BGB Sail: October Edition
Bitget Academy is delighted to announce the release of our new BGB Sail Series, which reflects on BGB performance each month alongside the market summary.
BGB Sail: September Edition can be found here.
Market Summary
Bitcoin realised volatility, for the first time in two years, reached the lowest of 40%. Higher volatility and high risk always go hand in hand; we can see that, apparently, 2022 so far turned out to be much less volatile than last year. Bitcoin’s 20-day volatility also matched that of NASDAQ and was only a tad higher than that of the SP500 in October, also for the first time since 2020.
Source: Glassnode Studio
Source: Kaiko Analytics
In addition, Bitcoin’s correlation with gold is increasing unstoppably, now nearly at 0.60. Maybe time for the ‘digital gold’ narrative again?
Source: Bloomberg
Be it true or not, the number of and value of BTCUSDT">Bitcoin perpetual contracts increased massively in October. Within the first four days of October, Bitcoin's open interest across exchanges has risen by at least 60,000 Bitcoin.
Source: Arcane Research
But other cryptocurrencies were hurting in the bear market. Crypto blue chip yields have been sliding since the dismay of May and seeing year’s lows in September and October. That’s definitely not good news for the industry.
Source: Delphi Digital
It’s not just that. Blockchain projects saw a dropping in capital injections for the second consecutive quarter, falling to the second lowest quarter of funding since 2021 at US$6,217,000,000.
Source: The Block
One contributor to the dread may very well be the hacks and attacks, which further smeared the industry name. The biggest exploits in October include the notorious US$586 million hack on BNB Chain, the US$2 million hack of QANplatform’s offline bridge, the US$2.3 million TempleDAO hack, the US$100 million hack of Mango Markets on Solana, the US$8.4 million hack of Moola Market, the 30,437 OHM hack and the exploit of Ethereum Alarm Clock's smart contract for 204 ETH. Analysis by Solidus Labs also shows that BNB Chain is home to the most scam projects, with 12.02% of the token contracts being a sham.
Source: Solidus Labs
Most important of the month is Elon Musk’s acquisition of Twitter, his plan to incentivise content-creating activities on the platform, and NFT-ise Twitter with the NFT Tweet Tiles pilot.
BGB Performance in October
BGB recorded a new all-time high of US$0.2176 on October 20, 2022, after September’s high of US$0.200031. Our newly established support levels are between US$0.17 and US$0.18, a huge move since the LUNA case.
Source: CoinMarketCap
BGB has been holding itself well amid the bears’ suffering. Period. Analysis of previous months is available here:
For different risk appetites
With the launch of Bitget’s new DeFi product series, BGB becomes strictly a necessity. The more BGB you own, the more you can earn. If you are a risk-averse user, why not try BGB Earn? Mind you, interest rates may be on the rise, but a strong US-Dollar is hurting all other fiat currencies. For example, the Euro (EUR) has lost ca. 15.9% from January to September, the British pound (GBP) 21.8%, the Japanese Yen (JPY) 26%, etc. Even the Swiss Franc (CHF) has been weakened by roughly 7.6%, whereas the BGB net value increased by 20%! Given that BGB Earn offers a 6% APR, the only question is just how many times your asset value could grow if you are a BGB holder?
An alternative is putting your BGB to work via Bitget Launchpool. An estimated 107,500 USDT in staking rewards has been distributed to participants of 9 pools. BGB is a default choice for staking tokens, which is to create lucrative opportunities for BGB holders. A lower APY for staking BGB is, however, justified, given that BGB value skyrocketed, as shown in the chart above.
Bitget-Verse
It’s KCGI time! Bitget’s biannual trading competition is back just in time for the World Cup 2022 in Qatar. To prep you for the event, we have listed ITAUSDT on Bitget Spot Trading and FOOTBALLUSDT on Bitget Futures Trading!
Spot Futures Activities
Futures activities, represented by the aggregated volume of all contracts, saw an increase of a whopping 68%, again confirming the interest of ‘degen scalpers.’ Bitcoin dominated the futures markets, standing at 67.8% (on average) of the total open interest for October.
To assist investors with trading in the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well!
Bitget ABCs Program has come to an end, with more than 80 new pairs listed on Bitget Spot Trading and 25 more to be listed after the completion of their mainnet integration. We thank you for your passion and support along the way! Now it’s time to look back at our achievements together with the roundup here.
Bitget Insights
New for us, new for you: Bitget Insights is officially launched! Bitget Insights is a feature that allows high-quality traders to share their professional opinions publicly to not only help their fellow traders but also earn more followers on Bitget Copy Trade. For a limited time, Bitget Insights is open for all users - the best will secure the right to permanent publishing and access to juicy rewards! Check out our exclusive Bitget Insights campaigns, including Everyday Bitget Insights AMA and Bitget Insights Global Launch Event.
Bitget KCGI
The biggest event of the year is back! In the last series, the best performers of 4,754 participants shared a total of 10 BTC (around US$300,000 in June) and achieved stardom thanks to Bitget’s extensive media coverage.
Guess what the upcoming theme is? It’s World Cup’s time! We are proud to bring you the most exciting trading event, together with Lionel Messi. Sign up right now and start trading to have more winning chances!
Begin Strategy Trading With Bitget Strategy Plaza
As Bitget continues to revolutionise the social trading landscape for all things crypto, we are delighted to now introduce Bitget Strategy Plaza. Together with our One-Click Copy Trading and newly launched Bitget Insights, Bitget Strategy Plaza will offer investors and traders more flexibility in the way they interact with one another whilst fine-tuning their approach to the cryptocurrency market. If you’re new to the world of Strategy Trading, you can learn more about it over at our guidelines below:
Bitget Strategy Plaza Introduction
Bitget Strategy Plaza: How-To Guide for Users
Bitget Strategy Plaza: How-To Guide for Strategists
Join us now on these bountiful events:
KCGI Special: Register to Win an iPhone 14 Pro Max and Bonuses!
Triple Gifts! Contact VIP to Get 400 USDT, 45% Trading Fee Rebate, Plus a 60-Days VIP+1 Trial!
GET $5 FREE on your First Trade, Available to All!
Invite a Friend to Share $10, No Limit on Rewards!
Bitget Insights Global Launch Event: Win Messi-Signed Gifts Share 100,000 BGB
Join Bitget KCGI Internal AMA, Win USD $2,100 in BGB
Bitget x ATAS Promotion: Share $40,000 in Trading Bonuses!
New Traders Special: Join Bitget and Earn 40 USDT!
High-Interest Earn in Limited Time and Amount, With VIP Privileges and BGB Packages!
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