Bitget Hot Takes (July 24 - July 30)
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.
• FED raised the interest rate by another 25 bps.
• Asia is the new crypto hotspot: Singapore High Court declares crypto as property and Japan affirms their Web3 plan.
Indicators Confirming BGB’s Recent Upward
Half of the Top 4 ended the week in red, with BTC’s weekly low decreasing from US$29,556 to US$28,934 and XRP failing to maintain the victory momentum. Despite being the best performer out of the four, only locked in a minor 1.2% gain at the end of the week.
BGB prices have been seeing upward movements since Saturday (July 29, 2023), with this trend backed up by all three indicators of MACD, RSI and Accum/Dist. We talked about how the downtrend of BGB shouldn’t last long in the previous Bitget Hot Takes, and now the anticipated bouncing back is here.
Due to the recent bounce from as low as US$0.444144 to today (July 31)’s opening of US$0.462315, BGB's volatility has been on the way up.
BGB’s liquidity has been maintained at 0.02, only lower than that of XRP and ETH. That means buying and selling activities are not much affected by the broader market. BGB 7-day volume actually increased by 2.8%.
Check out our BGB Sail Series to see how impressive BGB monthly performance is:
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?
Crypto Markets Calm Collected About FED’s Decision
On July 26, 2023, the FED announced another interest rate of 25 bps, which resulted in the highest federal funds rate in 22 years of 5.25 - 5.5%. As this move is widely expected, markets reacted with an increase in the 5-day return of 0.66% for the Dow Jones, 1.01% for SP 500 and 2.02% for NASDAQ Composite. Crypto markets have been almost unfazed; the global market cap rose by 0.9% and Bitcoin prices are held above the US$29,000 mark ever since the news.
Since investors tend to take a cautious approach around the FOMC meeting, both stocks and crypto volume saw declines. The general sentiment of last week was, however, still slightly bullish, while we are starting this week with a neutral sentiment.
Data from Kaiko shows that for the first time ever, the liquidity of the Top 10 altcoins is approaching and even surpassed that of Ethereum on top DEXs, though they are a long way behind Bitcoin’s.
In the U.S., the House Financial Services Committee passed two crypto bills named the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, whose intention is to provide a clearer regulatory framework for cryptocurrencies, especially in the definition of crypto, codify federal oversight for this industry so that the U.S. can stay relevant. Crypto community considers this a win because these bills would limit the jurisdiction of the SEC and, on the contrary, expand the CFTC’s oversight of crypto.
Following Hong Kong’s recent attempt to become a global crypto hub, Japan and Singapore are further consolidating Asia’s advantage and relevance in crypto. Singapore is being considered as the destination for several crypto companies including market maker Wintermute for their institution-friendly approach. Furthermore, the Singapore High Court ruled that crypto is a property capable of being held on trust, a decision reminiscent of the Hong Kong Court one back in April this year. In a recent crypto conference, Japan Prime Minister Fumio Kishida shared his excitement about the potential of Web3 and how it is ‘part of the new form of capitalism’, an insight appreciated by Binance and The Web3 Foundation, among other industry players.
The Latest Bitget News
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We have had several initial listings last week, all of which resulted in new extraordinary daily gainers: XXX/USDT (+504.6%), ESPR/USDT (+300.4%), BITCOINBSC/USDT (+128.2%), OMNIA/USDT (+92.4%) and SOPH/USDT (+31.9%). And of course we can’t leave out WorldCoin (WLD) with the whopping +543% 24H gain, BRIDGE/USDT with +148%, BITCOIN/USDT with +120.2%, MOG/USDT with +114.4% and EML/USDT with 109%. We are constantly adding new coins every week, so stay tuned to not miss any earning opportunities!
Bitget Futures Markets saw a decrease of 7.4% for the average crypto OI and 9.5% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by another 2% on average.
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