Bitget Hot Takes (January 22 - January 28, 2024) - All About Bitget
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: All About Bitget | Market Updates
Central Themes
• BGB hit a local low, thus experienced a short-lived sell-off.
• BTC continued to decline, hitting a weekly low of US$38,522; Ethereum prices remained above US$2,000.
• Bitget Markets: average crypto OI is down by 11.0%, Bitcoin OI by 15.1%, spot volume up by 0.2%.
BGB Hit A Local Low
BGB fell to as low as US$0.570371 on Tuesday (January 23) before bouncing back. There was a sell-off that took place from January 18 - January 23 as observed with the Accum/Dist line (4H), but accumulation quickly replaced the distribution trend afterwards, showing keen interest in the token. BGB then proceeded to reach the weekly high of US$0.600002 yet failed to keep the momentum and therefore has been trading between US$0.58 and US$0.60 since the weekend.
As a result, BGB ended the week with a 2.3% loss, which is still not bad compared to Binance's BNB (-3.2%), XRP (-4.1%) and Ethereum (-8.2%). Although Bitcoin has made it above the no-change mark (1.0) with a return of 1.2%, notice how it dropped to US$38,522 on Tuesday as a sustained effect of 'sell the news' actions after the ETF approval, which of course contributed to the decrease of the wider crypto market. In that sense, BGB is one of the few tokens to be able to uphold its value against the volatile Bitcoin.
Liquidity has already picked up especially with the accumulation trend mentioned above. However, since the chart shows the 7D average of this indicator, the change depicted is somewhat slower than in actuality. BGB has again surpassed BNB, the other exchange token, in terms of liquidity as January comes to an end.
The Latest Bitget News
Our biggest announcement into 2024 remains the Bitget Card, which is meant to simplify the off-ramp process and normalise the use of crypto in our daily lives thanks to the instant ultra-high USD spending limits! You only need to have some crypto in your Bitget account to start using it! 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
Another big drop on Bitget is the launch of Bitget Spot P2P Market , where anyone can get their hands on all BRC-20 and SPL-20 tokens there are - at minimum costs. Instead of bridging to Ethereum at crazy fees, dealing with high slippage and low liquidity on DEXs or waiting for exchanges to list the trendy ones, you can DYOR and head to our OTC-like spot market to purchase your BRC-20 and SPL-20 tokens directly from other peers. Again, we recommend you to do a proper fundamental analysis and refrain yourself from FOMO buying at any time!
Bitcoin's dropping to US$38,000 definitely impacted futures traders: As at least US$450 million in long got liquidated on January 22 and January 23 , Bitget futures OI declined by 11.0% and Bitcoin OI by 15.1%. Nevertheless, Bitget spot volume in the last 7 days experienced a minor increase of 0.2%, mostly thanks to BGB accumulation trend and the new, hyped Initial Listings.
Top daily gainers of the week on Bitget include $ALT/USDT , GTAI/USDT , DUEL/USDT , BABYBONK/USDT , ZKB/USDT , 3ULL/USDT , VV/USDT , AMU/USDT , with Altlayer ($ALT)'s closing price increasing by more than 31 times its opening price on listing day. It's always important to make sure you do not miss first-mover advantages for any poised-for-success tokens, therefore we provide the most comprehensible token intros in a timely manner as follows:
PLAYA3ULL (3ULL): Revolutionizing Gaming with Blockchain and Player Empowerment
Amulet (AMU): Generating High Yields Without Sacrificing Low Risks
BabyDragon (BABYDRAGON): The Symbol of Power, Security, and Future Success in Crypto
Dogwifhat (WIF): From Meme to Market Star Surpassing SHIB and PEPE
TSUGT: When Crypto Meets Manga Football
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 ZKF , ELA , OORT , and MANTA with up to 50% APR, and OX , $AI , FNSA , XAI , DOME , POKT , AVAV , TSUGT , AVA , and 3ULL 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
Extended! Institutional accounts only: deposit EUR for a free 30-day VIP pass!
Messi #MakeItCount in 2024: Win a ticket to Inter Miami matches!
Bitget Trading Showdown: Trade Big, Win Bigger – Share 10,000 USDT
Learn2Earn: Take the ZetaChain (ZETA) quiz to win $10,000 BGB！
GameGPT (DUEL) will be listed on Bitget. Come and grab a share of 140,000 DUEL !
Vyvo Coin(VSC) will be listed on Bitget. Come and grab a share of 110,000 VSC!
Captain Tsubasa (TSUGT) will be listed on Bitget. Come and grab a share of $27,000 worth of TSUGT!
Ondo (ONDO) will be listed on Bitget. Come and grab a share of $10,000 worth of ONDO!
Dogwifhat (WIF) will be listed on Bitget. Come and grab a share of $10,000 worth of WIF!
GT Protocol (GTAI) will be listed on Bitget. Come and grab a share of $15,000 worth of GTAI!
PLAYA3ULL GAMES (3ULL) will be listed on Bitget. Come and grab a share of 7,000,000 3ULL!
Opulous (OPUL) will be listed on Bitget. Come and grab a share of $31,000 worth of OPUL!
Trade and make net deposits in CandyBomb to earn AMU
Trade and make net deposits in CandyBomb to earn AVA
Trade, net deposit, and invite friends in CandyBomb to earn $ALT!
Trade, net deposit and invite friends in CandyBomb to earn BABYDRAGON!
Deposit to List: MeconCash (MCH) - Deposit and Share 588,235 MCH Rewards!
Deposit to List: BizAuto (BIZA) - Deposit and Share 1,408,450 BIZA Rewards!
Good Reads
Bitget Card: Unlocking the World of Crypto
Bitget Card: An Ultimate Tutorial
Trade Any Token, Anywhere: Bitget Spot P2P Market
Who Should Opt for Smart Copy and Diverse Follow Modes? A Bitget User Guide
The Impact of Spot Bitcoin ETF Approval on the Global Crypto Market
Buy Crypto Or Get Indirect Exposure? (Part 1)
Simply create an account , and start exploring the incredible Bitget-Verse today!
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