Market updates

Bitget Hot Takes (November 13 - November 19)

Beginner

2023-11-20 | 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 broke the record at US$0.583651.

• Inflation in the U.S. cooled down more than expected.

• BlackRock applies for a spot Ethereum ETF; the SEC delays the decision on 2 spot Bitcoin ETFs, one Bitcoin ETF conversion and one spot Ethereum ETF.

• Sam Altman kicked out by OpenAI’s BOD.

BGB Broke The Record At US$0.583651

While the broader market experienced more than US$332 million liquidated overnight on Monday, BGB was able to make a new all-time high for the 6th time in 2023 when it hit US$0.583651 on November 13, 2023, thus locking in a near-10% gain week-over-week.

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BGB spent the whole week in green, clearly better than the Top 5 as they all saw a dip since mid-week. That brings the volatility of all tokens discussed up; BGB with the biggest move understandably has the highest one, but we are not complaining.

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Accumulation trend reversed around November 09 - 10, hence a decrease in BGB’s volume and consequently its volume-to-mcap ratio. But we are seeing signs of reversals again for accumulation and the new ATH must be a good reason for volume to pick up.

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The summary of BGB’s wonderful journey is presented here: BGB Achieving New ATH In November (available in your languages). If you want to learn more about the perks that come with BGB, feel free to check out this guide.

We also provide weekly analyses of BGB in our Bitget Hot Takes Series and on a monthly basis with the BGB Sail Series:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

Mixed Signals

The reasons behind crypto’s rollercoaster week include the positive U.S. inflation data and crypto ETF decisions being delayed. Prices in the U.S. remained flat in October, resulting in the lowest headline CPI since April 2021. We are inching closer to the 2% target, though slowly, and the FED will most likely hold the rates going into 2024 if both inflation and job data continue to show contraction. The markets are almost 100% sure that there will be no rate hike in the December FOMC, per FedWatch Tool.

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Crypto ETFs and mining stocks enjoyed a mini rally together with the stock markets. However, news about the SEC deciding to delay the spot Bitcoin ETF applications of Franklin Templeton, Global X, Hashdex (conversion application) and Hashdex’s spot Ethereum ETF application has slowed down the recent rally. It seems that we do have to wait until January 2024 to confirm the trend, and the fading optimism is reflected in the key crypto stocks of BITO, BITI, BITX and MSTR. COIN prices, however, went up by 7.9% after a report of South Korea's National Pension Service (NPS) holdings - the third largest pension funds by assets - shows they have acquired US$19 million in Coinbase shares.

The Latest Bitget News

Besides the awesome gain of BGB, Bitget’s native token, we also witness the rise of familiar projects on Bitget Spot Trading: MOVER/USDT (initially listed on Bitget on March 14, 2023), CHAPZ/USDT (initially listed on Bitget on November 13, 2023), TYPE/USDT (initially listed on Bitget on July 05, 2023) and TEM/USDT (initially listed on Bitget on March 17, 2023). If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!

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Don’t forget that our spot listings always come with a bunch of real good deals:
• Bitget Savings: New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time!

• Bitget Launchpool: Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work!

• Buy new tokens with 0 fee: We introduce a new token every week, and you can buy it with your Credit/Debit card at no processing costs for seven days! Added to the program this week is GAS - don’t let this opportunity pass by!

Want some extra juicy deals?

• Save the date for Bitget’s Black Friday Deals: for the EU region, U.K, Canada, Australia, Spain, Portuguese and LATAM region!

• Check out Bitget’s Zero-Fee Program: activated every Wednesday and every weekend for Bitget users who own a Credit/Debit card!

• Join Deposit2Win: A mystery box of US$50,000 in ETH, BGB, USDT, TIA, T2T2, GAS is waiting to be opened by YOU

• Exclusive for Institutional Investors: Deposit EUR to enjoy a 30-day VIP pass!

• Bitget Snowball and Bitget Smart Trend: New subscription period begins every Monday!

• Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday

Bitget Spot Trading’s volume decreased by 14.2%. Bitget Futures Markets’s average crypto OI contracted by 8.0%, average Bitcoin OI by 10.5% in the last 7 days, meaning Bitcoin dominance on our futures market continued to go down by another 2.9% to land at only 45.7%. These are the effects of the market’s cooldown.

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