Blockchain
Bitget Sees Second-Highest Increase in Market Shares and 80% Jump in BGB Volume in Q2
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%.
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 Derivatives, Coin-Margined Futures, Martingale AI, Multi-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.
Blockchain
Ebang International Reports Financial Results for Fiscal Year 2023
Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
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