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Bitget Sees Second-Highest Increase in Market Shares and 80% Jump in BGB Volume in Q2

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Bitget, top crypto derivatives and copy trading platform, has released its quarterly Transparency Report, highlighting the major achievements of the platform for Q2 of 2023. The report emphasizes Bitget’s exceptional performance in increasing market share, trading volumes, token performance, security, and financial solvency, surpassing other prominent exchanges amidst the general market decline.

The second quarter of 2023 provided a much-needed surge in dynamics for the cryptocurrency market, witnessing the comeback of Bitcoin’s price past the $30,000 mark. However, the period was also marked by turbulence in the legal domain, with the SEC filing lawsuits against Binance, its founder Changpeng Zhao, and Coinbase, heavily impacting the landscape of the global industry.

Bitget managed to take advantage of all the challenges facing the cryptocurrency market by attaining a trading volume above $60 billion for spot trading and $606 billion for futures trading. The platform outperformed most centralized exchanges (CEXs) as the accumulated spot trading volume dropped  44.8% and the derivative decreased 14.6%. According to the TokenInsight Crypto Exchange Report 2023 Q2, Bitget ranked among the Top 4 exchanges, collectively accounting for over 85% of the total market. It also achieved the second-highest increase in market share among the Top 5 CEXs, growing by 1.81% to reach 8.7%.

In the spot market, Bitget doubled its market share to 6% in Q2. The derivative market also experienced notable progress, with a 12.5% increase in open interest compared to the previous quarter, reaching $27 billion by the end of Q2. Bitget stood out in this sector, demonstrating the most significant increase from 10.46% to 11.84%.

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Blockchain analysis firm Nansen singled out Bitget as the only crypto exchange to increase futures trading volumes in the six months following the collapse of FTX, followed by the decline of numerous other trading platforms across the market. The launch of copy trading on Bitget had a significant impact on the results it achieved in Q2 2023, attracting 9,033 new elite traders, 85,255 new followers, and a total of $33 million in generated profits.

The native Bitget token (BGB) displayed exceptional performance, outperforming all other tokens in the Top 10 biggest cryptocurrencies, adding 23% QoQ, and raising its quarterly ATH by 8% to $0.51. In addition, the volume of BGB traded in the last quarter soared by almost 80% to $1.3 million. Demand for BGB has also been on the rise, with the number of BGB holders rising by 130% to 305,653 in three months.

The traction of Bitget products has played a significant role in the exchange’s performance, as evidenced by both site and mobile traffic, which amounted to 34.7 million visits in Q2. The presence of 500+ spot trading pairs and 570+ futures trading pairs has allowed such products as Bitget Spot, Bitget Spot Martingale, and Bitget Launchpad to attract unprecedented attention at launch and following their release. Among the innovative products recently launched are the Liquid Staking DerivativesCoin-Margined Futures, Martingale AIMulti-Chain EVM-Compatible Address support, and BGB Lottery. The product lineup is continuously expanding to cater to Bitget’s ever-growing audience of diverse users.

On the legal frontier, Bitget has been engaged in improving compliance and user protection by introducing the Bitget Proof of Reserves, with a total reserve ratio of over 200%, twice exceeding the industry standard. The platform continued its market expansion in Q2, receiving registration as a Virtual Asset Service Provider in Poland and Lithuania. In addition, the exchange has announced its plans to open representative offices in the countries of the Middle East, with Dubai set to act as the main hub of regional activity.

The Bitget Transparency Report Q2 2023 gives concise insights into the performance of the exchange and the potential it holds for further traction. The exchange team has repeatedly stated that its adherence to the values of decentralization and helping users securely adopt blockchain and cryptocurrencies remains infallible and will continue to act as a pillar of Bitget’s global expansion.

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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Blockchain

This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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