Bitget Hot Takes (August 07 - August 13)
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.
• PayPal launches dollar-pegged stablecoin.
• The U.S. inflation data shows that prices rose less than expected in July.
• Bitget’s biannual KCGI is about to start: Are you ready?
Modest Gains For BGB
The latest U.S. inflation data didn’t trigger a clear reaction in crypto prices. BTC prices have been trading strictly around US$29,450 prior to and following the release, but ended the week with a minor gain of 1.3%. BGB and ETH followed suit with respective weekly’s increases of 1.1% and 0.7%.
BGB volume took off slightly over the last seven days regardless, which leads to an upward movement in the token’s liquidity. Compared to the Big 4 (BTC, ETH, BNB and XRP), BGB has persistently maintained a real good liquidity ratio of 0.02, which is usually on par with BTC.
A green weekend resulted in BGB’s growing volatility. The weekly low of BGB has increased by 0.3% to US$0.451877, while the highest price of the week is recorded at US$0.468639. That makes an extremely tight trading range, meaning we could and should expect a breakout anytime soon.
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?
PayPal Made The Headlines With Their Stablecoin Launch
The global crypto market cap went up by 0.7% from the opening value of US$1.205 trillion on August 07, 2023 to the closing value of US$1.214 trillion on August 13, 2023, followed by a one-point increase of the Fear Greed Index.
The U.S. Bureau of Labor Statistics released July consumer prices data on August 10, 2023, which shows that the yearly change is higher than last month’s and thus counts as the first increase since July 2022. Nevertheless, it’s worth noting that the headline figure, which came in at 3.2% YoY, is actually lower than the forecasted 3.3%, and the core CPI of 4.7% YoY is also lower than the Dow Jones’ estimate of 4.8%. This may take some pressure off the FED, but doesn’t mean easing time soon.
In anticipation of the inflation data release, and that’s not to mention the recent earnings reports, most crypto stocks saw some huge decline in volume last week except for ProShares Bitcoin Strategy ETF (BITO) and ProShares BTCUSDT">Short Bitcoin Strategy ETF (BITI). In addition, stocks that have closest ties with the flagship cryptocurrency Bitcoin demonstrate positive performance, somewhat showing a bullish institutional sentiment.
Breaking was when PayPal announced the launch of their stablecoin PYUSD in partnership with Paxos, which is pegged to the US-Dollar and backed by the fiat deposits, short-term T-Bills and other cash equivalent. The Chairman of the House Financial Services Committee seeing this as ‘hold promise as a pillar of the 21st century payments system’ and guidance from the FED on transacting stablecoins can be considered the authorities’ attempt to create a clear regulatory landscape for stablecoin and crypto in general.
The Latest Bitget News
So excited to share that we are about to kickstart the famous Bitget’s KCGI for 2023! The event was first introduced in 2021 with nearly 7,500 trading enthusiasts and has since become a specialty of Bitget that takes place twice a year. What’s new this time? A summary would be (1) upgraded prize pool to up to 2,650,000 USDT and (2) the addition of the Demo Trading League, where individuals will compete in our dedicated demo trading environment to share 20,000 USDT!
More on Bitget’s 2023 KCGI can be found here:Bitget KCGI 2023: Unleashing the World's Trading Titans
Bitget has recently undergone the new rebranding initiative that demonstrates our dedication in equipping individuals with innovative products as well as sophisticated tools for an efficient financial future. Both our focus on users and our commitment of providing a safe, smart and productive trading environment remain the same.
Accompanied this initiative is our #SetForChange campaign in collaboration with renowned actor and comedian Adam Devine, who shares the same passion for crypto education and adoption with us! We hope to onboard more of the younger generations with modern financial tools and Web3 possibilities via an engaging, lighthearted approach as embodied by Adam.
Bitget has acquired BitKeep wallet in Q1 2023 as part of our efforts to revolutionise Web3. BitKeep is now rebranded to Bitget Wallet and we are giving away 100,000 USDT in airdrops to celebrate!
Bitget Spot Trading has had two new initial listings last week, which resulted in the emergence of new incredible daily gainers: AIMBOT/USDT (+402.3%) and SOLANA/USDT (+95.3%). Some recent initial listings that still show their allure are BITCOINBSC/USDT, ESPR/USDT and PC/USDT with a 24-hour gain of 59.5%, 128.8% and 109.7%, respectively. Other extraordinary daily gainers include: XRP8/USDT (+535.4%), MMVG/USDT (+471.5%), GRIMACE/USDT (+170.2%), FAST/USDT (+126.8%) and SDEX/USDT (+107.1%). The next highly anticipated listing is SEI with several activities from August 15 to August 22!
Bitget Futures Markets saw an increase of 9.0% for the average crypto OI and 10.8% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has risen slightly by 1.8% on average.
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!