Bitget Hot Takes (March 13 - March 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 last week can be found here.
• Bitcoin to 28K over the weekend.
• U.S. CPI March 2023: Annual inflation fell for the eighth consecutive month.
• U.K. adds crypto assets to the Self Assessment tax return forms.
• Fidelity Crypto went live, providing Bitcoin and Ether buying and selling services for retail investors.
• Arbitrum announced the airdrop starting on March 23.
BGB Saw A 19% Weekly Growth
It was the week where investors turned to crypto for safety. With a weekend rallying that brought its price to as high as US$28,440.56, Bitcoin led the race with a 32% increase in value. The move was followed by Ethereum’s 20% and BGB’s 19% growth in weekly return.
BGB rose on par with ETH for 5 out of 7 days of the week and even hit a weekly high of US$0.396927 last Tuesday, which shows a firm confidence in the token that is not entirely dependent on the general market sentiment. This is further justified by the surging accumulating trend below:
The latest analyses provide a detailed summary of BGB’s incredible achievements month by month:
… while this article dives in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token
Seeking Refugee In Crypto
All eyes were set on the U.S. CPI report released on March 14, 2023 as it should give some heads-up about the result of this week’s FOMC meeting. The banking sector doesn’t appear to be as rock solid as expected; it is not just about one crypto bank (Silvergate), but the stability of even the major European bank Credit Suisse. With a slowly but gradually declining inflation rate and the recent struggle of banks, we could already hope for a cutback in rate hike. However, the current consensus is half 25bps, half 50 bps.
Source: CME FedWatch Tool
Crypto, unsurprisingly, becomes a safe haven for many, especially Bitcoin. Data from Kaiko shows that BTC stablecoin pairs have been at a new all-time high of 87.5%. In turbulent times like this, the idea of owning an asset that can be quickly redeemed to fiat but is not kept at any bank may actually sound like heaven.
Source: Kaiko Analytics
That is not to mention that Bitcoin is showing a positive correlation with the U.S. Dollar: Since January, the relationship has been reversing from negative 0.6 to positively correlated in late February.
Source: Kaiko Analytics
And we are seeing a giant quietly open crypto access for retail investors. Fidelity Crypto allows users to start trading Bitcoin and Ethereum on the same app they use for stock trading - from US$1 only! This should introduce millions of Fidelity users to the world of digital assets via the purchasing/selling of two biggest cryptocurrencies.
The Latest Bitget News
Looking for new earning schemes? You have come to the right place: To celebrate the upcoming ARB airdrop, we are launching several Arbitrum farming pools: Stake VELA with a 80% APY in ARB, MAGIC with 72% APY, GMX with 78% APY, BGB with 76% APY. All are to receive ARB ahead of the ARB listing, with 2 more days for staking BGB and GMX to earn ARB. Simply head to Bitget Launchpool and click on Remind Me to make sure you do not miss the chance for new VELA and MAGIC pools!
Don’t forget that Bitget is also supporting SUI, another competent Layer 1, with our new SUIBG airdrop campaign! In one month from March 17 to April 17, 2023, all users can complete the given tasks to receive SUI Futures Tokens - which can be later converted to the official SUI tokens!
We are delighted to announce that our Index Futures (BGHOT10USDT) is now live on Bitget USDT-Ⓜ Futures - check out the full guide here: Bitget Index Futures: Operational Guide. Imagine diversifying your portfolio’s risks in a simple way and managing it with ease; that’s how helpful our Index Futures is designed to be.
Simply create an account, and start exploring the incredible Bitget-Verse today!