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Bitget Hot Takes (July 10 - July 16)

Bitget Hot Takes (July 10 - July 16)

Beginner
2023-07-17 | 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

• Judge rules: XRP is not a security; U.S.-based exchanges are re-listing XRP.

• U.S. inflation data in June is lower than expected.

• Spot Bitcoin ETFs’ status differs across regions.

BGB Slightly Went Up

It was a green week for most cryptocurrencies, although XRP’s price soar is the main talk of the town. BGB reached as high as US$0.484746, with the weekly spread reduced by 27.5%. That, combined with an 18.8% decrease in volume, could be pointing to a new breakout soon. Indicators from the previous weeks also suggested the same.

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BGB's volatility remained lower than that of Bitcoin. The other three saw a bigger increase on Friday, hence the jump in their 7D rolling volatility towards the end of the week. Overall, BGB’s low level of volatility is still considered an assurance for the token’s value, thus making it one brilliant long-term investment.

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The above-mentioned volume decline of BGB is well reflected in the volume-to-market cap ratio below. However, BGB’s liquidity stayed well above the standard 0.001 of first-tier tokens, meaning healthy markets for BGB are perfectly preserved.

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Here's a recap of BGB activities from July 10 to July 14, 2023:

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Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

XRP Ruling As The Spark Of Hope For Cryptocurrencies

The biggest news of the week must be the ruling of the SEC’s case against Ripple. On July 13, the U.S. District Court of the Southern District of New York ruled that ‘Ripple’s programmatic sales of XRP did not constitute the offer and sale of investment contracts’. The term ‘programmatic sales’ means the sales of XRP on digital asset exchanges a.k.a. retail transactions, and under the Securities Act of 1933 and the Securities Exchange Act of 1934, an investment contract is a category of securities. Simply speaking, the Court’s decision says that XRP is not a security in public/retail transactions, which fueled the upward movement of not only XRP but others deemed securities by the SEC as well, including SOL, MATIC and ADA. As of July 17, 2023, XRP has flipped BNB to become the 4th largest cryptocurrency by market cap.

It’s important to note that this is only a partial win for Ripple. The second ruling says that ‘Ripple’s institutional sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act’. The reason for this decision lies in the fact that retail buyers are unaware of the promoting, marketing and operational schemes that could influence the token’s price, whereas it is most likely that institutional players had access to such materials. Despite the partial win for the SEC, U.S. exchanges have rejoiced over ‘no security in public sales’ part, with XRP being relisted on Coinbase, Kraken, Bitstamp and Gemini.



Markets have been experiencing a rally and not just because of the Ripple win. Data released by the U.S. Bureau of Labor Statistics shows that the inflation has cooled down to 3% YoY and the core CPI to 4.8% YoY, both lower than economists’ forecast. It’s also the 12th consecutive month of declining CPI and the lowest in 2 years. Of course we should be happy about the 3% CPI, but 4.8% remains above the magical 2% expected by the FED and so markets have already priced in another rate hike for the next FOMC meeting on July 25 - 26.

The U.S. market has been yearning for a spot Bitcoin ETF. Three weeks after BlackRock filed for its spot Bitcoin ETF, the SEC finally accepted applications by BlackRock, Fidelity, VanEck, WisdomTree and Invesco for review, which demonstrates the commencement of its official review process. For the SEC, it is the first time that they take spot Bitcoin ETF applications seriously, but for the Australian Securities Exchange, July 14 marked the day when they received first spot Bitcoin ETF application by Monochrome under the new regulatory framework.

Meanwhile, the first spot Bitcoin ETF will be listed on Euronext Amsterdam this month after a 12-month delay.

Subscribe to our daily market updates to track Bitcoin ETFs: Bitget Bites (July 17, 2023)

The Latest Bitget News

What’s new on Bitget? Of course the mighty Bitget Crypto Loan - through which any user can get instant access to more funds! Bitget Crypto Loan currently accepts BTC, ETH and USDT as collateral as well as in the form of applied funds. For a detailed guide on how to start borrowing right away, check out our Introduction to Bitget Crypto Loan!

Most notable daily gainers of the week include: GQ/USDT (+269.4%), PAYU/USDT (+201.1%), 0X0/USDT (+191.1%), PLANET/USDT (+119.9%), FAVR/USDT (+115.7%) and CAL/USDT (+102.8%).

Bitget Futures Markets saw a rise of 3.6% for the average crypto OI and 1.3% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by 2.4% on average, totally in line with the drop in Bitcoin dominance on the global market.

The latest recap of Bitget Reserves shows a total reserve ratio of 223%, with our platform’s holdings recorded at 10,500 BTC (+0.95%), 19,192 ETH (+19.46%), 468,368,419 USDT (+2.08%) and 166,752,923 USDC (2.68%). Users’ funds also increased by at least 4%.

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!

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Good Reads

Central Bank Digital Currency (CBDC): a Threat for Crypto?

Why are BlackRock and Fidelity’s Bitcoin ETFs Significant to the Crypto Market?

AI x Crypto: A World-Changing Partnership

Simply create an account, and start exploring the incredible Bitget-Verse today!



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