Market updates

Bitget Hot Takes (October 16 - October 22)

Beginner

2023-10-23 | 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 had another negative week, liquidity unaffected.

• SEC staff ‘is doing work’ on 8 - 10 Bitcoin ETF filings; Grayscale filed a new application for a spot Bitcoin ETF.

• SEC dropped charges against Ripple.

• BTC back to US$30,000.

BGB Had Another Negative Week

BGB continued to shed another 2.1% of its value over the last seven days, ending the week at US$0.421313 after recovering from the weekly low of US$0.404749 on October 19.

Bitget Hot Takes (October 16 - October 22) image 0

The 7D rolling volatility is going down as a result of the prolonged period of red, and we hope to see it rise again - the higher the amplitude, the higher BGB prices will be.

Bitget Hot Takes (October 16 - October 22) image 1

It’s good, however, to see BGB volume unaffected by the recent slide: only up by 3%, which signals no sell-off at all. BGB is still considered a good keep and, compared to others with significant 7D volume change, a highly liquid token. Clearly, BGB market cap has a lot of room to grow, hence the current levels of its volume are a better reflection of demand and appreciation than market cap. The jump in volume of the Top 5 biggest cryptocurrencies (excluding stablecoin USDT) pales into insignificance considering their already-big market cap.

Bitget Hot Takes (October 16 - October 22) image 2

If you are a sceptic, then maybe learn about the perks that come with the wonderful token named BGB first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is:

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

UPtober, Finally?

In a recent interview with Bloomberg, SEC Chair Gary Gensler has confirmed that:

• the SEC didn’t appeal the court ruling regarding the Grayscale case

• the staff ‘is doing work’ on ‘multiple’ spot Bitcoin ETF filings

In addition, the agency also ‘voluntarily’ dismissed the Ripple case regarding violations of securities law on October 19, 2023. All these headlines are but a huge boost for the whole industry: these court victories might set legal precedents that benefit crypto businesses in the U.S. Of course, they also give us the hopium for the approval of multiple spot Bitcoin ETFs in ‘Murica, thereby wide-opening the gate for institutional investors.

Bitget Hot Takes (October 16 - October 22) image 3

As a result, Bitcoin has rallied to US$30,000 and claimed its peak dominance in the 30-month period from May 2021 to October 2023. This surge paved the way for altcoins, with the three biggest gainers in the Top 10 being SOL at 33.4%, BTC at 11.4% and XRP at 7%.

These impressive gains mean more activities in the spot markets. The global spot markets enjoy a jump of 34% in 7D volume, in which the volume of this weekend (October 20 - 22) only is equivalent to nearly 70% of the whole week from October 09 - 15’s volume. The increase in BTC volume over the same period (weekend from October 20 - 22 and weekend from October 13 - 15) is 37.2%, whilst it’s 274.5% for SOL and 115.6% for XRP. We better expect more liquidity in spot markets in the coming weeks, and it’s most likely that there’ll be glorious days for crypto ETFs and crypto stocks, too.

The Latest Bitget News

Last week we have five tokens that experience a double in value overnight: XOR/USDT (+337.8%), TIP/USDT (+307.3%), JOY/USDT (+208.2%), SSX/USDT (+132.4%) and DKA/USDT (+122.9%). This is accompanied by several exclusive events including XOR Savings Boost, Deposit and Trade on Bitget CandyBomb to Share 404,000 JOY, SSX Listing - Grab a Share of 600,000 SSX and DKA Listing - Grab a Share of 350,000 DKA!

Bitget Spot Trading’s volume went up by 83.7%, in line with the demand increase for major cryptocurrencies, whereas Bitget Futures Markets’s average crypto OI was down by 7.3%, average Bitcoin OI by 7.2% in the last 7 days, meaning Bitcoin dominance on the futures market is slightly down by 0.1% to land at 54.7%. A possible explanation of the seemingly less active futures markets lies in the liquidation of short positions when Bitcoin suddenly picked up pace, with at least US$216 millions evaporated from the short side between October 19 and October 22. If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!

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