Bitget Hot Takes (January 01 - January 07, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and market movements.

The latest Bitget Hot Takes can be found here .

Central Themes

• Amendments for all 11 spot Bitcoin ETF applications were recorded on Friday.

• CertiK Twitter account compromised; nearly US$10 million depleted in the first week of 2024 due to hacks and rugpull.

'BGB Already Turned Green On The First Day Of The Year', Then Straight Up To US$0.68

After indications showed positive momentum for BGB last week, the token made a huge jump in the first week of 2024 - going from January 01's opening price of US$0.5795 to US$0.6808 (+17.5%) on January 04. Distribution trend occurs but levels are still much higher than that during the 2-week period between BGB hitting US$0.70 and New Year. Bitcoin is the only one in the Top 5 to also have a positive week with 4.1% gains; the rest, especially XRP suffered from the faltered hype around Bitcoin ETF approvals.

BGB volume increased by 19.4% over the last seven days, leading to a net increase of 11.4% in liquidity. Others' volume rose mostly due to selling pressure as prices went down; BGB has been keen on tracking Bitcoin in terms of volume-to-mcap ratio.

2023 was a wonderful year for BGB and its investors. The great performance is not only captured in our weekly analyses of BGB known as the Bitget Hot Takes Series, but is also mentioned in BGB Sail, our monthly market report. Find all - as well as BGB ATH recaps - in our [Market Updates] .

Losses Before Decision Day

On Friday (January 05), the first news to drop is the U.S. job report for December 2023 , which implies solid hiring at 216,000 new jobs added, 3.7% unemployment rate and 4.1% YoY average hourly earnings increase compared to the forecast of 170,000, 3.8% and 3.9%. That means the likelihood of the FED cutting down rates in March is down, now at 60.9% , as a strong labour market does not corroborate the story of tamed inflation as told in the most recent inflation report and thus shall not motivate the FED to lower interest rates in the upcoming FOMCs.

We also see the spot Bitcoin ETF applications of all 11 issuers amended on Friday after the SEC met with NASDAQ, NYSE and CBOE two days earlier.

However, these amendments weren't public until January 04-05, which was already passed the 'rumoured ' January 03 reveal awaited by the broader markets, hence there was an aggregate effect on crypto and crypto stock prices: the global crypto market cap lost 3.9% in value, Bitcoin dropped to as low as US$40.8K, all crypto stocks in red except for BITI a.k.a. the short Bitcoin ETF. Bitget Spot Trading ’s volume, Bitget Futures Markets ’s average crypto OI and average Bitcoin OI all went down last week as a direct result of the disappointment coming from no news on spot Bitcoin ETF approvals.

However, W1 2024 arrived with more than just profit shedding. Two DeFi protocols, Radiant Capital and Gamma Strategies, fell prey to hackers' scheme and lost US$4.5 million and US$3.4 million, respectively. Meanwhile, the Solana ecosystem witnessed another exit scam with approximately US$2 million in users' funds drained from MangoFarmSOL. The appointed security auditor of this farming protocol Foobar was the first one to warn users of MangoFarmSOL's frontend being compromised and later suggested this might be a rugpull. That combined is a near-US$10 million loss within the first seven days of 2024.

The Latest Bitget News

The biggest 24H gainers of the week are $AI (Sleepless AI) and ZKF (ZKFair), both Bitget Initial Listing, both recorded gains of more than 10 times. These two listings are, of course, accompanied by many Bitget Earn events, from up to 30% APR Savings for $AI , up to 50% APR Savings for ZKF , 28,000,000 ZKF to be farmed on Bitget Launchpool to deposit rebate of $4,000 in $AI and $13,300 in ZKF .

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-served basis!

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 and ZKF with up to 50% APR, DUSD with up to 40% APR and OX , $AI and FNSA 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

Bitget Copy Trading Updates: TraderPro Program

Start 2024 with a Bang: Every Deposit Doubled in Rewards!

Trade BTC as ETF Nears Approval - Win from $20,000 USDT with Bitget!

Learn2Earn: Take the Solana (SOL) quiz to win 3000 BGB!

Learn2Earn: Take the DCS Token (DUSD) quiz to win 10,000 DUSD！

Trade and make net deposits in CandyBomb to earn FNSA

Open Exchange Token (OX) will be listed on Bitget. Come and grab a share of 1,800,000 OX!

BRC App (BRCT) will be listed on Bitget. Come and grab a share of 21,500 USDT!

ZKfair (ZKF) will be listed on Bitget. Come and grab a share of $13,300 worth of ZKF!

Sleepless AI ($AI) will be listed on Bitget. Come and grab a share of $4,000 worth of $AI!

Xai (XAI) will be listed on Bitget. Come and grab a share of $4,000 worth of XAI!

FINSCHIA(FNSA) will be listed on Bitget. Come and grab a share of 1,100 FNSA!

Ordiswap(ORDS) will be listed on Bitget. Come and grab a share of $2,000 worth of ORDS!

Strike (STRIKE) will be listed on Bitget. Come and grab a share of 800 STRIKE!

Good Reads

For A Good Slide Into The New Year: Crypto 2023 Recap

Wen The Crypto Ball Drop? Reasons To Look Forward To Spot Bitcoin ETF Approvals In The US

BRC App: A Gateway to the Bitcoin Ecosystem

Sleepless AI (AI): Live An Enriched Life

ZKFair (ZKF): Pioneering Fairness in ZK-Rollup Technology

ANALOS (ANALOS): The Ultimate Memecoin on Solana

Decentralized Physical Infrastructure Networks (DePIN): Unlocking Vast Potentials in 2024

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