Market updates

Bitget Hot Takes (December 11 - December 17)

Beginner

2023-12-18 | 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 made a new ATH at US$0.598997 on Sunday.

• The U.S. CPI data & FOMC: good news for risky assets.

• Ledger security breach affected a wide range of DeFi protocols and their users.

BGB Made A New ATH (And Why You Should Get Used To It)

After recovering from the low of the week Dec 04 - 10, BGB completely turned tables last week by shooting to US$0.598997 on Sunday from US$0.484541 on Monday - without looking back. It looks like we have a strange coincidence here where BGB seems to go against the current many times, up when Bitcoin and the majority of the market go red and vice versa. We should've seen this coming: in a week where Bitcoin slid from US$44K, BGB was able to make a new all-time high, which is only a mere four weeks from the old ATH record in November . The trend continues into this week (Monday, December 18) with the updated ATH of US$0.616802 .

Bitget Hot Takes (December 11 - December 17) image 0

Volatility is up and we're still not complaining, cuz it's up for a good reason.

Bitget Hot Takes (December 11 - December 17) image 1

Volume went down for the first half of the week because of the selling pressure. The 4H RSI dipped below 29 on December 11 before bouncing back, but volume needed to see RSI above 69 to pick up and match the accumulation trend.

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The summary of BGB’s wonderful journey up until the November ATH is presented here: BGB Achieving New ATH In November (available in your languages), yet we have every reason to expect a nice surprise before New Year. Are you with us?

We also provide weekly analyses of BGB in our Bitget Hot Takes Series and on a monthly basis with the BGB Sail Series:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

It's All Good For The Last Days Of December

Two pieces of economic news fuelled the green across markets - mind you that Bitcoin receded back to US$40K in the first few days of the week before going up and hanging around US$41-42K after the U.S. CPI data release on Tuesday and the FED's decision on Wednesday. The former shows a continued trend of cooling inflation, with headline CPI decreasing from 3.2% in October to 3.1% in November and the core CPI remaining flat for three months in a row, and serves as key inputs for the latter. The FED has been trying their best to pull off a soft landing and that miracle doesn't seem as far off now as it did at the beginning of the year: the headline CPI went down by less than 3% off from June 2022's 9% but more than halved after 11 months, and the more stubborn core CPI also saw a consistent decline since March. Hence, there's no need to increase interest rates for the last month of 2023, and markets have been celebrating this decision.

Bitget Hot Takes (December 11 - December 17) image 3

Due to the massive liquidations on Monday-Tuesday , volume in spot markets & futures OI dropped and only went up again from Wednesday-Thursday (after CPI and FOMC).

The Latest Bitget News

Check out the latest awesome Bitget New Listings here - each comes with its own set of events:

[Initial Listing] Elemental Story World (PGT): Spot - Introduction - Announcement Center

[Initial Listing] LifeRestart (EFIL): Spot - Introduction - Announcement Center

Samoyedcoin (SAMO): Spot - Introduction - Announcement Center

Baby Grok (BABYGROK): Spot - Introduction - Announcement Center

Seamless (SEAM): Spot - Introduction - Announcement Center

Multibit (MUBI): Spot - Introduction - Announcement Center

TurtSat (TURT): Spot - Introduction - Announcement Center

SOLS (SOLS): Spot - Introduction - Announcement Center

ALEX Lab (ALEX): Spot - Introduction - Announcement Center

Fusionist (ACE): Spot - Introduction - Announcement Center

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Bitget Spot Trading ’s volume decreased by 8.1%, mostly due to Bitcoin plunging to US$40K Monday, and Bitget Futures Markets ’s average crypto OI went down by 13.7%, average Bitcoin OI by 16.8% in the last 7 days, meaning Bitcoin dominance on our futures market once again fell to 48%.