Bitget Hot Takes (May 29 - June 04)
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.
• The U.S. debt ceiling is now lifted.
• The U.S. NFP report for May 2023: 339,000 new jobs, average hourly earnings up by 0.3% MoM, unemployment rate increased to 3.7%.
• Hong Kong opens licensing applications for crypto trading platforms.
• Atomic Wallet breach results in a US$35 million loss.
BGB Could Be Expecting A New Local High
Following last weekend's green signals, BGB has been building up momentum with a 3% increase by the end of this week - not bad compared to major cryptocurrencies, especially BNB (-0.3%), which is also an exchange token.
We are seeing the scenario where the spread between BGB's weekly high and low is getting narrower and the volume-to-market-cap ratio is consistently above 0.02, a sign that there is an abundance of sellers and buyers of BGB and the token can be easily traded close to its value. Moreover, indicators are suggesting that BGB is inching towards a new local high; further reduction of the weekly spread as well as volume should confirm this thesis.
Learn about technical indicators here: Trading 101: Technical Analysis Explained
Check out our BGB Sail Series to see how impressive BGB monthly performance is:
… and explore the popularity and recognition BGB has earned here: Why BGB Is Your Bluechip Exchange Token
The (Renewed) Stablecoin War
The biggest piece of news must be the suspension of the U.S. debt ceiling, which saves the nation from the first-ever default in its history. On top of that, we have a positive employment report with 339,000 more jobs created in May 2023 and wages went up by 0.3% MoM or 4.3% YoY. Markets share the glee of a strong job market and the temporary relief brought about by the Fiscal Responsibility Act of 2023. However, the FED could very well consider another rate hike as the labour market’s current state doesn't seem to effectively cut down spending.
As Hong Kong is claiming their title as the global crypto hub with the licensing application opened for crypto assets service providers, more and more Hong Kong-based projects are stepping into the spotlight. First Digital, a regulated custodian and trust company in the region, is launching FDUSD, a stablecoin pegged to the US-Dollar.
In an attempt to increase their stablecoin market share, Circle has announced the launch of Arbitrum-native USDC on June 08, 2023. This means better liquidity for the token and better security for users as the need to bridge USDC from Ethereum to Arbitrum will cease over time.
USDT popularity is still unbeatable; its supply is about to surpass the all-time high of US$84.09 billion recorded in May 2022.
Source: The Block
The Latest Bitget News
Most of the daily gainers of the week fall into the categories of AI (POGAIUSDT, CAIUSDT, IMGNAIUSDT, AIUSDT and IGUUSDT) and DeFi (LINAUSDT, LINABTC, VELO1USDT and GMDUSDT). The biggest 24-hour increase of the week is 109.97% of AIUSDT.
New farming opportunities for BGB holders: Double stake BGB, why not? Users can make referrals to get a staking slot in the Refer and Earn pool in each Bitget Launchpool round. The rules applies for both the ongoing AREA pools and the upcoming AIBB pools as shown below:
Source: Bitget Launchpool
Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q1 2023 only, we have released over 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. In order to further assist beginners on their crypto journey, we have created the Blockchain Fundamentals Course with three digestible modules - you will receive a certificate after passing each module! Besides, Bitget Academy regularly holds Learn and Earn events where anyone can get some BGB simply by answering the questions provided: Grab a share of the 2,000 BGB Prize Pool with Bitget Academy
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