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Bitget Hot Takes (May 06 - May 12, 2024) - All About Bitget

Intermediate

2024-05-14 | 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.

An Upswing Around The Corner For BGB?

BGB has been closely following Bitcoin movements recently, with its RSI having hit 30 three times since the beginning of May already. As analysts of investment funds become more and more optimistic that Bitcoin's bottom is 'in' and, on top of that, BGB's RSI just dropped to 30, there is the possibility of a reversal trend coming soon for the best-performing CEX token.

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The 7D volume decreased by 13.7% as a result of a weak distribution trend. However, BGB's volume-to-mcap ratio remains close to that of the established Bitcoin and Ether, which suggests comparative stability and resilience during this time of subdued markets. This is indeed an opportunity to accumulate the undervalued BGB in anticipation of a (soon-to-come) market rebound.

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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

It's May now - do you know which Bitget's special event is about to take place? Get set for the first Bitget's King’s Cup Global Invitational (KCGI) of 2024 - the dynamic trading competition that blends the excitement of finance with cryptocurrency innovation, open to both experienced traders and newcomers. The event features a scalable prize pool starting at 100,000 USDT for 8,000 entrants, which could rise to 5,000,000 USDT as more participants join. Adding to the excitement are unique Messi tribute prizes, including a Ferrari and signed memorabilia, which are available through a lucky draw. Scheduled from June 07 to June 27, the competition includes Team Battles, where groups strategise to maximise profits; Individual Competitions that spotlights the prowess of solo traders, and a Newcomer Challenge for first-time Bitget users. Daily tasks are this year's unique feature giving participants chances to win Mystery Boxes filled with various prizes guaranteed to bring you the best experience on Bitget. Bitget's KCGI 2024 is designed to be globally inclusive by supporting multiple languages and testing participants' trading strategies while fostering a sense of community and teamwork. Important dates to note are the captain registration starting on May 17 and team member registration from May 24, with early registration crucial for optimal strategic planning. Whether you're leading a team or trading solo, KCGI 2024 offers a platform to showcase your skills, engage with a global community, and compete for significant rewards!

On April 22, 2024, Bitget updated its platform's reserve snapsho t, revealing a robust total reserve ratio of over 150%, surpassing the industry standard of 100%. This enhancement is particularly notable for Bitcoin and Ethereum, which hold a significantly higher reserve ratio compared to stablecoins like USDT and USDC. The rationale behind this strategy includes: managing liquidity needs during periods of high volatility—given that Bitcoin and Ethereum are more volatile than dollar-pegged stablecoins; enhancing risk management to maintain stability and liquidity amidst rapid price changes and potential operational risks; and efficiently handling high-volume transactions and transfers, thereby minimising price impacts. This approach ensures that Bitget can promptly meet withdrawal demands, especially from institutional and high-net-worth traders. Additionally, the increasing inflows of Bitcoin and USDT, along with a continuous two-month inflow of Ethereum, indicate a growing trust in Bitget's security measures and its expanding range of products and services, further solidifying its reputation among users .

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This is your reminder to dive into the exciting world of earning potential with Bitget New Listings, which are updated nearly every day! Our platform continuously introduces fresh cryptocurrencies, giving both new and experienced investors fantastic opportunities to diversify their portfolios with the latest in digital assets. Each new listing not only broadens your investment horizon but also brings new possibilities for significant gains - just like this:

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Accompanied our New Listings 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:

Imaginary Ones (BUBBLE): Bridging the Gap Between Web3 and Entertainment

io.net (IO): Changing Computing with Decentralized GPU Network

What Is Notcoin? Why Everyone’s Talking About This New Telegram Crypto Game

iMe Lab (LIME): Supercharging Messaging With Blockchain Innovations

Notcoin (NOT): The Allure Of The Click

Apeiron (APRS): From Dust To Decentralised Divinity

Mode Network (MODE): The Layer-2 That Empowers Developers

ZeroLend (ZERO): The Largest Lending Market for Liquid Restaking Tokens

What else is in store for the bulls? You have one week left to join our Trade to Mine event that runs from April 28 to May 20, 2024, where 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.