It’s BGB Time To Shine (February 13 - February 19)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes this week is a special version, dedicated to the amazing achievements of BGB.
Bitget Hot Takes last week can be found here.
• BGB jumped to as high as US$0.51620, Bitcoin touched US$25,000.
• The U.S. consumer prices rose 0.5% in January, equivalent to a 6.4% YoY increase.
• The U.S. SEC took a series of actions towards crypto.
• BLUR enjoyed a heartfelt valentine launch.
BGB: Time To Shine
BGB has seen four incredible weeks of consecutive new highs, both for 2023 and for the whole 2022-23 period:
• January 23 - January 29: US$0.22185
• January 30 - February 05: US$0.22455
• February 06 - February 12: US$0.39616
• February 13 - February 19: US$0.51620
Last week, BGB already surpassed the previous all-time high of US$0.23949 in October 2022. The strong momentum didn’t stop there; a growing demand has pushed BGB to the new record high of US$0.51620, with the chart still showing accumulation.
When talking number, the average growth of BGB comes at 36% based on the past four weeks’ performance, which translates into 1,871% annually. Even if it sounds too good to be true, we are not surprised at all. Check the analyses of the BGB price trend in 2022 here..
.. and see yourself why BGB deserves its breakthrough: Why BGB Is Your Bluechip Exchange Token.
A summary of benefits for BGB holders
Armageddon For U.S. Crypto Soon?
Last Tuesday, the U.S. CPI data for January 2023 came in at +0.5% MoM and +6.4% YoY (seasonally adjusted). It is higher than the expected 6.2% annual increase and still way way higher than the Federal Reserve’s 2% inflation target. That puts the FED under extended pressure to increase interest rates, but the market reacted differently from the news. Of course there were sharp moves immediately after the figure release: equities up, DXY down, and Bitcoin to new highs of US$22,309.40 (February 14), US$24,362.64 (February 15) and US$25,234.29 (February 16) from Monday’s high of US$21,892.95. The last time we saw BTC at the US$25,000 level was on August 15, 2022, so basically we are at a 6-month high. For the rest of the week, BTC daily high persisted above the US$24,800 mark.
Another big event took place on Saint Valentine’s day was the BLUR token launch, with Bitget being the first exchange to list the BLURUSDT trading pair with up to 5X margin. BLUR token launch was a huge success as investors competed for future airdrop slots. Long-term investors also ape in for the project’s potential to claim OpenSea’s place - the latter had to announce the 0% NFT fee plan on February 17, 2023 to remain competitive. Blur already raised US$11 million from Paradigm, eGirl Capital, 0xMaki and LedgerStatus for their seed round in March 2022 and will most likely close another one with the unicorn status from oversubscription (Source: The Block).
However, a series of actions from the U.S. Securities and Exchange Commission (SEC) could brutally suppress U.S. crypto companies:
• A Wells notice to Paxos regarding the issuance of BUSD in reference to investor protection laws
• Charges against Terra form and Do Kwon of fraud ‘involving an algorithmic stablecoin and other crypto asset securities (mAssets)’
• Charges against Paul Pierce, NBA Hall of Famer, for ‘unlawfully touting and making misleading statements about crypto security (EMAX)’
What do these actions have in common? Notice the words stablecoin and security. Without stablecoins (of any kind), crypto markets will suffer from depleted liquidity, whilst cryptocurrencies and real-world backed assets (such as mAssets) being considered securities will change the compliance process completely. Crypto firms located in the U.S. should be the first ones affected, but offshore crypto markets and DEXs are also next in line. Coinbase has been publicly fighting the SEC on the topic, Paxos too, CZ advised founders to move to other countries, and Galaxy Digital has registered with the Bahamas regulators to operate as a digital asset business. Those can serve as warning alarms for crypto to closely keep up with the SEC’s next moves.
Still, this is not the end of the world. Both Citadel Securities and Susquehanna Advisors Group have acquired stakes in the crypto bank Silvergate at 5.5% and 7.5%, respectively, this week, confirming TradFi’s interest in crypto despite regulatory uncertainty.
The Latest Bitget News
Did you participate in BLUR’s token launch in Bitget Innovation Zone on February 14? Did you get your share of rewards from Bitget? Salute to you if you have seized the opportunity of the year, but if not, go check out our Bitget Innovation Zone for plenty of good deals every week. An overview of our innovation zone’s speciality is provided here: In Celebration Of Bitget Innovation Zone’s Comeback
Together with Bitget Innovation Zone, Bitget Launchpad is set to make a glorious return with Panda Farm (BBO) IEO from February 16 to February 20. This fundraising round is open to BGB holders only - see how advantageous it is to ape in for BGB? The direct profit comes from the growing value of BGB and the side benefits are potential returns from Launchpad deals, Launchpools farming activities and so much more.
Have you tried Bitget Spot Copy Trade on your Android devices? Realising how much our users love Bitget One-Click Copy Trade, we have worked diligently to release Bitget Spot Copy Trade - the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here.
Not only that, Bitget Spot Copy Trade is also available on web at Bitget Spot Copy Trade - Web version, accompanied by the Learn & Earn program exclusively designed for Spot Copy Traders! Read our guide on Spot Copy Trading and join the event to earn 500 BGB - over US$200 at current prices - as soon as possible!
Simply create an account, and start exploring the incredible Bitget-Verse today!