Bitget Hot Takes (September 04 - September 10)
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 shows upward momentum.
• Ark 21Shares and VanEck filed for a new Ethereum Spot ETF.
• The long-awaited fair value accounting rule for crypto assets is approved by the FASB and will apply starting from 2025.
• The SEA-based Grab adds a crypto wallet and other Web3 services for Singaporeans.
• Visa offers USDC settlements to Ethereum and Solana; Circle deploys USDC on OP Mainnet and Base.
• Shandong province of China released draft guidelines for the metaverse industry, valuing the local industry at US$20.5 billion by 2025.
• Google allows NFT game advertisements as long as there is no gambling-promotion content.
• Vitalik Buterin’s X account was hacked.
BGB Is UP!
Following the increase in both the weekly high and weekly low the week before (August 28 - September 03), BGB has had a better week from all aspects: the week-over-week (WoW) change stands at 2.5%, weekly high up by 0.5%, weekly low by 0.4%, volume by 9.3%. The overall trend is green, with the Accum/Dist line supporting this viewpoint. In addition, BGB’s positive return far exceeded other major cryptocurrencies as BTC ended the week with a change of +0.1%, ETH by -0.1%, BNB by -0.01% and XRP by +1%.
Volatility of BGB of course had to go up as a reflection of the upward momentum. However, looking at the 7D rolling volatility of the last few months, it’s safe to say that BGB has consistently proved to be one extremely safe investment option: it fluctuates much less than others, including the flagship cryptocurrency Bitcoin, the mother of all alts Ethereum or the largest exchange token by market cap BNB. That’s not to mention the surge of 653% (calculated using BGB price on September 10, 2023) from the issue price of US$0.0585. If that’s not impressive enough, we don’t know what is.
Growing volume led to rising liquidity, and in a good way. This week, both the nominal and the 7DMA volume-to-market cap ratio of BGB dominated that of the Top 4, being over 0.03 - 30 times higher than the bare minimum used by Coinranking to determine ‘first tier’ tokens.
You can check out our BGB Sail Series to see how impressive BGB monthly performance is:
Further Supports For Institutional Adoption
Besides the upcoming deadlines for U.S.-based spot Bitcoin ETFs, we will be waiting for the SEC’s decision on Ark Invest, 21Shares and VanEck’s spot Ethereum ETFs. As TradFi institutions’ direct gateway to the crypto space, the approval of these funds will have a huge impact on crypto prices, therefore our advice is to watch out for a volatile October ‘23 and January ‘24. Another sign for the integration of crypto into the global financial landscape is the Financial Accounting Standard Board (FASB)’s finalisation of accounting rules for Bitcoin and other cryptocurrencies. This will allow for an easier financial reporting procedure for companies holding crypto, for example Microstrategy or Tesla and, obviously, lower the entry barriers for interested big players.
In Asia, mainstream crypto adoption can very well be realised sooner after Hong Kong opens crypto retail trading and the everyday, everything super app Grab announces their support for the space including the integration of a crypto wallet and the introduction of Web3 services such as NFT rewards collection or NFT payments. These features are currently available for Singaporean users of the app only. On a side note, Shandong is the next province to outline their ambition for the local metaverse industry with a projected market size of 150 billion yuan (US$20.5 billion), an estimate of 100 metaverse firms, 3,000 international as well as domestic patents by 2025.
The global market cap saw a minor decrease of 0.9% to US$1,076,190,165,060, and the overall market sentiment is still Fear. Some small ticks were seen with crypto stocks but not mining stocks; volume plunged due to excitement regarding Bitcoin ETFs’ wearing off and markets’ closing on September 04 (Labour Day) in the U.S. The only crypto-related stocks with growing volume are Block (SQ) and Paypal (PYPL), not for crypto reasons and not for good reasons either: SQ status by UBS was downgraded to Neutral and PYPL revenue growth has been down since March 2023, hence the sell-off.
The Latest Bitget News
The three best daily gainers of the week include KUNCI/USDT (+2,706.1%), DORKL/USDT (+744%) and YAMA/USDT (+276.3%), among which (YAMA) is a Bitget initial listing. Other Bitget initial listings that made it to the list of daily top three gainers include BITCOINBSC/USDT (+41.5%) and XRP8/USDT (+50.5%).
Bitget Savings has announced some juicy options such as NVIR Savings (100% APR), which led to the 51% jump in the token price on September 08. The upcoming rounds of Bitget Smart Trend will open for subscription tomorrow with the highest expected APR being nearly 100%! And if you don’t want to wait or miss any earning opportunity that comes with the daily news, go check out Bitget Range Sniper where daily subscriptions are available, investment durations are flexible and most important of all, much higher yields are expected with a high guaranteed APR floor!
Bitget Futures Markets saw an increase of 10.9% for the average crypto OI and 8.9% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has receded by 1.8% on average. Bitget Spot Trading’s volume was up by 13.3%. While the futures numbers reflect the fading market sentiment regarding spot Bitcoin ETFs, spot volume demonstrates the organic spot demand on Bitget.
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!
Simply create an account, and start exploring the incredible Bitget-Verse today!