Market updates

Bitget Hot Takes (June 19 - June 25)

Beginner

2023-06-26 | 5m

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 hit as high as US$0.503331 on Sunday, liquidity and volatility metrics are consistently better than the major cryptocurrencies.

• A new wave of Bitcoin spot ETF applications, led by BlackRock, means that traditional players may get involved in the crypto landscape very soon.

• An IMF working paper suggests that banning crypto ‘may not be effective in the long run'.

BGB Climbed To US$0.503331 On Sunday

After a week of cooling down, BGB made its comeback with a high of US$0.500206 on June 23 before hitting as high as US$0.503331 on June 25, 2023. Overall, BGB ended the week with a 1.8% increase in value in tandem with Bitcoin and Ethereum, while the next largest cryptoccurency - also an exchange token - slided down because of the growing legal scrutiny.

Bitget Hot Takes (June 19 - June 25) image 0

Although we all want positive returns, it's also important to examine if one asset is too unpredictable. The higher level of volatility, the harder it is to make sure that this asset will win. Yes, some breakouts may take place but it might not be a good long-term investment option.

BGB's volatility of the last three weeks is consistently lower than the Top 3. It makes BGB safer than others, because it clearly doesn't react as much to outside events (such as Bitcoin spot ETF applications) and historical data shows that those periods of high volatility are mostly results of BGB's reaching highs.

Bitget Hot Takes (June 19 - June 25) image 1

BGB’s liquidity is, on the other hand, held stable at a good level of over 0.02 and even consistently higher than that of Bitcoin.

Bitget Hot Takes (June 19 - June 25) image 2

Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: May Edition

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

Market Excited At The Possibility Of Spot Bitcoin ETFs

Bitcoin has jumped to over US$31,000 on June 23, 2023 thanks to a new statement by the International Monetary Fund (IMF)'s economists about how crypto ban ‘may not be effective in the long run'. Although it is not an outright statement by the IMF, it comes from a working paper focusing on the Latin America and the Caribbean (LAC), and thus suggests that (i) this area should have a high level of crypto needs and consequently adoption and (ii) the IMF could be becoming more open to the idea.

Even before the above comment, there has been a positive market sentiment following the near-US$10-trillion-AUM BlackRock's spot Bitcoin ETF application on June 15. Grayscale has been trying to convert their Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF for a long time and they are now hoping for a green signal from the SEC if Blackrock’s spot Bitcoin ETF gets approved.

They are, of course, not the only ones. TradFi investors are also showing huge interest in exploring the digital space via ETFs and as a reflection, volume of GBTC shot up at the BlackRock news: from 1,213,600 shares on June 14 to 2,240,600 on June 15, 5,265,500 on June 16 and 10,239,400 on June 20.

Other asset managers, including WisdomTree, Invesco and Valkyrie, also see this as a good time to reapply for a spot Bitcoin ETF in the U.S. The SEC has yet to approve any spot Bitcoin ETF, but they seem to want to give traditional players more options with the approval of the first leveraged Bitcoin futures ETF, which has a 2X leverage and is set to start trading on the Chicago Board Options BZX Exchange on 27 June, 2023.

The Latest Bitget News

Tuesday appears to be a successful day for spot traders, with two out of the Top 3 daily gainers achieving over 100% 24H change: HAM/USDT (+160%) and UNLEASH/USDT (109%). However, the best 24H growth belongs to SCLP/USDT with 243% and the most persistent daily gainer is SRM/USDT, who made it to the list on two consecutive days.

Accompanying our new spot listings of TREEB/USDT and ALPHA1/USDT are multiple earning events, including Super Airdrops for BGB holders! A total of 4,187,020 TREEB and 170,000,000 ALPHA1 will be distributed to qualified users FOR FREE, and that’s how you make your investments grow!

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!

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