Bitget Bites (August 10, 2022)

The global market cap is standing at US$1.081 trillion, showing a 3.65% decrease from yesterday and the 24-hour volume was down by 7.93% to US$65.77 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$22,771.52 and US$$23,892.18 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,913.60, which is a 3.89% decrease compared to Ethereum’s 5.44% decrease.

There has been a decrease (-7.06%) in the volume of our spot market. There has been a decrease in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (-2.64%), XRP (-3.71%), and ADA (-4.93%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.16730 and US$0.16389, respectively.

The Top 3 Gainers of The Day are Spell Token (SPELL), Qredo (QRDO), and Origin Dollar Governance (OGV).

1st Place

SPELLUSDT: Up by 10.85%

SPELL is used as the governance token for the Abracadabra.money decentralized platform. Abracadabra employs interest-bearing tokens as collateral in the minting Magic Internet Money (MIM), a USD-pegged stablecoin. With a current market cap of $157,898,080.80 and a trading volume of $313,352,608.51, SPELL is trading at a current market price of $0.001636.

2nd Place

QRDOUSDT: Up by 8.28%

The QRDO token provides a means of utility and governance to the Qredo Network. Qredo is designed to include a “user centric” incentive structure that economically favors the participants of the Qredo Network - driving user adoption and utilization of the network. With a current market cap of $30,917,430.52 and a trading volume of $3,141,942.09, QREDO is trading at a current market price of $0.3139.

3rd Place

OGVUSDT: Up by 7.79%

OGV is the future governance token for OUSD, which is the first stablecoin to earn a yield while it's still in your wallet. Today, there is hundreds of millions of dollars held in OUSD. Blockchain is necessary as it allows OUSD to access yield from DeFi markets. With a current market cap of $3,495,536.75 and a trading volume of$1,577,087.70, OGV is trading at a current market price of $0.007314.

Meanwhile, the Top 3 Losers include: IXTUSDT (-43.44%), PSTAKEUSDT (-24.73%), and TORNUSDT (-21.59%).

Futures Market Updates

Activities on Futures markets are slowly increasing, with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.11B, equivalent to a 5.39% decrease from yesterday. The 24-hours aggregated volume of all contracts is standing at US$201B (-3.89%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance lowered to 62% of the total OI at US$2.79B, the daily volume of Bitcoin contracts also declined by 2.83% to US$189,580.00. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, currently leaning towards bullish at 54.63%/45.37%. Most BTC long ETFs locked in a price decrease, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$33.94 from the opening price of US$33.60.

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