Bitget’s Q3 Progress: Second-Highest Market Share Surge and Report Excessive for BGB Holders

Victoria, Seychelles, October twentieth, 2023, Chainwire

Key Takeaways:

• Regardless of the decline out there, Bitget recorded one of many highest will increase in market share, rising to 9.43% in September
• BGB token grew to become one of many High 5 platform tokens by market cap and the variety of BGB holders stored rising and reached 354,472 in Q3
• Bitget unveiled its enlargement plans into the Center East area
• Bitget launched the US$100 million EmpowerX Fund to assist the event of its Web3 ecosystem

Bitget, high crypto derivatives and copy buying and selling platform, has launched its quarterly Transparency Report highlighting the main achievements of the platform for Q3 of 2023. The report emphasizes the platform’s outstanding efficiency throughout a difficult market interval and showcases the distinctive development of its native token, BGB.

In Q3 2023, the general trade confronted a depressing market scenario. In keeping with CCData’s report, the spot buying and selling quantity on centralized exchanges is US$1.33 trillion, and the by-product buying and selling quantity is US$4.8 trillion, reducing by 22% and 23% respectively. In September, the mixed spot and derivatives buying and selling quantity on centralized exchanges fell for the third consecutive month, dropping 20.3% to US$1.67 trillion. Regardless of the decline, Bitget recorded one of many highest will increase in market share, rising to 9.43%.

Components contributing in the direction of this development embrace Bitget’s native token BGB’s distinctive efficiency this 12 months. BGB outperformed most platform tokens because the High 5 platform tokens by market cap. The value rose from US$0.18 initially of the 12 months to a quarterly excessive of US$0.4927 in September.

“The distinctive efficiency of BGB displays Bitget’s robust dedication to accelerating crypto adoption with its DeFi and CeFi merchandise within the ecosystem. We’re devoted to offering our customers with progressive and safe buying and selling options, and the expansion of BGB is the results of belief and assist of our rising neighborhood,” stated Gracy Chen, Managing Director at Bitget.

The anticipation surrounding the relaunch of the system’s launchpad led to a rare surge, pushing its worth to an all-time excessive of US$0.5152 in February. The holders of BGB stored rising and reached 354,472 in Q3 whereas the quantity of BGB traded within the final three months reached over US$1.3 billion.

The general Bitget ecosystem efficiency has been secure by means of the market turbulence. Bitget’s Safety Fund persistently exceeded US$300 million previous quarter. In July, its value peaked at US$368 million, representing the best stage attained that month. This gives an additional safety layer to customers’ funds apart from Bitget’s over 200% Proof-of-Reserves ratio.

Bitget partnered up with a number of trade stakeholders to carry simplicity and comfort to crypto tax reporting, portfolio administration, and buying and selling automation, and introduce higher knowledge choices. This contains collaborations with Cointracking, Coinstats, CCData, Koinly, 3commas, Cobo Superloop, and extra.

Bitget continuously leads initiatives aligning with its imaginative and prescient of making a extra equitable future the place crypto evolution reforms finance. In Q3 Bitget, applied its newest rebranding initiative, and centered on strengthening its place as a frontrunner in progressive buying and selling merchandise.

Bitget additionally emphasised its enlargement plans into the Center East area. Among the many nations the trade is exploring are Bahrain and the UAE, together with the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah.

In Q3 September, Bitget launched its US$100M EmpowerX Fund devoted to fostering the platform’s ecosystem improvement. This strategic fund is tailor-made to discover funding alternatives in regional exchanges, knowledge analytics corporations, media organizations, and different entities contributing to the platform’s development trajectory.

Celebrating its fifth anniversary, Bitget hosted the momentous EmpowerX Summit in Singapore, a flagship occasion that introduced collectively almost 1900 esteemed friends, that includes over 247 distinguished audio system and companions. The summit served as a platform for partaking in discussions on the transformative potential of crypto and web3 ecosystems. Notable keynote audio system resembling Tim Draper, Haseeb Qureshi, and Justin Solar emphasised the platform’s continued dedication to empowering the crypto neighborhood.

With its quarterly stories, Bitget goals to determine trade gold requirements for transparency and trustworthiness. Because it continues to guide innovation and create a extra inclusive monetary future for all, Bitget demonstrates an uncompromising dedication to safety and reliability.

About Bitget

Established in 2018, Bitget is the world’s main cryptocurrency trade and web3 firm. Serving over 20 million customers in 100+ nations and areas, the Bitget trade is dedicated to serving to customers commerce smarter with its pioneering copy buying and selling function and different buying and selling options. Bitget Pockets, the web3 arm of Bitget, is a decentralized multi-chain digital pockets supporting 250,000+ cryptocurrencies throughout 90+ chains, enabling exploration of DEX, DeFi, NFT, and metaverse. Bitget evokes people to embrace crypto by means of collaborations with credible companions, together with legendary Argentinian footballer Lionel Messi and official eSports occasions organizer PGL.

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Contact

World PR Supervisor
Rachel Cheung
Bitget
[email protected]