Bitget Hot Takes (October 31 - November 06)
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.
• BGB growth on par with BTC.
• Expected 75bps interest rate hike by the FED; non-farm payroll data shows a softening in wage inflation.
• MoneyGram adds Bitcoin, Ethereum, and Litecoin trading.
• Elon Musk became the sole director of Twitter and rolled out the blue tick subion for US$7.99/month.
• UBS AG launched a new digital bond trading service that comes with on-chain settlements.
BGB Growth On Par With BTC
BGB price pattern shows strong similarities with that of BTC this week; with BGB enjoying a 2.28% increase in value compared to Bitcoin’s 2.32%. Meanwhile, Ethereum price only inched up a little (+0.46%), coupled with a higher volatility (1.73% for BGB, 2.04% for BTC, 3.53% for ETH).
As BGB is quite new, supply and demand and the corresponding price oftentimes are not affected by market changes. But we can see that demand for BGB is rising over time, and it’s never too late to scoop up a bag of your own. Don’t forget to check out BGB’s price movements for the last few months:
Top Stories Of The Week
The key events this week were the FOMC by the Federal Reserve (FED) on November 2 and the Non-Farm Payroll release on November 4, 2022. FED’s inflation-fighting scheme remains the talk of the town as this is the fourth time in a row we see a 75bps interest rate. Bitcoin held on its US$20,000 firmly prior to the FOMC and quickly hit as high as US$20,650 before sweeping across the US$20,089 floor after the news. It has later returned to US$21,000 for the first time since September because of the rising unemployment rate of October (+3.70%), which could lead to a pivot in FED’s policy.
Ethereum followed the same pattern, reaching US$1,658.48 on November 4, 2022, the highest in 50 days.
Asia Continues To Show The Most Friendly Attitude Towards Crypto
The European Union’s voting on the landmark MiCA bill has been pushed back to February 2023 due to the ‘length and the complexity of the text’, meaning a delay in the anti-money laundering legislation in this region. Meanwhile, Hong Kong is starting a consultation process on legalising crypto trades and outlining new requirements for crypto futures ETF issuers, thereby lowering the threshold needed for the listing of new crypto futures products. This could put Hong Kong in a competitive position with Singapore, which is determined to become the world’s crypto hub.
On November 2, the Monetary Authority of Singapore (MAS) has announced the completion of the first live trades for wholesale funding markets in cooperation with DBS Bank, J.P.Morgan, and SBI Digital Asset Holdings, which involves the use of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). The MAS is also testing a programmable Singapore dollar via the Project Orchid - a joint effort by the MAS, DBS Bank and Open Government Products that takes advantage of smart contract capabilities to speed up retail settlements, and payments as well as cut down on backend administration costs. In addition, Singaporean financial regulators granted Hashkey Capital a Capital Markets Service licence so that the firm can offer fund management services to institutional and accredited investors. Hashkey also received approval from the Hong Kong Securities and Future Commission (SFC) to manage a 100% crypto portfolio in September.
In The Spotlight: Solana Polygon
During the pilot by Singapore’s MAS, J.P.Morgan has utilised Polygon and Aave Arc to complete their cross-currency transaction between JPY and SGD, per Ty Lobban. JPM is not the only one to see Polygon as a good pick for crypto transactions. Meta has announced Polygon to be their official partner for the upcoming Instagram feature, which allows content creators to create, showcase and sell their NFTs on Polygon. For the data storage, Meta tapped Arweave Protocol, causing the protocol’s native token AR to jump by 60% and consequently claim the place of the third largest Web3 token by market cap.
Solana is the next blockchain supported in BigQuery by Google Cloud, starting from Q1 2023. The current six cryptocurrency blockchain datasets available on BigQuery are Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Zcash. This will allow for ‘easier Solana data access and deepen Google Cloud’s investment in the space’. H1 2023 will be big also because of EUROC’s expansion onto Solana. Circle’s Euro-pegged stablecoin is currently live on Ethereum only, and the company has chosen Solana to be its next destination. For this year, Solana developers can expect the first Sagas (Solana phones) ever to be shipped from December 15 for testing of decentralised apps.
The Latest Bitget News
Do you know that Bitget’s KCGI is officially open for registration? You’ll be automatically signed up for the Individual Competition and Invitation Competition when you click on the register button, and remember to assemble your football team as soon as possible to have more winning chances!
Bitget is proud to bring this time’s KCGI to you in cooperation with Lionel Messi for World Cup 2022. What awaits you in this exciting event: up to 2,000,000 USDT for the Individual Competition, up to 100 BTC for the Team Battle, Messi-signed merchs, and tons of other rewards!
We are also glad to announce that Bitget ABCs Program has come to an end, with more than 80 new pairs listed on Bitget Spot Trading and 25 more to be listed after the completion of their mainnet integration. We thank you for your passion and support along the way! Now it’s time to look back at our achievements together with the roundup here.
New for us, new for you: Bitget Insights is officially launched! Bitget Insights is a feature that allows high-quality traders to share their professional opinions publicly to not only help their fellow traders but also earn more followers on Bitget Copy Trade. For a limited time, Bitget Insights is open for all users - the best will secure the right to permanent publishing and access to juicy rewards! Check out our exclusive Bitget Insights campaigns including Everyday Bitget Insights AMA and Biget Insights Global Launch Event.