Bitget Hot Takes (December 25, 2023 - January 01, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here .

Central Themes

• Everything went up on January 01, 2024; Bitcoin climbed above US$45,000 on January 02.

• Reuters: The SEC may notify approved issuers as soon as Tuesday or Wednesday to launch their spot Bitcoin ETFs next week.

• Macro event to be watched this week: Dec 23 NFP and unemployment rate in the U.S.

BGB Already Turned Green On The First Day Of The Year

After BGB made its new all-time high at near US$0.70 on December 19, 2023, there was a sell-off that pushed the RSI to below 26 and came with an extremely narrow trading range (between US$0.571651 and US$0.595029). The weekly spread decreasing by 83.5%, 7D volume by 30.8%, the accumulation trend returning and MACD turning positive on January 01 (i.e. upward momentum is building) are saying that BGB can very well benefit from the spot Bitcoin ETF approvals.

For the last 10 days, the volume-to-mcap ratio of BGB has been on par with that of Bitcoin, further consolidating the theory about resemblences between these two.

Even though we often see BGB prices move in the opposite direction of Bitcoin and Ethereum, both the last week of 2023 and the first day of 2024 seem to tell another story. All three tokens ended the last week of 2023 in red but made some gains already on January 01, so again, it's safe to expect some BGB upswing when Bitcoin ETF news is dropped.

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] here.

About Time

As reported by Reuters , BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, WisdomTree, and 21Shares Ark had completed updating their spot Bitcoin ETF applications before 2023 ended. And with the first deadline of 2024 being January 10 for 21Shares Ark's Bitcoin ETF, the SEC 'may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week', so news should be out either today (January 02) or tomorrow (January 03).

As Bitcoin closed the year lower than its recently reclaimed high of US$44K, crypto ETFs and mining stocks also locked in losses for the last trading week of 2023. Only MicroStrategy, who acquired an addition of 14,620 Bitcoin at the average price of US$42,110, and ProShares Short Bitcoin Strategy ETF saw their stock prices going up. However, the overall sentiment ahead of the ETF approvals is still positive, hence BITI gains weren't followed by buying pressure.

Going into the new year, there's already been some good news: Bitcoin has claimed the US$45,000 mark earlier today after five days at US$42,000. It's also the first time since April 2022 that we see BTC at these levels - indeed a good slide into the new year. The Top 5 largest cryptocurrencies by market cap (excluding USDT of course) and BGB welcomed 2024 with profits, resulting in increased global market cap and global (spot) volume.

The Latest Bitget News

The festive seasons couldn't keep the awesome selections on Bitget Spot Trading and Bitget Innovation Zone from thriving, with six trading pairs of six tokens more than doubling their values overnight: AIMX/USDT , NFP/USDT , GXE/USDT , PEPECOIN/USDT , MOBILE/USDT and TEM/USDT .

Bitget Spot Trading ’s volume rose slightly by 3.8% but Bitget Futures Markets ’s average crypto OI was well up by 14.9%, average Bitcoin OI by 20% in the last 7 days, meaning Bitcoin dominance on our futures market rose by 4% to 48%. Yet on January 01, spot volume surged by almost 15% whereas futures OI, especially Bitcoin OI, receded. The Top 3 Gainers on the first day of the year are XRP8 , MMVG and KP3R .

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!

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New Events

Bitget Copy Trading Updates: TraderPro Program

Flash Wednesday: Zero fees when you buy crypto with credit/debit card

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

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

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

Trade and make net deposits in CandyBomb to earn NFP

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

Snek (SNEK) will be listed on Bitget. Come and grab a share of 4,800,000 SNEK!

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

ANALOS (ANALOS) will be listed on Bitget. Come and grab a share of 14,600,000 ANALOS!

SwissCheese (SWCH) will be listed on Bitget. Come and grab a share of 20,000 SWCH!

Deposit Trade SILLY, Win Your Share of 100,000 SILLY!

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xPet.tech (XPET): GameFi on Web2 Social Media

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