SUMI (SUMI) news

Bitget Hot Takes (January 30 - February 05)

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 established another high for 2023, now trading sideways. • FED rate hike came in at 25 bps as expected but the strong U.S. job report could lead to a hawkish decision by FED next month. • Bitcoin and Ethereum slided. • Binance partners with Mastercard to issue crypto prepaid cards for Brazilians. • DekaBank to offer crypto to its institutional investors. • Defiant Digital Revolution ETF - the first NFT ETF - will be closed permanently after the liquidation process completes in mid to late February. BGB Established Another High For 2023 Last week, BGB locked in 2023’s new high of US$0.22455. The momentum persisted, sending BGB to another high of US$0.22158 on January 30. BGB has been trading sideways ever since with a volatility slightly higher than BTC (0.027 compared to 0.025) but definitely lower than that of Ether (0.03). Source: TradingView Check the analyses of 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 If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Who Will Be The First-Mover In Crypto Regulation? The most awaited event of the week is undoubtedly the February FED meeting on Jan 31 - Feb 01, where the Federal Reserve agreed to raise the interest rates by 0.25%, in line with market expectations. However, the positive sentiment didn’t last long as the non-farm payroll report for January 2023 came in stunningly strong: 517,000 new jobs added in the first month of the year, which is nearly three times the Dow Jones estimate, and the unemployment rate fell to the lowest level since May 1969 at 3.4%. These figures support the FED outlook mentioned by Chair Jerome Powell, thus minimising the probability of the funds ‘cutting rates this year’. As a result, Bitcoin lost as much as 4.2% from its weekly high over the weekend, while it was 3.75% for Ethereum. However, two Metaverse tokens were still able to record huge gains for the month of January despite the week’s volatility:• Decentraland (MANA): January opening price US$0.2973, closing price US$0.7491 (+152%) • The Sandbox (SAND): January opening price US$0.3828, closing price US$0.7800 (+104%) 3828 73 No justified explanations have been provided, but this surely means good news for anyone who had scooped up some bags of those two at the bottom. The run for first-mover advantage on the topic of crypto regulation is already heated. Europe is the OG first-mover with the introduction of the MiCA bill in June 2022, but failed to stay ahead for the European Parliament keeps pushing back voting deadlines, first to February then to April this year. On a related note, that gave lawmakers time to make a smart contract-friendly amendment to the proposal, thereby aiming at smart contracts offerers and their (now reduced) legal responsibilities. The U.K. is speeding up the approval process, as said by MP Andrew Griffith at The City UK’s Annual Dinner. Passing the Financial Services and Markets Bill ‘by Easter’ remains a priority to the government, then the Edinburgh Reforms. Earlier this week, the Exchequer published a consultation paper for the regulation of crypto service providers, in particular crypto exchanges and lenders. Another one in the Commonwealth planning crypto regulation is Australia with the publication of the Token Mapping Consultation Paper, which calls for feedback until March 03. On the last day of January, the Hong Kong Monetary Authority released an official announcement about the Consultation Conclusion, which paved the way for the planned regulatory regime to demand stablecoin licensing. Most importantly, algorithmic stablecoins like TerraUSD won’t be tolerated due to ‘certain vulnerabilities or even failures in multiple aspects including governance, management, stabilisation mechanisms, transparency and disclosure to users’. Amid lack of regulation clarity in the U.S., the Commodity Futures Trading Commission (CFTC) sees themselves as ‘well positioned to fill the regulatory gap’. Where Are Builders Concentrated? A short answer for this question would be: Ethereum, decentralised stablecoins, security, data and of course, on-and-off-ramp. Here is the detailed explanation: • Ethereum staking withdrawal testnet for Shanghai upgrade already went live and developers will open the public testing of the Shanghai upgrade tomorrow (February 07). The liquidity staking derivatives (LSDs) market now sees new opportunities - Ethereum staking protocol EigenLayer is looking for US$50 million for its Series A funding round at a post-money valuation of US$250 million. Meanwhile, Bitcoin Suisse is the latest to join the Liquid Collective to offer LSDs for Swiss users. • Djed, the decentralised stablecoin native to Cardano, went live on January 31 and has so far attracted over 30 million ADA sent to the platform as the base reserve. Competing with Cardano is Fantom, who has the genius Andre Conje back for the network’s decentralised stablecoin fUSD. • Security has always been a major entry barrier to crypto markets. Coinbase Wallet proposes a solution with the NFT transaction preview feature and Web3 Builders launches five scam-detecting APIs for marketplaces, wallets and exchanges to better protect users in the space. Also in this week, crypto security startup Hypernative raised US$9 million and blockchain security firm Sec3 US$10 million, both in the seed round. • Pyth, the off-chain data provider, launched on Arbitrum, thus getting access to the Ethereum ecosystem. BNB Chain introduced the whitepaper for their own Web3 storage network BNB Greenfield, and the decentralised storage solution Sumi Network secured US$3 million in funding. • Solana DeFi ecosystem will tremendously benefit from the on-ramp tool developed by Kin Foundation and Ethereum DeFi ecosystem from the partnership between first-listed crypto payment gateway Banxa and Metis. The Latest Bitget News Happy new year and Happy Lunar new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! To kick off this new year, Bitget also launches an exclusive program for spot market brokers, called the Broker’s Special, with 100% commission rebate! Sign up to become a Bitget broker today! Have your own community? Join our Bitget Elite Club to enjoy rebate commission above 40%, monthly partnership rewards up to US$5,000 and more! Check out our TC here. Have you tried Bitget Spot Copy Trade on your Android devices? Realising how much our users love Bitget One-Click Copy Trade, we have worked diligently to release Bitget Spot Copy Trade - the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here. Another key component of Bitget Social Trading is Bitget Insights, which is now available on web here: Bitget Insights Web. You can choose to contribute to the Bitget community either by creating valuable content or helping us recruit high-quality content creators - it’s completely up to you! Even before the FTX demise, Bitget has already been committed to bring transparency, safety and trust to the digital space. The latest snapshot of our Proof-Of-Reserves for December 2022 was released in early January with a Total Reserve Ratio of 223% and our Bitget Protection Fund maintained at 6,500 BTC and 200,000,000 USDT. However, we are determined to forge ahead by giving users with decent holdings the opportunity to apply for the brand new Bitget Fund Custody Service, through which their assets will be better protected in a separate address. New Events Futures Trading Competition: Win a Honda Motorcycle and Split 100,000 USDT Sign Up and Refer to Earn! Share 1 Million BGB with your friends! [Valentine's Day Special] 2 Round-Trip Tickets to Anywhere in the World! Invest Like the Top Investors on Bitget 3rd Bitget CashBoom | STG - Hold, Trade Draw For $4,000 Gacha Prizes [Bitget VIP] Free To Claim Your New Year Gifts Engage in Spot Margin Trading and Win 20 USDT Earn 10 BGB and a Chance to Win 2,023 BGB Bitget Will List WoofWork.io (WOOF) in the Innovation Zone - Share $20,000 Worth of Rewards! Bitget Lists Bone ShibaSwap (BONE) in the Innovation Zone - $10,000 USDT Awaits! [Initial Listing] Bitget Will List Blur (BLUR) in the Innovation Zone Bitget Will List The Virtua Kolect (TVK) in the Innovation Zone - Share $10,000 Worth of Rewards! Share 6000 USDT Get to Know 13 Community Reputation Roles' NFT FOMC Meeting VS Crypto? Predict, Trade, and Win Bitget X Messi Gifts! 72 Hours Only: Deposit to Get Cashback! Get 3$ Free on your first P2P trade on Bitget P2P! Bitget Insights Web Launch: Share Insights, Earn Rewards up to $4000 Bitget Elite Recruitment! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Buy Crypto with 0% Fees Through Banxa Earn $10 Bonus! Broker's Special - 100% Rebate on Spot for Limited Time Only! Good Reads Bitget Strategy Copy Trading Glossary Optimize Your Trading With Strategy Copy Trading Why Is KYC Important In Fiat Payments How To Make A Withdrawal On The Bitget App How To Make A Wtihdrawal On The Bitget Website Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram