Market updates

Bitget Hot Takes (October 09 - October 15)

Beginner

2023-10-16 | 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 hit a local low, volume unaffected.

• MetaMask briefly removed from Apple AppStore on Saturday.

• U.S.’s headline CPI higher than expected at 0.4% MoM and 3.7% YoY.

• Paola Ardoino now Tether’s CEO.

BGB Hit A Local Low

As mentioned last week, BGB was about to reach a local low, and it did at US$0.424916 on Sunday, October 15. We’re already seeing the bounceback and supporting indicators thenceforth; it’s safe to assume that the correction is over.

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This short-lived decline in BGB prices did raise the corresponding volatility, but it’s still pretty modest compared to that of major coins: the only one with decreasing volatility over the last few days is Bitcoin, whose figure remained above BGB’s until the very last day of the week.

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With XRP losing its appeal from Judge Torres’ decision in July, its volume is also affected in a negative way, which of course excludes periods of sell-offs. BGB’s volume to market cap ratio is sticking to the 0.03 mark, and 7D volume was almost unchanged (+1.9%) despite lower price levels. That is, holders have seen the token’s long-term potential and temporary losses are nothing compared to the expected return it can bring them, thus the diamond hands.

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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

Lurking Concern Of Another Rate Hike

The U.S. CPI data for September was released on October 12 at 3.7% YoY, 0.4% MoM for the headline CPI and 4.1% YoY, 0.3% MoM for the core CPI. The headline CPI, which includes the volatile energy and food prices, is a bit higher than the expected 3.6% YoY and 0.3% MoM, therefore stock markets had no choice but to end their four-day winning streak. As for crypto stocks, the only to record a positive week is understandably ProShares’ Bitcoin short strategy ETF (BITI), though the overall trend is some idleness in this sector. The biggest crypto stocks (BITO, COIN, MSTR) saw the biggest drops in volume, ranging from 21% to 33%.

On FedWatch Tool, the odds of FED’s raising interest rates in their next meeting has increased to 6.5%, intensifying the competition for capital even between risky assets. The global market cap on October 15’s midnight (UTC) is recorded at US$1,089,550,687,783, accompanied by a lower fear greed index of 47/100. Even the opening price of Bitcoin today is 2.7% lower than last Monday (October 09), which was already inching lower from October 02’s US$27,976.8.

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However, there are many reasons for bulls to be optimistic:

• The deadline for the SEC to appeal the court’s decision on Grayscale Bitcoin ETF has expired, meaning the agency can’t reject Grayscale’s application to convert their trust into an ETF anymore. Yet the agency, notoriously known for its deadline extension for crypto ETFs, still has the final say on when and if the current applications are fault-free.

• A proposal by ZeroSync’s core contributor Robin Linus sparks the hope that smart contracts will soon come to the Bitcoin blockchain, i.e. dApps are coming to Bitcoin.

• Paul Tudor publicly voiced his support for Bitcoin, citing “I can’t love stocks, but I love Bitcoin and gold”.

And take this light-heartedly: Jim Cramer said “Mr. Bitcoin is about to do down big”, so we can’t not bet on the opposite, right?

The Latest Bitget News

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