a green 4H candle following this drop, bringing BGB prices back to within the (Bollinger) bands; the Accum/Dist. line doesn’t show any support for the downward movement and the RSI seems to have reached a local bottom.
We need volatility to see price movements - stability is good for stables only - but crypto in general have always been accused of being highly volatile a.k.a. risky. BGB’s volatility is actually showing a downward trend, and not because it’s become a stable, rather, the lower volatility in recent weeks is a result of the consistently upward trend BGB has achieved.
This is also another week of higher prices, higher volume (+0.9%) for BGB. Compared to the liquidity ratio of Top 5, BGB is only second to Ether. Even Bitcoin and the largest exchange token by market cap BNB have lower volume-to-mcap ratio than BGB.
If you are a sceptic, then maybe join the 1-1,000 BGB squad first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is:
No Rate Hike, Why Red?
The fact that the FED decided to halt their series of rate hikes after this month’s FOMC meeting didn’t bring as much joy as we all expected. The updated benchmark interest rate shows a-(highly possible)-nother increase of interest rate before the year’s end since the FED wants to see ‘convincing evidence’ as well as ‘progress’ in the form of ‘good inflation readings of more than just three months’. In addition, FED Chair also mentioned the intention to ‘hold policy at a restrictive level’ for some time, and it triggered new lows across markets: DJI by 0.31%, SPX by 0.23%, IXIC by 0.09%, and the global crypto market cap by 1.4%. Consequently, crypto ETFs and crypto stocks ended the week in losses, except for the BTCUSDT">BTCUSDT">short Bitcoin ETF (BITO). It’s good to see no selloff due to this not so optimistic piece of news, though.
Good for the broader market yet bad for creditors is the announcement by Mt. Gox trustee Nobuaki Kobayashi to delay the repayments again by one year to October 31, 2023. That lifts the supply pressure on BTC prices, and hopefully will contribute to another bull cycle with the upcoming halving.
On a side note, the New York State has proposed an updated framework for listing and delisting cryptocurrencies and is seeking comments, which is utterly necessary for mainstream adoption.
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.
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Notable daily gainers include: TIP/USDT (+681.7%), MNTC/USDT (+522.4%), BANANA/USDT (+274.8%), APX/USDT (+272.1%), and ETHF/USDT (+166.2%). Bitget Spot Trading’s volume decreased by 18.6%. On the other hand, Bitget Futures Markets saw an increase of 7.0% for the average crypto OI and 6.2% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has been down by 0.7% on average. Don’t forget to subscribe to our official channels to wait for a new Bitget Copy Trade future this week! In the meantime, invite friends to join the Bitget Copy Trade squad to share the 20,000 USDT prize pool!
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