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Bitget Hot Takes (April 22 - April 28, 2024) - All About Bitget

Intermediate

2024-04-29 | 10m

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 prices remained above US$1.1 after RSI hit oversold.

• Bitget Markets: there was a surge in the weekly average crypto OI, mostly due to the increasing number of open Ethereum positions.

• The latest data on Bitget's reserves is now available.

BGB Waiting For A Catalyst

Although BGB is still hanging on the US$1.1 levels, there were some downward movements influenced by those of Bitcoin. Bitcoin lost 2.1% in the last 7 days and BGB 7.4%, with BGB weekly spread still tightening by 22%. With a narrow spread and quietness in terms of activities, BGB is seemingly waiting for a catalyst to move in either direction.

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Indicators are currently suggesting a lack of conviction in the current price levels, but there's been enough proofs to say BGB price actions can confidently follow any (potential) Bitcoin upward trend, hence it's better to put your BGB to work in the meantime rather than press F5 for trend confirmation all day long.

Despite their weekly gains, ETH and BNB still saw decreasing liquidity, while BGB's figure remained slightly higher than Bitcoin. That means BGB still has decent liquidity thanks to the level of trading activeness, which then points to a comparable level of acceptance or utility as Bitcoin.

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Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance!

The Latest Bitget News

On April 22, 2024, Bitget published the latest snapshot of our platform's reserves and users' assets . We have successfully maintained a total reserve ratio of 150%+ compared to the industry's standard of 100%. It's important to explain why Bitcoin and Ethereum have a much higher (and increasing) reserve ratio than stablecoins on Bitget:

(1) For the sake of volatility management: Bitcoin and Ethereum are significantly more volatile than USDT and USDC, both of which are pegged to the U.S.-Dollar. Higher reserves of BTC and ETH are meant to manage liquidity demands during periods of high volatility, ensuring that we can meet withdrawal requests without delay;

(2) In view of better risk management: This is part of a comprehensive risk management strategy to ensure stability and liquidity during market fluctuations, such as rapid price changes, and to mitigate various operational risks and counterparty risks;

(3) To respond quickly to market demand: BTC and ETH are typically the most traded cryptocurrencies with high transaction volumes, therefore the larger reserves of these ones, the more efficiently we are to handle institutional and high net-worth traders' orders, other large trade orders, frequent transactions, and transfers without causing significant price impacts on Bitget.

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Meanwhile, we are delighted to announce a continuing trend of growing Bitcoin and USDT inflows on a monthly basis, while users' ETH have been flowing to Bitget for two consecutive months already. This shows that Bitget continues to win more users' trust overtime with both our security practices and our ever-increasing selection of products and services.

This is a perfect example of how attractive Bitget new listings are - in terms of performance as well as when it comes to additional earning opportunities:

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There are several new events on Bitget CandyBomb , new pools on Bitget PoolX , or new assets on Bitget Earn every week - if not everyday! Earning more of those trendy tokens is quick and easy, ensuring users can take good profits just in time. You wanna ask why they are so hyped? Here's our guide on each of the token's uniqueness and why they have the potential to be your personal next best gainer:

Meson Network (MSN): A DEPIN Marketplace for Surplus Bandwidth

Green Bitcoin (GBTC): A Sustainable Approach to Crypto Investing

CatGPT (CATGPT): Igniting The Purr Of Power

BounceBit (BB): The First Native Restaking Chain For Bitcoin

Ready to Fight (RTF): Revolutionizing Professional Fighting with Web3 Technology

Ontology (ONG): The Decentralized Trust Network of the Future

Alephium (ALPH): The Next Generation of Blockchain Innovation

What is Telegram Open Network (TONCOIN)?

What else is in store for the bulls? Bitget has upgraded our ongoing zero-fee promotion for BTC/USDT and ETH/USDT spot trading pairs. During the new event titled Trade to Mine that runs from April 28 to May 20, 2024, traders can earn BGB rewards based on their previous day's trading volume across three categories: Light, Super, and Diamond prize pools, which offer increasing rewards for higher volumes. The total reward pool is determined by the sum of spot transaction fees for the BTC/USDT and ETH/USDT pairs. Rewards are calculated daily and can be claimed manually via the promotion page or automatically distributed to participants' account within 3 days after the event ends.

Volatility must be the main reason behind the decline in our 7D spot volume, whereas it opens up plenty of profitable opportunities for futures traders, thus the 21.6% increase in the average crypto OI last week.

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