Market updates

Bitget Hot Takes (February 20 - February 26)

Beginner

2023-02-27 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

Bitget Hot Takes last week can be found here.

Central Themes

• BGB holding tight to US$0.40

• Hong Kong continues to be the global hotspot for crypto; Bitget launches Hong Kong Zone to support HK-based projects.

• Ethereum’s Shanghai upgrade is scheduled on February 28, 2023 on the Sepolia testnet.

• At least US$120 million has been injected into crypto projects.

BGB’s Sheer Persistence

In anticipation of the U.S. Federal Open Market Committee (FOMC) Meeting Minutes, which is a detailed record of the FOMC members’ opinions about the economic outlook as well as policy inclination released ca. three weeks after the meeting, Bitcoin and other altcoins began to slide: Bitcoin closed the week at US$23,157.04 from its weekly opening price of US$24,642.79 (-6.0%) and Ether at US$1593.95 from US$1692.52 (-5.8%).

Meanwhile, BGB’s newly established value has been officially confirmed around US$0.40; there were four days where BGB saw a negative return last week (it was six for BTC and five for ETH), hence the minor 2.9% weekly loss for the token. Looking at the chart, we can see a highly possible upward trend. Maybe another awesome month of consecutive new highs?

Bitget Hot Takes (February 20 - February 26) image 0

Source: TradingView

Check the analyses of the BGB price trend in 2022 here..

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

.. and see yourself why BGB deserves its breakthrough: Why BGB Is Your Bluechip Exchange Token.

Bitget Hot Takes (February 20 - February 26) image 1

A summary of benefits for BGB holders

Key Takeaways From The Week

Hong Kong is realising their ambition of becoming the global crypto hub at full speed via the ‘regulate to protect’ approach to cryptocurrencies. Back in December 2022, the first Bitcoin and Ether ETFs in Asia started trading on the Hong Kong Stock Exchange, while the first headline of 2023 talked about brokers lining up for crypto services licensing from Hong Kong’s Securities and Futures Commission (SFC). The action list of Hong Kong’s government goes on with:

• Kickstarting the issuance of tokenized green bonds for institutional investors

• Shortlisting crypto tokens for retail trading

• Concluding the feedback period on the crypto assets and stablecoins discussion paper

• Hiring four crypto expert for better supervision of the crypto industry

• Announcing the date when crypto purchase, selling and trading become fully legal for the citizens

• Establishing a HK$50 million fund for Web3 development

• Restarting the investment immigration program

It’s important to note that the city is reported to have received quiet backing from Beijing, with friendliness spotted from officials’ attendance of crypto meet-ups. Of course this approach has turned Hong Kong into the new hotspot, and supported the flourish of Hong Kong-based projects.

Good reads: Bitget Goes Big In Hong Kong’s Crypto Trading Legalization

Meanwhile, U.S. authorities seem to agree on the notion of ‘crypto being securities’. On February 22, a New York federal judge ruled that Dapper Labs’ NBA Top Shot Moment NFT Collection is ‘plausibly’ a security as the existence and success of these NFTs are guaranteed if and only if Dapper Labs’ private blockchain and its native token FLOW still remain. Therefore purchasing any piece of the Top Shot NFTs means rooting for Dapper Labs; and this connection appears to fall under the U.S. federal law’s definition of a security. And SEC Chair Gary Gensler said in an interview with NYMAG on February 23 that ‘everything other than Bitcoin is a security’.

The SEC, the New York Department of Financial Services (NYDFS) and the Attorney General of the State of New York opposed Binance.US’s US$1 billion deal to acquire Voyager Digital’s assets. The exchange is dealing with several problems, first of all the death of BUSD, which is followed by the end of their partnership with Paxos, and the shutdown of derivatives operations in Australia.

Others to struggle are Dapper Labs (obviously) with another 20% jobs cut, Immutable another 11% and Polygon Labs by 20% or approximately 100 employees despite having over US$2 billion in their Treasury. Crypto bank Silvergate has been downgraded by Moody’s, going from Ba3 to B2 a.k.a high credit risk.

On the other hand, some pieces of news to cheer up the week include: Google Cloud becoming a validator of the Tezos blockchain, Spotify experimenting with NFT pilot, and the US$120M capital flow into the space:

• ZK dark pool startup Renegade: US$3.4 million

• NFT lending platform PaprMeme: US$3 million

• Decentralised electronic signature platform EthSign: undisclosed investment from Animoca Brands

• Infrastructure provider Gateway.fm: US$4.6 million

• ZK infrastructure provider Polyhedra Network: US$10 million

• Web3 B2B sales infrastructure 3RM: US$3.5 million

• Web4 observability platform Sentio: US$6.4 million

• Solana-based payment startup TipLink: US$6 million

• ChatGPT-powered search engine builder Kaito AI: US$5.3 million

• Indexer Superchain: US$4 million

• Multisig wallet Den: US$2.8 million

• Crypto wallet NFTs Blocto: undisclosed funding amount

• Web3 database developer Polybase: US$2 million

• Indian Web3 gaming studio Kratos: US$20 million

• Web3 game Worldwide Webb: US$10 million

• Ethereum-based open source group chat web app and protocol Towns: US$25.5 million

• DeFi yield startup Affine Protocol: US$5.1 million

• Income-backed lending protocol Huma Finance: US$8.3 million

The Latest Bitget News

To celebrate Hong Kong’s ‘open and inclusive’ approach to crypto regulation Bitget has launched our Hong Kong Zone, together with the exclusive event called Bitget Hong Kong Zone Week - with a 50,000 Prize Pool for Deposit Bonus, a $20,000 Prize Pool for Spin-A-Coin and a 56,000 USDT + 8,000 USDT Prize Pool for Daily Rewards! Check out the event here

The Hong Kong Zone is available on both Bitget Spot Trading and Bitget Spot Grid Trading as follows:
• Bitget Spot Trading: LRCUSDT, MASKUSDT, FILUSDT, HIGHUSDT, SANDUSDT, DENTUSDT, KEYUSDT, CFXUSDT, MDTUSDT, LATUSDT, PHBUSDT, QKCUSDT, QNTUSDT, ACHUSDT, RSS3USDT, DREPUSDT, DODOUSDT

• Bitget Spot Grid Trading: LRCUSDT, MASKUSDT, FILUSDT, HIGHUSDT, SANDUSDT, DENTUSDT, KEYUSDT, CFXUSDT, MDTUSDT, LATUSDT, PHBUSDT, QKCUSDT, QNTUSDT, ACHUSDT, RSS3USDT, DREPUSDT, DODOUSDT

In addition, we are launching the Optimism Zone to support the bullish sentiment on this smart contract-optimised L2 solution. Projects featured in Bitget Optimism Zone are: OPUSDT, VELOUSDT, STGUSDT, SYNUSDT, SNXUSDT, HOPUSDT, LYRAUSDT, COLLABUSDT, OPXUSDT.

Bitget Launchpad has made a glorious return with the Panda Farm (BBO) IEO from February 16 to February 20. This fundraising round was open to BGB holders only - see how advantageous it is to ape in for BGB? BBOUSDT is now available on Bitget Spot Trading (BBOUSDT) with maximum leverage of 3X.