Bitget Hot Takes (May 08 - May 14)
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.
• BGB surged to as high as US$0.506853, volume increased by 425.8%.
• U.S. CPI data came in: the cost of living is slightly lower than expected.
• The latest attestation report by Tether discloses a net profit of US$1.5 billion in Q1 2023.
• PayPal is holding nearly US$1 billion in Bitcoin, Ether, Bitcoin Cash and Litecoin on its balance sheet.
A New Breakout For BGB
BGB has been outperforming other major cryptocurrencies for the last three weeks. This week recognises BGB as the only token seeing bold green (up by 19%) while the Top 3 all experienced 4-7% losses.
Last week we talked about how BGB had been in a tight trading range, waiting for a breakout. And here it is: BGB rose to US$0.506853 on May 11, 2023, one day after a positive U.S. CPI data release. Obviously it benefitted from the entire market's moment of joy, but there were other factors contributing to the upswing.
There has been a series of events taking place after the release of the BGB White Paper, including the BGB Lotto, BGB Staking, 40% APY BGB pool on Bitget Launchpool, and the BGB exclusive trading and referral promotion. BGB holders will soon be able to receive new tokens for FREE - the event is set to begin on May 23, 2023 and share 80,000 BGB in our BGB Super Airdrop Campaign!
The growing demand for BGB is reflected in the 7D volume of US$164,850,610 (+425.8% compared to last week), and an average daily volume of US$23.5 million in comparison to last week's US$4.5 million.
Check out our BGB Sail Series to fact-check the glorious rise of this still-low-cap gem:
… and dive in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token
Tether Is Winning The Stablecoin Race
The biggest news drop of the week must be the U.S. CPI data release on May 10. The market cheerfully welcomed an annual inflation of 4.9%, which is slightly lower than the forecasted 5%, with the Treasury yields inching lower and Bitcoin prices quickly rising above US$28,000 minutes afterwards. This figure could very well result in a pause in the FED's series of hikes, especially when FED Chair Jerome Powell mentioned that the FED will ‘take a data-dependent approach in determining the extent to which additional policy firming may be appropriate’ and ‘factor that [‘what's happening with credit conditions', ‘what's happening with lending'] into their decision making'.
We are halfway through the second quarter of the year; crypto firms and companies are revealing marvellous number: MicroStrategy reported US$121 million in revenue, which is higher than the estimation of US$119 million by Bloomberg and translates to an increase of 2.2%; Galaxy Digital announced US$134 million in profit; Tether, even more impressive, ended Q1 with a US$1.5 billion net profit.
That is, however, completely justified, as every beginner needs a stablecoin to enter the digital space, and every veteran has the instinct to convert their holdings into stablecoin when prices go down. BUSD is out-of-reach, the U.S. crypto crackdown leaves a tremendous impact on USDC, and other alternatives' market cap are nowhere near USDT's US$80-something-million.
Moreover, an analysis by Kaiko shows that USDT is the only stablecoin whose market cap has recovered to its pre-Terra collapse levels. The largest stablecoin has also been consistently trading at a premium for the last two months.
Source: Kaiko Analytics
The most recent PayPal report with the U.S. SEC shows that the payment giant's crypto holdings as of March 31, 2023 stand at US$943 million, up by 56% from Q4 2022’s US$604 million. The four cryptocurrencies available for buying, holding, selling, sending and receiving on PayPal and Venmo are Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The Latest Bitget News
Bitget CandyBomb went live last week with DEG as the first round of airdrop. A total of 40,855 users have completed the given tasks to share 1,320,000 DEG tokens - all exclusively on Bitget!
Need more investment products? You've got it: Bitget Range Sniper allows subscribers to venture a guess at cryptocurrencies' prices with extremely juicy APR! One thing to keep in mind is that while Bitget Range Sniper is non-principal-guaranteed, it still offers a safety net even when the market moves against your predictions.
To help traders better monitor the market, we have introduced the first Bitget Index Futures called BGHOT10 in March. While this index offers a benchmark for the general crypto market with its basket consisting of blue-chips from DeFi, NFTs and L1s, we understand that some traders want to focus solely on one single category at a time, hence the birth of METAHOT Index Futures. Same as every other index out there, METAHOT can be used as a benchmark for the Metaverse category's performance, but that doesn't mean you should overlook METAHOT. It'll be a nice addition to your portfolio if you want to stick with the staples of Metaverse (SAND, ALICE, AXS, ENJ, YGG, RNDR and GALA) rather than following the trends.
In addition to the VIP system, Bitget also values the dedication of each individual user. To help influencers, KOLs, community leaders and industry experts to review their referring activities with just a touch, we have released the Bitget Partner Management System with an intuitive dashboard.
Simply create an account, and start exploring the incredible Bitget-Verse today!