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Bitget Bites (August 16, 2022)

Bitget Bites (August 16, 2022)

The global market cap is standing at US$1.14 trillion, showing a 3.91% decrease from yesterday but the 24-hour volume was up by 15.19% to US$76.90 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,839.77 and US$24,817.11 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,902.13, which is a 3.84% decrease compared to Ethereum’s 5.63% decrease.

There has also been an increase (+31.74%) in the volume of our spot market. There has been a decrease in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (-2.19%), ADA (-3.99%), and XRP (-3.21%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.15928 and US$0.15318 , respectively.

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The Top 3 Gainers of The Day are OpenBlox (OBX), Spell Token (SPELL), and ABBC Coin (ABBC).

1st Place

OBXUSDT: Up by 20.89%

A Blox is unlike characters in traditional games, it’s truly yours. All Blox exist as Non-Fungible Tokens (NFTs) on blockchain empowering you to freely trade them with other players, and move them across NFT marketplaces such as OpenSea. OpenBlox is EVM-based, and therefore compatible with all chains supporting EVM. With a trading volume of $412,715.84, OBX is trading at a current market price of $0.007774.

2nd Place

SPELLUSDT: Up by 18.86%

SPELL is the governance token of the Abracadabra.Money decentralized lending platform.

SPELL is an ERC-20 token used as a governance and incentive token within the ecosystem. With a current market cap of $164,220,213.09 and a trading volume of $149,847,787.21, SPELL is trading at a current market price of $0.001695.

3rd Place

ABBCUSDT: Up by 9.83%

ABBC is a technology optimized for distribution, finance, shopping, security, using blockchain technology, The ABBC platform will allow users to send and receive funds, make online purchases using their own ABBC wallet, exchange ABBC coins at profitable rates, as well as trade and manage funds. With a current market cap of $159,125,788.39 and a trading volume of $35,628,245.86, ABBC is trading at a current market price of $0.1603.

Meanwhile, the Top 3 Losers include: USDSPUSDT (-15.98%), FLUXUSDT (-15.34%), and MITUSDT (-14.99%).

Futures Market Updates

Activities on Futures markets are slowly increasing, with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.33 billion, equivalent to a 3.99% decrease from yesterday.

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market. However, there was a mild Bitcoin selloff, resulting in the decline of Bitcoin OI Dominance to 61% at US$2.76B and a rise in the daily volume of Bitcoin futures to US$201,390.70. The last cycle of funding rate (+0.0001%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, currently leaning towards bearish at 43.86%/56.14%. Most BTC long ETFs also locked in a negative change, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed Friday at US$32.59 from the opening price of US$32.39.

Interesting Topics

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Understanding Finance: Capitalizing on Volatility

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