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Bitget Hot Takes (October 17 - October 23)

Bitget Hot Takes (October 17 - October 23)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

Bitget Hot Takes last week can be found here.

Central Themes

• BGB is up by nearly 20%, reaching the new ATH of US$0.23900.

• Several countries are becoming more crypto-friendly.

• BTC volatility is about to hit the all-time low.

• Fidelity offers ETH to institutions.

• After Aptos (APT), zkSync will be the next L1 token to be highly anticipated.

BGB Recorded The New All-Time High

This was an incredible week for BGB. Token price reached the new all-time high of US$0.23900 on Friday (October 21), keeping BGB hovering around US$0.20 ever since. That also led to BGB’s superiority in terms of weekly performance, especially in the category of exchange tokens.

Bitget Hot Takes (October 17 - October 23) image 0

In terms of volume, BGB and FTT were the only two exchange tokens to see an increase in the last seven days. The numbers are 13.78% for FTT and a whopping 53.70% for BGB. At a current market capitalisation of less than US$500 million, BGB still has much room to grow. And it’s been riding the market’s waves since the beginning of 2022:

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Around The Crypto-verse

More countries are seeing crypto as an opportunity rather than a threat. The Israeli government, in partnership with Fireblocks and VMWare, is about to issue blockchain-powered state bonds. The process should reduce costs and speed up the issuance as well as clearing. Japan is another country to stay crypto-friendly as the Japan Virtual and Crypto assets Exchange Association (JVCEA) plans to implement a shorter listing process for tokens (within 30 days) by March 2024. Hong Kong’s Securities and Futures Commission (SFC) is also considering making virtual assets available for retail investors despite regulatory clarity. And in the U.K., the resignation of PM Liz Truss has made way for pro-crypto Rishi Sunak to run for leadership.

Changes in equities and forex markets have been rough. Surprisingly (or maybe not), cryptocurrencies have been able to hold themselves quite well: Bitcoin is still trading around US$19,000 - US$20,000 and global market capitalisation remains above US$900 billion. And Bitcoin’s volatility will soon hit the all-time low, as per Twitter KOL @i_am_jackis, whereas its 20D volatility is equivalent to that of NASDAQ for the first time since 2020. SP500’s volatility is also converging Bitcoin’s.

Bitget Hot Takes (October 17 - October 23) image 1

Bitcoin volatility

Source: Twitter @i_am_jackis and TradingView

Bitget Hot Takes (October 17 - October 23) image 2

Source: Kaiko Analytics

In general, trading Bitcoin futures, i.e. aping on price changes of the largest cryptocurrency, tends to outpace spot when it comes to volume because of high liquidity and no ownership/wallet knowledge requirement needed. Cash-margined futures has been replacing the previously popular crypto-margined futures since last year as it represents a less risky collateral structure. Last week, cash-margined OI Dominance reached the all-time high of 65%, meaning that two-thirds of the open positions are backed by cash.

Bitget Hot Takes (October 17 - October 23) image 3

Source: Glassnode

Bitget offers two options for cash-margined futures, including Bitget USDT-Ⓜ Futures and Bitget USDC-Ⓜ Futures, while supporting three major cryptocurrencies (BTC, ETH, and EOS) in Bitget Coin-Ⓜ Futures.

Bitcoin mining sees more troubles as the European Union slides further into the energy crisis and mining difficulty once again made a new all-time high. Riot Blockchains, Inc., Coinbase, and ProShared Long Bitcoin Strategy funds are the three losers of the week.

Bitget Hot Takes (October 17 - October 23) image 4

Talking about major cryptocurrencies, Ethereum's popularity has been driven by institutional investors after The Merge. Grayscale Ethereum Trust shows inconsistent returns, but that doesn’t stop Fidelity from offering Ethereum services to their institutional customers starting from October 28. That can’t be more perfectly timed: Ethereum staking rewards have climbed to 11% APR.

Bitget Hot Takes (October 17 - October 23) image 5

Source: Lido Finance

Aptos: Listing of the week

The hottest name of the week must be Aptos. It’s the much-hyped, venture-backed Layer 1 built by former Meta employees. Its mainnet goes live on October 17, 2022, one day before its official listing on cryptocurrency exchange. What seems odd here is that the tokenomics summary was released only shortly prior to trading, and APT perpetual trading is available within less than 48 hours after spot trading. However, APT managed to reach US$10.25 and is still trading above US$9.00 at the time of writing.

Trade APT Spot: Click here

Trade APT Perps: Click here

The next listing to watch for is that of zkSync with its mainnet launch in October and token detail release in early November. The community of DeFi giant Uniswap has reached a consensus to allow the deploying of Uniswap V3 on this blockchain. zkSync is expected to solve Ethereum’s scalability issues using zero-knowledge proof.

Metaverse news

In a sense, Metaverse has successfully infiltrated our normal life, with more and more companies embracing this opportunity:
• Hollywood premier agency WME has signed a representation deal with Mack Flavelle, co-founder of Dapper Labs and CryptoKitties;

• The Major League Baseball (MLB) is hiring an NFT and metaverse licensing manager;

• Warner Bros released 10,999 NFTs for Lord of the Rings: The Fellowship of the Ring on October 21 at 9:00 AM (PST);
• Ozzy Osbourne, DJ Dillon Francis, and Soulja Boy are the next to join Decentraland’s 2nd Metaverse Music Festival.

And in South Carolina, U.S.A, a 3-BR house was sold as NFT for 175,000 USDC six days ago, marking the first NFT house sales ever.

Exploits cont’d

The victim of this week is the Celo-based DeFi lending protocol Moola Market, which suffered from an US$8.4 million attack on October 18. The team quickly offered a bounty reward for the hacker and received a positive signal as 93.1% of the stolen funds (US$7.8 million) were returned to the protocol’s wallet.

Three days after the Moo-case, 30,437 OHM tokens were drained from one Olympus DAO’s smart contract on Ethereum and also returned within a few hours. Even the Ethereum Alarm Clock's smart contract was targeted by exploiters, which allowed them to receive 204 ETH in gas fee reimbursements.

In For US$210 Million

A total of US$144 million has been invested in blockchain projects in the last seven days with the following break-down:

• US$4 million in Tapio, a synthetic asset protocol on Polkadot

• US$18.8 million in blockchain dev tool provider ChainSafe

• US$7 million in Web3 Builders

• US$18 million in WazirX founder’s blockchain project Shardeum

• US$30 million in crypto gaming infrastructure platform Stardust

• US$3.2 million in Arcade2Earn, a gaming platform on Solana

• US$55 million in modular blockchain infrastructure builder Celestia Labs

• US$7.5 million in Mercury, a project focusing on college fan clubs

Another US$66 million has been funded for crypto hedge fund Edge Capital’s two DeFi funds.

The Latest Bitget News

Do you know that you can earn up to 12% on your USDT deposit with Bitget Savings? Check out the tiered products here: Bitget Savings launches APR Tier for USDT Flexible Savings!

To help investors overcome the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well!

Bitget’s KCGI

The biggest event of the year is back! In the last series, the best performers of 4,754 participants shared a total of 10 BTC (around US$300,000 in June) and achieved stardom thanks to Bitget’s extensive media coverage.

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New Listings

Spot Trading










Futures Trading




New Events

Bitget KCGI Warm-Up Competition: Share The 5,300 USDT Prize Pool

Get $200 Free On Bitget P2P!

Bitget Halloween Party Promotion

Share A 30,000 BGB Prize Pool At “Zero Risk” With Bitget Grid Trading

Easy $25 Reward For P2P Merchants!

Bitget x Scott Melker: 180 USDT To Be Won For Each Trader

Zero Fee Spot Trading Plus 120 XRP In Rewards!

Bitget VIP: Deposit Trade For Mystery Boxes Of Up To 1 BTC

Deposit Trade As A VIP

Good Reads

Bitget’s KCGI Full Guide (Part 1)

Introduction To Spot Trading

Managing Risks In Crypto Spot Trading

What Is A Trailing Stoploss?

Swing Trading Versus Day Trading

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