Bitget Bites (August 8, 2022)

The global market cap is standing at US$1.104 trillion, showing a 1.58% increase from yesterday but the 24-hour volume was down by 4.62% to US$42.24 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,455.63 and US$22,997.53 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,340.34, which is a 1.63% increase compared to Ethereum’s 2.04% increase.

There has been a small decline (-2.80%) in the volume of our spot market. However, most altcoins saw a slight increase over the past 24 hours, with BNB being the only altcoin in the Top 10 that has a 24H volume of above US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.16436 and US$0.16101, respectively.

The Top 3 Gainers of The Day are Somnium Space Cubes (CUBE), StreamCoin (STRM) and Luffy (LUFFY).

1st Place

CUBEUSDT: Up by 41.67%

Somnium Space is blending the digital with the Virtual Reality (VR). Players will have fun buying digital land, homes and buildings, of course with the project’s native token CUBE as the medium of exchange.

2nd Place

STRMUSDT: Up by 24.53%

As the name already suggests, StreamCoin enables high-quality video streaming services, where streamers can directly receive donations from their viewers without the interference of a third-party.

3rd Place

LUFFYUSDT: Up by 23.18%

The newly listed LUFFY is the native token of Metaverse project Luffy. Luffy (of OnePiece) aims to serve Anime lovers with its all-in-one platform, where users can access all anime and meme tokens on Ethereum via the Anime Chain, store their digital assets in the Anime Mask and trade conveniently on the built-in Anime Swap.

Meanwhile, the Top 3 Losers include: AFKUSDT (-28.55%), FTSYUSDT (-13.06%), and FIOUSDT (-9.25).

Futures Market Updates

Activities on Futures markets are slowly increasing, with the Open Interests (OI) of all cryptocurrencies now recorded at US$3.97B, equivalent to a +3.66% increase from yesterday. The 24-hours aggregated volume of all contracts is standing at US$144B (+32.11%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for 64% of the total OI at US$2.55B while the daily volume of Bitcoin contracts only stood at US$115,169.30. The last cycle of funding rate (-0.0100%) demonstrates a buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, currently leaning towards bearish at 46.22%/53.78%. The institutional sentiment last Friday, reflected by BTC ETFs, was somewhat conflicting, with half the funds ended the week in red and half in green. The highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI) closed at US$34.19 compared to the opening price of US$34.08.

Interesting Topics

Bitget Hot Takes (August 01 - August 08)

What Is A Blockchain Bridge?

How Effective are Support and Resistance Levels in Crypto Investing and Trading?

Follow Us For More Insights: Twitter | Telegram | LinkedIn | Facebook | Instagram