Bitget Hot Takes (January 08 - January 14, 2024)
Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.
The latest Bitget Hot Takes can be found here.
Central Themes
• All 11 spot Bitcoin ETF applications were approved at once; trading began already on Thursday.
• Focus in the U.S. turned to the spot Ether ETF narrative; Hong Kong is open to exploring spot crypto ETFs; South Korea stands firm with their 'no crypto ETFs' policy.
• U.S. CPI and core CPI data came out higher than expected.
• Stablecoin issuer Circle filed for U.S. IPO.
• Bitget Card is OUT - be the first one to own the exclusive off-ramp gateway by Bitget x Visa
BGB: More Room To Rise
After climbing to US$0.6808 in the first week of 2024, BGB saw a correction last week. The weekly high fell to US$0.64 while the weekly low rose to US$0.59, but this low was out of the Bollinger Bands and rebounded right back within, hence the correction trend should not last long. Indicators are pointing to a buildup of momentum: a lot of room for BGB prices to increase, spread tightened, volume is down.
As mentioned above, BGB volume saw a decline of nearly 20% despite prices going back to US$0.60, so there's no short-term FOMO buyers here. Investors are apparently waiting for a price breakout (or more - see how 2023 turned out for BGB diamond hands?), which shall come with the stabilisation of Bitcoin prices, especially when a relationship between BGB and Bitcoin seems to have somewhat developed in the last few weeks.
Extra Volatile
Grayscale's win over the SEC in court has paved the way for the long-awaited spot Bitcoin ETF approval in the U.S . And it's not just Grayscale's conversion application but all 11 applications as a whole! Here's the name and ticker of all 11 spot Bitcoin ETFs that began trading last Thursday (January 11, 2024):
• Bitwise Bitcoin ETF: BITB
• VanEck Bitcoin Trust: HODL
• Grayscale Bitcoin Trust: GBTC
• Fidelity Wise Origin Bitcoin: FBTC
• Blackrock's iShares Bitcoin Trust: IBIT
• Franklin Bitcoin ETF: EZBC
• 21Shares & Ark Bitcoin ETF: ARKB
• Invesco Galaxy Bitcoin ETF: BTCO
• Hashdex Bitcoin Futures ETF: DEFI
• WisdomTree Bitcoin Fund: BTCW
• Valkyrie Bitcoin Fund: BRRR
There are VanEck (HODL) and Hashdex (DEFI) whose names sound very.. dedicated, while the rest mostly follow the issuers' name standardisation. These 11 ETFs achieved nearly US$7.7 billion in trading volume in only two days, with Bitwise being the winner of Day 1 with US$625.8 million in net flow . Based on their performance and volume this week, we will decide on providing a summary of their performance in the following Bitget Hot Takes issues.
So spot Bitcoin ETF approval is a good thingy, and prices must be up only, right? Why the red? You may want to check out our guide for the near future here: DDD-Day: Bitcoin ETF Is Approved first, where we already predicted extra volatility after the approval. Besides, remember that in crypto markets there's something called perps (perpetual futures contracts ), which have no expiry and track the underlying asset's spot prices closely. This is a good time for whales to 'kill' the long orders before attempting to clear the short ones as well, since many still tend to trade with emotions and the moment they see prices decrease, they'll react with a high-risk short. This is not to say that we shall never trade during these volatile times, but better time your trade and up your skills to minimise the risk of liquidations.
There's another reason for the bleeding across all markets last week: the latest U.S. CPI data release . Expected was 3.2% YoY for the headline CPI and 3.8% for the core CPI, but the actual numbers are 3.4% and 3.9%, respectively. This means the FED's recent dovish pauses will likely come to an end, or at the bare minimum, rate cuts should not begin in as early as March. However, data from FedWatch Tool suggests that there are indeed more investors looking for the FED's lowering interest rates starting from March: 70% from 60.9% as of last week .
The Latest Bitget News
First and Foremost: Bitget Card IS OUT! Bitget has simplified crypto on-ramp for even the noobest of noobs (at zero cost on selected days even), and now it's time to conquer the real world with Bitget Card - a credit card provided by Visa and Bitget! You only need to have some crypto in your Bitget account to enjoy instant ultra-high USD spending limits no matter where you are! Besides, BGB cashback is soon to be added for Bitget Card holders - be the first to get a Bitget Card and earn more on your spending!
Bitget Card Introduction is available here , together with our tutorial on how to apply for your Bitget Card .
Want to learn more about BGB? Check out our BGB White Paper and BGB Intro
Top daily gainers of the week on Bitget include XAI/USDT, APP/USDT, DOME/USDT, ELA/USDT, and RABBIT/USDT. To help you understand the hype behind these tokens, we have provided the most comprehensible token intros as follows:
Xai (XAI): The First Layer-3 Blockchain For First-Class AAA Gaming
Satisfy Your Need For Speed With Moon App (APP)
Everdome (DOME): The Hyper-Realistic Metaverse of Tomorrow
Rich Rabbit (RABBIT): The Extraordinary Convergence of Meme Coin, DePIN, and Space Exploration
New users are so very welcome to invest wisely in crypto by minimising costs. Time the market and make 0-fee crypto purchases on Wednesday and the weekend as Credit/Debit card owners! It's not just limited to newbies, experts can deliberately join, too! Don't forget to check out the great Bitget Reward Center for 5,027 USDT in welcome bonus and take our limited-time offer for 50% rebate on crypto purchases . Hurry up, 1,200,000 USDT in rewards is being distributed on a first-come, first-serve basis until JANUARY 31 ONLY!
Looking for extra earning options on Bitget? Check this out:
• 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! The newly added options are AIMX , ZKF , and ELA with up to 50% APR, DUSD with up to 40% APR and OX , $AI , FNSA , XAI , and DOME with up to 30% APR. Enjoy the Savings Boosts before they are sold out!
• Bitget Launchpool : Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well!
• Bitget Snowball and Bitget Smart Trend : New subscription period begins every Monday!
• Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday
All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management
New Events
2-week offer: Zero fees on credit/debit card crypto purchases
Guaranteed Win at Bitget's Lucky Wheel! Spin Now for a Chance at 1 BTC!
Join the spot margin trading competition to win 5000 USDT and the first welcome gift for 2024!
Upgrade your VIP level to grab a share of 95,500 USDT!
Trade, net deposit, and invite friends in CandyBomb to earn ELA!
Trade, net deposit, and invite friends in CandyBomb to earn OORT!
Post Comment on Insights, Share 6000 $BGB Prize!
2024 Wheel of Fortune — deposit EUR and BRL to win SNEK, OX, BRCT, BGB, AI, SOL, and ETH!
Celebrate the ETF Approval: Trade with Bitget & Win Your Share of 1 BTC
Become a star trader or star follower to share 6000 USDT every week
Start 2024 with a Bang: Every Deposit Doubled in Rewards!
Deposit to List: Propbase (PROPS) - Deposit and Share 666,666 PROPS Rewards!
Deposit to List: Vyvo Coin (VSC) - Deposit and Share 187,500 VSC Rewards!
Xai (XAI) will be listed on Bitget. Come and grab a share of $4,000 worth of XAI!
Strike (STRIKE) will be listed on Bitget. Come and grab a share of 800 STRIKE!
MangoMan Intelligent (MMIT) will be listed on Bitget. Come and grab a share of $8,000 worth of MMIT!
Everdome (DOME) will be listed on Bitget. Come and grab a share of 48,000,000 DOME!
Moon App (APP) will be listed on Bitget. Come and grab a share of $10,000 worth of APP!
Sologenic (SOLO) will be listed on Bitget. Come and grab a share of 64,000 SOLO!
Good Reads
DDD-Day: Bitcoin ETF Is Approved
Bitget Card: Unlocking the World of Crypto
Bitget Card: An Ultimate Tutorial
Everdome (DOME): The Hyper-Realistic Metaverse of Tomorrow
Satisfy Your Need For Speed With Moon App (APP)
Simply create an account, and start exploring the incredible Bitget-Verse today!
2024-01-15
The Resurgence of NFTs: A Glimpse into the Potential Growth of NFT in 2024