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Bitget Hot Takes (June 05 - June 11)

Bitget Hot Takes (June 05 - June 11)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• BGB rose to a new high of US$0.513378, which is right below its all-time high.

• The SEC sues Binance, Binance.US and Coinbase for ‘unregistered securities offering’.

• The CFTC won the lawsuit against Ooki DAO.

BGB Breached US$0.51 - Again

Last week we talked about how indicators suggested that BGB was inching towards a new local high and here it is. On June 06, 2023, BGB price rose to US$0.513378, which is equivalent to a 6.9% increase from last week’s high and a 7.7% increase from the week’s opening price.

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Learn about technical indicators here: Trading 101: Technical Analysis Explained

The last time BGB prices hit as high as US$0.51 was in Q1 this year; BGB’s ATH is recorded at US$0.51620 on February 16. This breakout was followed by the increasing 7-day volume from US$112 million (May 29 - June 04) to US$135 million. If we are to calculate the volume-to-market cap ratio, a simple measurement of liquidity, it’s clear that BGB maintained a real stable liquidity throughout the seven days; the only exchange token in the Top 3 saw an upsurge towards the end of the week following the lawsuit of the SEC against Binance, whereas the fact that ETH is not considered a security made its volume and liquidity level jump up.

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Check out the summary of the working week from June 05 to June 09 for BGB below…

Bitget Hot Takes (June 05 - June 11) image 2

… and dive deep into our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

The Latest Crypto Crackdown

On June 05, the SEC announced 13 charges against Binance, Binance.US and CZ, which includes the ‘unregistered offer and sale of crypto asset securities’, ‘unregistered broker’, ‘failure to restrict U.S. investors from accessing’ and ‘misleading investors’. Worth mentioning is that the agency has referred to 12 cryptocurrencies as securities in their court filing: BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI.

One day later, they announced their lawsuit against Coinbase. Defined as ‘securities’ in this lawsuit are SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. During his talk with CNBC on the same day, SEC Chair Gary Gensler said that ‘We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar. It’s called euro. It’s called the yen. They’re all digital now.’ So basically he meant that the SEC has decided to go all-in against crypto.

After the new ‘security’ definition, Robinhood announced that they will delist SOL, ADA and MATIC on June 27. Binance.US will disable the trading of 8 BTC pairs and 2 BUSD pairs in their OTC market, will ‘suspend the institutional offering in the U.S.’, but Coinbase has no plan of delisting the tokens mentioned in the filings.

SEC is not the only one to tighten its grip on the U.S. crypto industry. The Commodity Futures and Trading Commission (CFTC) has received the final ruling on June 09 that ‘Ooki DAO is a ‘person’ and thus can be held liable’. This is bad news for the whole space, especially for DAOs, because it set the precedent for future cases. Coinbase needs to keep fighting the SEC, otherwise it could become an informal precedent and affects the entire crypto landscape.

All eyes are on the upcoming U.S. CPI release on June 13 and the FOMC meeting on June 13-14. See why we need to pay attention to the macroeconomic conditions here: Debt Ceiling Is Lifted. Now What? and Macroeconomic Factors That Can Affect Crypto Prices

The Latest Bitget News

The best performer of the week must be INUUSDT, whose closing price on June 06 is 3.75 times higher than its opening price. In second and third places are SXSUSDT and GPTGUSDT, who locked in 27.9% and 20.5% gains, respectively, in just 24 hours. However, top trendy tokens are RIBBITUSDT (three times in the list of top daily gainers), INUUSDT (twice) and PRIMEUSDT (twice).

Of course the listings of new sought-after tokens are accompanied by new vaults in the Bitget Flexible Savings! The highest APR for TENET and GPTG is 200%, while it’s 150% for SXS. Subscribe before the slots are sold out!

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!

Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q1 2023 only, we have released over 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. In order to further assist beginners on their crypto journey, we have created the Blockchain Fundamentals Course with three digestible modules - you will receive a certificate after passing each module!

New Events

Futures competition: win a Rolex and grab a share of 100,000 USDT! Early bird rewards and new user rewards are up for grabs!

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Lucky Wheels, Sunny Deals: Spin for a $10,000 Summer Island Trip Fund

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Deposit or buy crypto in the mid-year jamboree!

Enjoy perks in copy trading trial week!

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TENET (TENET) Savings is UP, Subscribe Earn up to 200% APR!

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Bitget Will List Ethos (3TH) in the Innovation Zone

Bitget Will List FairERC20 (FERC) in the Meme Zone!

BullBear AI(AIBB)listed on Bitget, deposit and trade to share 23 trillion AIBB!

Sphere (SXS) to be listed on Bitget — grab a share of 800,000 SXS

Abyss world (AWT) will be listed on Bitget — grab a share of 3,750,000 AWT from Launchpool!

GPT Guru (GPTG) to be listed on Bitget — grab a share of 2,000,000 GPTG

TENET (TENET) to be listed on Bitget — grab a share of 145,000 TENET

Good Reads

Bitget x CoinBureau: The Nexus Of Knowledge And Trading

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Crypto Wallets In 2023: Unlocking New Possibilities

The Potential Of Cryptocurrency For Crowdfunding

Debt Ceiling Is Lifted. Now What?

Simply create an account, and start exploring the incredible Bitget-Verse today!Bitget Hot Takes (June 05 - June 11) image 3