Bitget Hot Takes (December 19 - December 25)
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 registered a 4% increase in returns while many others barely hung on.
• SBF extradited to the U.S; Judge in SBF/FTX case pulled out due to ‘conflict of interests’.
• Apple delays plan to adopt blockchain-enabled games.
• BlockFi filed a motion to open withdrawals for users with locked crypto in wallet accounts.
• Argentinian Fan Token plummeted after the World Cup win; Argentine Football Association (AFA) in contrast saw an opportunity to enhance fan experience with Web3 tech.
Up For BGB
Last week was not-so-bad for BGB, growing 4% over the last 7 days. That is actually way better than other major cryptocurrencies, including the mighty Bitcoin and Ethereum. Some other exchange tokens (OKB and KCS) even continued to slide down further, ending the week with a negative return.
As excited as we are getting into holiday mode, BGB has been stoked, too, with a small increase in 7D volume of 2.40%. We have rolled out the monthly performance analysis of BGB to help you keep track with this incredible token on a monthly basis:
If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token.
Green For Xmas
We have had a quieter week as the festive season approaches.
Basically, things got better this week but 0.25% and 2.68% seem to be quite modest for BTC and ETH; these gains are not even enough to cover for losses incurred for one single week from December 12 - December 18.
The most awaited piece of news before the holidays must be the FTX hearing. SBF has been extradited to the U.S.; his parents put up their house in Palo Alto, California to secure the bond for his bail. There is no actual money transfer until SBF fails to show up in court. SBF is accused of criminal fraud by the SEC, wire fraud, money laundering and conspiracy by the DOJ and facing a 115-year sentence if convicted. His peers, FTX co-founder and former CTO Gary Wang and former Alameda CEO Ellison Wang, already plead guilty, giving them advance in the case against FTX. Before the week ended, Judge Ronnie Abrams in this very case withdrew her participation because her husband’s law firm, Davis Polk & Wardwell LLP, used to advise FTX in 2021.
Called out for ‘being scams and centralised’, Ethereum is now removed from the P2P crypto marketplace Paxful. Here is what Paxful CEO Ray Youssef told his customers:
Maple Finance once again became a secondary victim to FTX contagion, seeing another debtor, crypto market maker Auros, unable to make the repayment for a US$7.5 million stablecoin loan. Two weeks ago, Maple Finance took the hit when Orthogonal Trading defaulted on the US$10 million USDC loan to M11 Credit on the platform. MFT lost about 5% of its value by the end of the week.
The Latest Bitget News
One more new pool is completed on Bitget Launchpool! With an APY of 32.11%, the TONCOIN pool has attracted 2,221,521 BGB staked and 355,230.4 TONCOIN for an APY of 24.76%. Soon to be open for ‘farming’ the crypto staples are BTC and USDT pools on Bitget SharkFin, our new structured investment product that offers good yields at significantly lower risks. Check out the new pools and earn up to 11% in APR before the year ends!
Bitget DCA - the useful tool to help investors trading with discipline and commitment - is live! Currently, Bitget users have got access to DCA 45 spot pairs and 37 futures pairs, more will soon be added to the selection! Check out our full tutorial here to not miss a dang thing about this practical trading option.
Another new launch from us is Bitget Settled Futures, also known as delivery contracts. Different from the never-expire perps, our currently available delivery contracts have a 3-month expiration and will be settled on December 30, 2022 and later on March 31, 2023. Immediately after the settlement of Dec 30 contracts, new contracts for June 30, 2023 will be generated, allowing our users for a continuous observation of market activities. The comprehensive intro for delivery contracts and Bitget Settled Futures is available here.