Bitget Hot Takes (April 17 - April 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.
• BGB has been seeing a bounceback since the weekend; BGB White Paper is released.
• The MiCA Bill passed through the European Parliament.
• Bitcoin and Ether prices slipped; global market cap tanked by nearly 10%.
• Nike launched the virtual collection of their iconic ‘Air Force 1’.
BGB White Paper Is Here
Together with the rest of the market, BGB saw some bleeding over the past week, with weekly volume experiencing a 14.8% decline as a result. However, BGB has been seeing a bounceback over the weekend, with BGB value recording a 24-hour change of 13% as of today.
One main reason for the swift recovery of this token lies in the newly launched BGB White Paper, which gives insights into our upcoming plan for BGB as well as provides in detail the benefits of holding this wonderful token. Want a quick explanation? Check out the latest video in the Discover Bitget Series: Introducing BGB - Bitget's Native Token.
Key takeaways? 10% of BGB total supply goes directly to the US$300 million Bitget Protection Fund, 25% is used for BFT exchange to protect the rights of long-term Bitget supporters and most importantly: new programs and events associated with new BGB uses will be rolled out gradually in the next quarters to come! The first round of event begins with BGB Lotto and BGB Staking: 2% APY and zero-fee withdrawals to cut costs to the minimum!
Meanwhile, it is important that we zoom out to review BGB's long-term performance. 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
The Landmark MiCA Bill Has Passed
After the final debate on April 18, the European Parliament had voted on the passing of their landmark Markets in Crypto-Assets (MiCA) on April 20, 2023, with 517 votes in favour, 38 against, and 18 abstentions. This allows MiCA to take effect in around Q3 2024 and EU to score a first-mover advantage when it comes to crypto regulation. The main focus of MiCA revolves around the oversight of crypto asset service providers (CASPs), which include any company that offers crypto and crypto services even if they are not the issuer of a token. Tighter rules regarding stablecoins are meant to prevent such industry failures as the collapse of Terra (LUNA), but many critics say that these rules will most likely suppress the growth of non-government currencies. NFTs and crypto lending are not explicitly covered by MiCA.
Last week, the U.S. House of Representatives released a discussion draft bill on stablecoins with no official notice. Key points of this draft bill include the registration of stablecoin issuer(s) with the Federal Reserve (FED), a two-year ban on stablecoins without physical backing, interoperability standards for stablecoins and a request for FED's study of a digital Dollar.
In Asia, Hong Kong has become one of the most crypto-friendly jurisdictions for crypto. Along with the recent regulation updates and the Hong Kong Web3 Festival, a ruling by the Hong Kong Court has given crypto assets the treatment of a ‘property'.
On a side note, the wake of two dormant Bitcoin whales last week did rock the market. Most suspect that this is a self-defence move as there are some exploiting activities targeting old wallets. The first wallet, which has been holding 6,071.5 Bitcoin since December 19, 2013, sent 2,071.5 BTC out on April 20. One day later, another wallet with 1,128 BTC since 2012-13 transferred 279 BTC to three freshly created wallets. Over the same period, long traders suffered from US$253 million in liquidations as Bitcoin prices dipped on Wednesday, together with other crypto stocks.
The Latest Bitget News
The first IEO round of Q2 2023 - GoSleep (ZZZ) - is completed on the awesome Bitget Launchpad. Combining the unique Sleep-To-Earn concept with the power of Arbitrum, GoSleep is expected to be this year's mega project. The ZZZUSDT pair has been listed on Bitget Arbitrum Zone since April 17 with a high of nearly US$2!
One event to look forward to this week is the upcoming HOLD airdrop for KEY-holding BitKeepers! This airdrop is the second round of Bitget's unique 2023 airdrop plan. In the first round in early April, users have received KEY NFT(s) and they are about to receive more! Rules, terms and conditions are available in this blog post.
With the Sui IEO approaching, people are desperately looking for airdrop opportunities. As the team confirms there is no airdrop available, our SUIBG airdrop program becomes the one and only Sui-related airdrop! Congratulations to the participants and to anyone who missed the chance: stay tuned, more exciting events are on the way!
Traders’ attention please: We are about to drop an awesome new trading product this week, make sure to follow our official channel to not miss the news!
Simply create an account, and start exploring the incredible Bitget-Verse today!