Bitget Hot Takes (July 31 - August 06)
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
• Tether has become the 11th largest Bitcoin holder according to 21.co’s Dune Analytics dashboard.
• XRP couldn't breach the US$1 resistance level; BNB flipped XRP for Top 4 again.
• Several liquidity pools on Curve were hacked; around US$60 million to US$70 million have been stolen and over US$1 billion in cryptocurrencies removed from Curve.
• HashKey became the first licensed crypto exchange for retail traders in Hong Kong.
• Asset managers are applying for ETH Futures ETFs in the U.S.
BGB Is Hanging There
Being one of the key players in the DeFi landscape, the Curve exploit has created a widespread impact on the entire market. Bitcoin and Ethereum’s value fell by 1.1% and 2.4%, respectively, Ethereum more than Bitcoin as it’s the dear home of Curve and the majority of DeFi projects. However, the worst performer in the Top 5 was XRP; the token could neither keep up the hype following the court ruling nor their Top 4 ranking. BNB has flipped XRP to claim that spot once again.
While the market dipped in red, BGB saw almost no changes in prices as well as in volume over the last seven days. Buying and selling activities took place as normal, meaning organic demand for the token remains strong regardless of outside noises.
That stability is naturally reflected in the decreasing volatility of BGB. BGB prices began to plateau after BTC and ETH value declined and around the time BNB and XRP switched places.
BGB’s liquidity has been maintained at 0.02, only lower than that of XRP and ETH. Considering the slight downward movements of the broader market, we’d say it’s good to stay away from any radical liquidity at the moment as it could be a sign of selling pressure.
Check out our BGB Sail Series to see how impressive BGB monthly performance is:
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?
The Curve Hack Makes Us Rethink DeFi
The global crypto market cap went down by 1.7% from the opening value of US$1.23 trillion on July 31, 2023 to the closing value of US$1.21 trillion on August 06, 2023, followed by a one-point reduction of the Fear Greed Index. Bitcoin being somewhat affected by the Curve hack and trading in an extremely tight range towards the end of the week were among the reasons for the red in Bitcoin ETFs and mining stocks. However, BITI (ProShares BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF) stocks only recorded an increase of 1.7%, which translates to TradFi investors not expecting too much of a drop in the largest cryptocurrency’s value.
It’s refreshing to see asset managers adding the applications for Ethereum futures ETFs in addition to their long-awaited Bitcoin spot ETFs. The first one to submit their Ethereum futures ETF application was Volatility Shares on July 28, then Bitwise, Roundhill, VanEck, ProShares (with both Ether strategy and short Ether strategy ETFs), Grayscale on August 01, Direxion on August 02, and Bitwise and ProShares for their Bitcoin-Ethereum ETFs on August 03. The SEC’s deadline for these applications is October 2023.
On July 30, 2023, Curve Finance announced the exploit of several stablepools on the platform, which amounted to a total of US$60 million - US$70 million in cryptocurrencies, with losses recorded for the following pools (please note that the value was estimated at the time of the hack):
• BNB stablepools, per Ellipsis
• alETH (Alchemix) - ETH: US$13.6 million
• pETH (JPEG’d) - ETH: US$11.4 million
• sETH (Metronome) - ETH: US$1.6 million
• swap pool: 32 million CRV tokens worth more than US$22 million
The price of Curve’s native token CRV nosedived on DEXs, at times to US$0.086, but luckily was anchored by CEX’s price feed and therefore only hit as low as US$0.503959 on August 01. crvUSD, Curve’s stablecoin, also suffered from depegging as FUD kicked in, with the price having fluctuated wildly ever since.
The protocol has received a tremendous amount of help from white hat hackers and MEV bot operators: one took back 2,879 ETH, another nearly 3,000 ETH, two attacks on the msETH - ETH and CRV - ETH pools were frontrun by MEV account c0ffeebabe.eth. In an attempt to recover the remaining funds, Curve, Alchemix and Metronome made a joint announcement to offer a 10% bug bounty to exploiters if they return the assets before August 06. The hacker then sent back the assets in full to Alchemix and JPEG’d but not to Curve, hence the bounty offer is now open for the public - anyone who can help identify the exploiter will be rewarded with US$1.85 million.
The Latest Bitget News
We are delighted to share with you 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.
Accompanied this initiative is our #SetForChange campaign in collaboration with renowned actor and comedian Adam Devine, who shares the same passion for crypto education and adoption with us! We hope to onboard more of the younger generations with modern financial tools and Web3 possibilities via an engaging, lighthearted approach as embodied by Adam.
We have had several new listings last week, all of which resulted in new extraordinary daily gainers: X/USDT (+281.9%), BROCK/USDT (+258.1%), LOVELY/USDT (+198.1%) and GMMT/USDT (+142.4%). We are constantly adding new coins every week, so stay tuned to not miss any earning opportunities!
Bitget Futures Markets saw a surge of 677.6% for the average crypto OI and 549% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by another 16.6% on average.
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!
New Events
Azit Token (AZIT) listed on Bitget. Come and grab a share of 108,500 AZIT !
EUR and USD P2P merchants can earn 100 USDT in rewards every week!
X (X) listed on Bitget. Come and grab a share of 129,000,000 X !
Join the August referral promotion and grab a share of 20,000 USDT!
[UK Exclusive] Complete a quiz to win Premier League tickets and subscription vouchers!
Lovely Inu Finance (LOVELY) listed on Bitget. Come and grab a share of 46,000,000,000 LOVELY !
Zero Fees Fever: Buy crypto via Simplex now!
Bitget Builders Program: Empowering the next generation of crypto leaders
Test (TEST) listed on Bitget — come and grab a share of 500,000 TEST
Southeast Asia VIP Promotion! Win Gold Bars and Exclusive Bonus!
UBXS Token (UBXS) listed on Bitget. Come and grab a share of 45,000 UBXS !
Bitrock (BROCK) listed on Bitget. Come and grab a share of 80,000 BROCK !
Trossard (TROSS) to be listed on Bitget — grab a share of 8,000,000 TROSS from Launchpool!
Join Bitget as an elite trader for rewards!
Exclusive to new users in Southeast Asia! Get up to 1125 USDT in rewards!
Smardex (SDEX) listed on Bitget. Come and grab a share of 3,000,000 SDEX !
Good Reads
Unleashing Profit Potential: A Comprehensive Guide to Bitget Earn Products
Bitget Cash Balance: Your Gateway to Instant Crypto Success
Mastering Passive Profits with Bitget Staking: A Comprehensive Guide
Bitcoin Bullish Momentum Fades as Deposits Rise at Lower Prices
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