Bitget Bites (December 8, 2022)

The global market cap is standing at US$843 billion, showing a 1.37% decrease from yesterday but the 24-hour volume went up by 3.78% to US$37.08 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,050.07 and US$16,750.00 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,884.77, which is a 0.87% decrease compared to Ethereum's 2.01% decrease.

Altcoin prices are seeing red, with no altcoin in the Top 10 trading above the volume of US$1 billion.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.1865 and US$0.1805, respectively.

The Top 3 Gainers of The Day are Hifi Finance (MFT), NuCypher (NU), and Zebec (ZBC):

1st Place

MFTUSDT: Up by 10.09%

Hifi (formerly Mainframe) is a Lending Protocol that allows anyone to borrow against their crypto. MFT is trading at a current market price of US$0.006814, having touched a high of US$0.006906 and a low of US$0.005747 in the past 24 hours.

2nd Place

NUUSDT: Up by 6.66%

NuCypher (NU) are the native tokens used on the NuCypher network. NU is trading at a current market price of US$0.1065, having touched a high of US$0.1076 and a low of US$0.09809 in the past 24 hours.

3rd Place

ZBCUSDT: Up by 6.17%

Zebec is a continuous Settlement Protocol that will transform payroll, cash flow, and token vesting by allowing users to send payments and distributions every second. ZBC is trading at a current market price of US$0.01442, having touched a high of US$0.01464 and a low of US$0.01336 in the past 24 hours.

Meanwhile, the Top 3 Losers include XUSDT">WEMIXUSDT (-47.89%), BOTUSDT (-18.92%), and REVOUSDT (-17.47%).

Futures Market Updates

Future activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.98 billion, equivalent to a 0.76% 24-hour increase. The aggregated futures volume saw a 39.73% increase to US$321 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$2.66 billion, which shows a 0.04% decrease from yesterday. The daily volume of Bitcoin contracts increased by 23.21% to US$162,450.17. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 39.85%/60.15%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.95 from the opening price of US$39.72.

Interesting Topics

Data Story: Merkle Tree Proof-Of-Reserves (PoR)

What is Market Sentiment and Why Is It Important? (Part 1)

How Gamma Squeezes Can Exacerbate Short Squeezes

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