Bitget Monthly Report (July 2023)
Despite ongoing challenges in the crypto industry, Bitget has continued to build and grow in July. This month, Bitget announced plans to expand operations in the Middle East and hire 60 new team members globally as part of its scaling strategy. The exchange also launched a major rebranding around the theme of "Trade smarter" to reinforce its leadership in smart crypto trading. Additionally, Bitget is organizing a major Web3 summit in Singapore this September and this high-profile event aligns with Bitget's fifth anniversary celebrations.
While the broader crypto market faces uncertainty, Bitget's expansion, rebranding, events, and transparent reports demonstrate its resilience. By investing in growth, forming partnerships, and focusing on refining platform features, Bitget continues working towards its mission of advancing crypto adoption worldwide. The exchange's proactive approach positions it strongly to serve more users with innovative products and emerge as an industry leader.
Bitget announced its expansion plan in the Middle East, considering the region’s attractiveness as a prime hotbed of crypto activity. This plan will involve hiring 60 new staff members as part of the exchange’s overall global scaling strategy, which entails the advancement of crypto penetration and adoption across new audiences. Among the countries the exchange is intending to explore are Bahrain and the UAE, including the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah. The expansion foresees the setting up of regional hubs, as well as the recruitment of new team members who will be assigned various mid-office and back-office functions.
Bitget launched a rebranding initiative centering around the philosophy of " Trade smarter", to reinforce its position as a leader in smart crypto trading. This includes empowering users with intuitive tools, such as the leading copy trading feature and upcoming AI-powered tools, for a secure, user-friendly, and efficient financial future. Bitget's growth, achievements, and recognition in the industry, including investments from Dragonfly, align with its mission of shaping a smarter digital future.
In July, Bitget announced the Bitget EmpowerX Summit set for September 12, 2023, in Singapore, uniting over 50 thought leaders and more than 1000 attendees to delve into the potential of crypto and Web3 to revolutionize finance and the global economy. Esteemed speakers such as Haseeb Qureshi from Dragonfly and Sebastien Borget from Sandbox will share insights into the future of blockchain and crypto. Meanwhile, a significant highlight of the summit is the riveting Web3 pitching session in collaboration with Hello Labs. EmpowerX Summit is an essential part of Bitget's fifth-anniversary celebrations, along with KCGI competitions, Smart Awards, and engaging campaigns.
Bitget released its Q2 2023 Transparency Report, highlighting its achievements, growth, and commitment to transparency. The report reveals that Bitget is Top 4 CEX in terms of crypto trading volume. Among the Top 5 CEXs, Bitget had the second-highest increase in market shares, growing by 1.8% to 8.7%.
In terms of futures and spot trading volume, Bitget outperformed the industry in Q2 2023. The exchange's total trading volume reached US$60 billion for spot trading, representing 3% quarter-over-quarter (QoQ) growth. This is compared to a significant 36% QoQ drop in trading volume experienced by the top 20 crypto exchanges. Bitget's Q2 report also covers the exchange's growing traffic, new listings, and the stellar performance of its native BGB token. BGB was the best-performing platform token in the first half of 2023. In July, BGB was listed on the renowned cryptocurrency exchange MEXC, ushering in heights of liquidity.
Bitget and Cointracking: Simplifying Crypto Taxes and Elevating Trading Experience
Bitget has forged a significant partnership with Cointracking, a renowned crypto tax platform, aimed at simplifying cryptocurrency tax management for Bitget users and introducing innovative trading features like copy trading. This collaboration addresses the complexities of crypto taxation by integrating Cointracking's advanced platform into Bitget's ecosystem, ensuring seamless tax compliance and efficient management of tax responsibilities.
Remarkable performances of New Listing
Bitget is making a push in the spot trading market with a series of new listings. In July, 39 new tokens were listed on Bitget. Among them, RBW, 0X0, and XUI were listed on Launchpad. TYPE, BMTC, and ARKM outpaced with gains of over 1000%.
Bitget Copy Trading continues to gain popularity
Bitget Copy Trading continues to see significant growth due to its unique features and user-friendly interface. Our platform allows users to copy trades of elite traders, helping new traders learn the ropes and make profits from their investments. This July, we attracted over 4,200 new elite traders and over 28,000 new followers.
New Products and Features
Bitget expanded its suite of offerings to address the evolving landscape of crypto finance by introducing Crypto Loans. As the demand for alternative lending services grows, Bitget's innovative solution aims to cater to a diverse audience seeking funding avenues through digital assets. The platform's dual-coin approach allows users to use one cryptocurrency as collateral to access loans in another, with the borrowed amount determined by market value and specific interest rates.
Bitget introduced the Commodity Trading Advisor (CTA) strategy, reinforced by advanced AI technology, to simplify and enhance users' trading experiences. The CTA-AI bot conducts intelligent backtests on historical data, identifying optimal parameters for varying market conditions. By incorporating AI assistance into CTA strategies, traders can overcome emotional biases and impulsive decision-making with increased execution efficiency and trading accuracy.
Bitget elevates user experience by introducing the Batch Withdrawal feature for EVM-compatible addresses. Building on the success of EVM-compatible addresses, Bitget now facilitates the effortless upload and withdrawal of multiple addresses, mitigating errors associated with manual processes. The batch withdrawal functionality allows users to simultaneously withdraw multiple assets to various wallets, reducing the time and effort required for individual withdrawals. With support for up to 50 addresses at once.
Driving Crypto Adoption
This July, Bitget took dynamic strides in promoting crypto adoption through a myriad of engaging activities—both offline and online. VIP meet-ups were successfully conducted in Vietnam, India, and Buenos Aires, enhancing community connections and knowledge sharing. Additionally, Bitget hosted a series of enlightening online VIP-sharing sessions. These sessions were dedicated to imparting insights on the most exciting investment prospects and strategies to elevate the DeFi investment game.
Bitget's Managing Director joined WebX Asia 2023 in Tokyo, Japan
In a notable engagement at Tokyo's WebX Asia on July 25th and 26th, Bitget's Managing Director, Gracy Chen, took center stage to shed light on the intricate workings of the crypto market's liquidity ecosystem. Addressing a captivated audience, Gracy Chen delved into the pivotal role of market makers, often overlooked yet crucial to sustaining the dynamic crypto landscape.
By participating in the insightful discussion, she unraveled the nuances of this vital market infrastructure, offering valuable insights into the opportunities and controversies that arise from the ever-evolving global liquidity layer of the cryptocurrency market.
Through her intervention, Gracy Chen further exemplified Bitget's commitment to driving industry understanding and fostering informed dialogue within the crypto community.
Deep look with our Managing Director, Gracy Chen
Bitget Academy articles
Accelerate your trading journey with Bitget Academy's in-depth guides, practical tips, and market updates! Over 70+ new educational articles are published in Bitget Academy and Bitget Blog.
Here are the selected ones for July 2023:
- BitgetBitget guarantees it will hold 100% of users' assets in reservesBitget guarantees it will hold 100% of users' assets in reserves and will publish its Merkle Tree proof, platform reserves, and platform reserve ratio on a monthly basis Reserve ratio = funds in the platform/funds of platform users. A reserve ratio greater than or equal to 100% means that the platform has sufficient funds. What is proof of reserves? 'Proof of reserves' refers to an auditing procedure that is verifiable through cryptographic proofs, checks of public wallet ownerships, and recur2023-06-20
- BitgetTrade PYTH to share 35,000 PYTH PYTH Trading Promotion is coming! Trade PYTH to share 35,000 PYTH. Join now! ⏰ Promotion time: Nov 23, 17:00 - Nov 26, 17:00 (UTC+8) 1️⃣ Promotion 1: New users only During the promotion, the first 500 new users who sign up and complete a PYTHUSDT futures trade can get 20 PYTH. 2️⃣ Promotion 2: Trading Challenge During the promotion, users whose PYTHUSDT futures trading volume reaches the following amount can receive corresponding rewards. Futures trading volume Rewards Winn2023-11-23
- BitgetThanksgiving promotion: Enjoy 5000 USDT of deposit rebates and a free BTC lucky draw! To thank you for supporting Bitget, we've prepared a set of generous rewards for this Thanksgiving promotion. Enjoy 5000 USDT of deposit rebates, a free BTC lucky draw, and a futures trading prize pool of up to 13,800 USDT! ⏰ Promotion period: November 20, 18:00 – November 30, 23:59 (UTC+8) 📣 Activity 1: Enjoy 5000 USDT of deposit rebates Users who reach a net deposit volume of at least 5000 USDT can receive up to 5000 USDT in trading bonus rebates. Total prize pool: 50,000 USDT in2023-11-20