Market updates

Bitget Hot Takes (July 03 - July 09)

Beginner

2023-07-10 | 5m

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

• BGB has hit oversold over the weekend.

• Bitcoin price to US$31,000.

• FED minutes say hawkish move(s) ahead.

BGB Has Hit Oversold - Now Back On Track

From the week’s opening of US$0.483456, BGB price has risen to as high as US$0.494244 (+2.2%) on Tuesday. That means the weekly spread is on the way down, same as volume. Tighter spread and reduced volume could be signs of a new local high, especially when the RSI is showing reversing trends.

Bitget Hot Takes (July 03 - July 09) image 0

Source: TradingView

BGB's volatility remained lower than that of Bitcoin. The token price for sure experienced much less fluctuations than the other Top 2 cryptocurrencies (Ethereum and Binance Coin), making it a safer investment and saving option than all the other three.

7D Rolling Volatility

BGB’s liquidity is held stable at a good level of around 0.02 while the rest also suffered from volume instability. Most similar to BGB is BTC, but even then, Bitcoin liquidity has been falling to new lows since the end of June.

Volume To Market Cap Ratio

Here's a recap of BGB activities from July 03 to July 07, 2023:

BGB Weekly Report

Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Bitcoin And The ETFs Hype (Cont’d)

Bitcoin prices rose to US$31,000 for the first time since June 2022 on July 04 as an extended effect of the spot Bitcoin ETFs' filings. Volatility Shares 2x Bitcoin Strategy ETF (BITX: Cboe BZX), the first leveraged Bitcoin futures ETF, ended its first week with more than 500,000 shares traded. On its debut day only, the ETF saw US$5.5 million in volume, with US$500,000 already in the first 15 minutes. This is a clear signal for the traditional market's interest in Bitcoin. The new rounds of inflows brought ProShares Bitcoin Strategy ETF’s holding to over US$1 billion in futures contracts value.

Subscribe to our daily market updates to track Bitcoin ETFs: Bitget Bites (July 10, 2023)

One key economic event last week was the release of FED minutes of the FOMC meeting that took place on June 13 - 14, 2023. Key comments include ‘persistently elevated core inflation’, ‘real gross domestic product (GDP) was expanding at a modest pace in the second quarter’, ‘job gains were robust and the unemployment rate was low’, which translates to a very high possibility of another rate hike next month. Supporting these statements is the U.S. June job market report that shows the unemployment rate decreasing to 3.6%, average hourly earnings increasing by 4.4% YoY and payrolls by 209,000. The markets tumbled following the FED minutes release; Bitcoin slided back to US$30,000 and stock markets also saw red.

The Latest Bitget News

What’s new last week? Of course the mighty Bitget Crypto Loan - through which any user can get instant access to more funds! Bitget Crypto Loan currently accepts BTC, ETH and USDT as collateral as well as in the form of applied funds. For a detailed guide on how to start borrowing right away, check out our Introduction to Bitget Crypto Loan!

It was a week of buoyant deals on Bitget Spot Trading with the winning initial listings of TYPE/USDT (+2,922%) and BMTC/USDT (+1,484%). Other daily gainers with over 100% price increase include: WOOO/USDT (+135.3%), NOM/USDT (+137.3%), RBW/USDT (+140%), LBR/USDT (+145.3%), VMPXERC20/USDT (+156.8%), DOGE2/USDT (+209%) and BABYDOGE2/USDT (+250.4%). In the case of PEPE2/USDT, which was also a Bitget initial listing, we have seen a surge in the token demand, thus the continued value growth within the last seven days: 52% on July 03, 58% on July 04 and 116.2% on July 07, 2023. Another one to appear twice in the list is SERP/USDT with +77.3% on July 07 and +53% on July 09, 2023.

At the same time, we have dropped new vaults of the incredible Bitget Flexible Savings: BTC at 1.1% APY, ETH at 1.6%, BABYDOGE2 at 300%, VMPXERC20 at 300%, AGB at 200%, WOOO at 200% and BMTC at 120%. Subscribe to not miss any of the upcoming earning opportunities!

Bitget Futures Markets saw a rise of 11.9% for the average crypto OI and 13.9% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has risen by nearly 2% on average. That is a direct result from the hype around Bitcoin ETFs and the market expectations on TradFi's broader crypto adoption.

The latest recap of Bitget Reserves shows a total reserve ratio of 223%, with our platform’s holdings recorded at 10,500 BTC (+0.95%), 19,192 ETH (+19.46%), 468,368,419 USDT (+2.08%) and 166,752,923 USDC (2.68%). Users’ funds also increased by at least 4%.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!