Market updates

Bitget Hot Takes (August 21 - August 27)

Beginner

2023-08-28 | 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 is seeing the end of a recent downward trend.

• Higher bond yields plus Powell’s hawkish tone made many investors ditch riskier assets, driving BTC price below US$26,000.

• WLD and PEPE nosedived.

BGB: Back On Track

Several indicators including MACD and Bollinger Bands or even RSI are showing the (continued) reversal of trend after BGB reached its lowest level of US$0.413070 since June 2023. BGB is also one of the few cryptocurrencies that ended the week in the green with a +1.3% return. In contrast, Bitcoin’s opening price last week (US$26,188.69) was 10.6% lower than the week from August 14 - 20 (US$29,283.26) and its 7D performance stands at -0.4%.

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While the Top 5 had to experience 4 to 5 days of bleeding out of 7, BGB only saw 3, which were of lower degree of losses than the others as well. That logically led to BGB maintaining a consistently low volatility throughout the last four weeks.

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More BGB trading activities were recorded this week, i.e. 7D BGB volume increased by nearly 10%. That means BGB has not only been able to keep a steady liquidity ratio of 0.02 over the last four weeks but is also achieving higher levels.

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You can find a summary of all the perks and events exclusive for BGB holders last week here:

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… and check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

On a side note, recent data shows that BGB has become, once again, the exchange token with the highest potential. The disproportionate growth between BGB value and Bitget makes room for BGB to soar higher - are you ready?

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Investors Are Seemingly Ditching Riskier Assets

Bitcoin’s losses were extended by another 0.4% this week, with the lowest BTC price being US$25,984. That could be the result of rising U.S. bond yields, a situation where investors expect to earn more by holding government bonds even after adjusting for inflation. On top of that, the FED Chair Jerome Powell signals possible further rate hikes during his speech at Jackson Hole; the market has already begun to price in another 25 bps for the next FOMC accordingly. Affected are stocks, crypto-related stocks and crypto alike, hence the drop in their prices as well as volume.

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Alts surely suffered, too; the global market cap slided 4.7% further to US$1.05 trillion. All crypto stocks saw two-figure volume decline this week, regardless of their performance.

Dire consequences have arised following the mounting regulatory pressure on Binance, including being shut out of the banking system, mainly in the U.S. Payment card issuers Mastercard and Visa are the latest to give the exchange a blow, bringing their crypto card partnership with Binance to an end. Visa already stopped issuing new Binance crypto cards in July, and Mastercard joined their peer by announcing the closing of their crypto card pilot programs with Binance in four Latin America and Middle East countries of Argentina, Brazil, Colombia and Bahrain.

The Latest Bitget News

The famous Bitget’s KCGI for 2023 has begun with the Spot Trading registration! Make a team of at least five trading superheroes to receive 100 BGB or be the lone wolf and secure up to 50 BGB! Rewards are limited on a first come, first serve basis - don’t let this opportunity pass by! The prize pool for the Spot Trading league is 50,000 USDT, and rules are just out: Into the Arena: Bitget KCGI 2023 Spot Trading Competition Rules

More on Bitget’s 2023 KCGI can be found here: Bitget KCGI 2023: Unleashing the World's Trading Titans

Bitget has recently undergone the new rebranding initiative that demonstrates our dedication in equipping individuals with innovative products as well as sophisticated tools for an efficient financial future. Both our focus on users and our commitment of providing a safe, smart and productive trading environment remain the same.

Solidus AI Tech (AITECH) will be the next initial listing on Bitget Spot Trading on August 28, 2023 at 11:00 AM (UTC). Many of the best daily gainers of the week belong to the initial listings on Bitget Spot Trading, it surely matters when the trading opened (LAB/USDT with 1,928.6%) but keep in mind that the potential of these tokens is long-term and thus can guarantee an awesome gain at any time: KAT/USDT (+256.1%), WAGIEBOT/USDT (+59.6%), AIMBOT/USDT (+47.7%) and CLIPS/USDT (+22.8%). Other notable mentions include GINOA/USDT (+208.6%), XLM/USDT (+143%) and TET/USDT (+134.5%).

New options for Bitget Earn: Want to join the BGB holder squad without having to find a good entry for BGB? Subscribe to LTC, EGLD, BONE, TAO, or ORDI Savings products to earn BGB! For those who want to dive in the world of investments, we have increased the guaranteed floor APR for Bitget Smart Trend to 4.5% and to 7% for Bitget Shark Fin! Don’t forget to check out the latest upgrade of Bitget Dual Investment is even higher APR (over 200%), daily subscriptions and VIP exclusives! The latest rounds of Bitget Range Sniper ended with Bearish_BTC_Sniper Range achieving an incredible 629% APR upon maturity - subscribe to not miss these wonderful earning opportunities!

Bitget Futures Markets saw a decrease of 27.7% for the average crypto OI and 29.5% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has decreased by 3.1% on average. Bitget Spot Trading’s volume was down by 27.1%. All these figures mirror the volume of crypto stocks as a direct result of the lower global market cap.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!