Bitget's January 2024 Report: Leading Derivative Trading Volume Growth and Second-Year Partnership with Messi
Introduction:
The crypto market's optimism surged in early January, driven by expectations for Bitcoin ETF approvals and Bitcoin Halving, pushing the market cap to a one-year peak of $1.8 trillion. Ethereum's 2024 roadmap, focusing on improved scalability, security, and efficiency, also hinted at broad impacts on the crypto sector, reflecting its dynamic and promising nature.
Bitget, meanwhile, has actively pursued growth, leading the derivative trading volume growth among CEXs in January with the highest growth across the market of 28%. It revealed a report on startup funding trends that spotlighted gender disparities. To combat this, Bitget initiated Blockchain4Her with a $10 million fund to enhance gender diversity in blockchain. Additionally, Bitget's second-year partnership with Messi for another year emphasizes its commitment to crypto's mainstream acceptance and industry progress through key partnerships.
Monthly Highlights
Female-Led Startups Receive 6% of Overall Funding
Bitget conducted a two-year study on blockchain startup funding trends, revealing a significant gender-based disparity. The research covered Q1 2022 to Q3 2023, highlighting that female-led startups secured only 6.34% of the $27.85 billion total funding, with a 45.2% decrease in their numbers since early 2022. Despite these challenges, the study notes a slight increase in the share of female-led startups from 8.3% in 2022 to 8.6% by Q3 2023, emphasizing the need for incubators to foster inclusivity. Bitget Managing Director Gracy Chen expressed a commitment to addressing gender bias in the crypto industry and promoting equal opportunities.
Blockchain4Her initiative was launched and committed $10 million to promote gender diversity and inclusivity in the blockchain industry. Unveiled at the Web3 Hub Davos event during the World Economic Forum 2024, the initiative addresses the gender bias revealed in a Bitget study, where female-led blockchain startups gained just a small share of total funding. Blockchain4Her includes incubation programs, pitch competitions, and the Women in Blockchain Summit Awards, aiming to empower female entrepreneurs and recognize achievements. Industry leaders are invited to join as ambassadors, advocating for gender diversity in the blockchain sector.
#MakeItCount 2024 brand film was released to mark the second year of its partnership with football legend Lionel Messi. The campaign inspires individuals to overcome challenges, aligning with Messi's journey from adversity to greatness. The film reflects the values of persistence and a positive mindset shared by Bitget and Messi. To celebrate, Bitget organizes a platform-wise competition and plans Football Challenge events in passionate football and crypto markets. The partnership aims to bring crypto to a global stage and explore charity collaborations under Bitget's CSR initiative, Blockchain4Youth.
Bitget Reveals 33% Crypto Job Applicants From Banking
A comprehensive report has also been released on the impact of decentralized technologies on banks in 2023. The report reveals that one-third of crypto job applicants are former employees of the banking and financial sectors. Key takeaways include a 33% migration of banking employees to the crypto industry, investments of $40.4 billion in blockchain retail banking by 2031, a 50% reduction in bank revenues resulting in 70,000 job cuts, and a 36% increase in remote-based blockchain roles. The report highlights a brain drain from traditional banking to crypto, driven by higher salaries and innovation prospects.
Trading Volume growth
According to WuBlockchain's latest data, Bitget is leading the derivative trading volume growth among CEXs in January, with the highest growth across the market of 28%, while the whole market grows by 1.3%. As for spot trading volumes, the market experienced a modest increase of 2.6%, in which Bitget also attained higher than market growth of 9.4%.
Listings
Bitget has introduced 52 new tokens to its platform, featuring AltLayer(ALT) and Xai (XAI). These additions have generated significant attention and trading volume, leading to remarkable price surges of over 700% for some of the listed tokens. Notably, Xai (XAI) and AltLayer(ALT) have standout performances, soaring by over 5900% and 3000%.
Copy Trading Highlights
Bitget maintains its position as the leading global crypto copy-trading exchange, drawing in a remarkable 4,400 elite traders and attracting over 26,990 new followers in January. The platform is committed to profit-sharing, with traders collectively sharing over 740,000 USDT, as followers have gained nearly 15 million USDT in profits this month. The platform's success is evident through the execution of over 2.2 million profitable trades, showcasing the effectiveness of the Bitget trading platform.
New Products and Features
Bitget Wallet Omnichain Inscriptions Feature GetScribe
Bitget Wallet innovated the first full-stack omnichain inscription management feature called GetScribe. It offers convenient single and batch inscriptions and supports over 19 different blockchains including Bitcoin, Ethereum, Polygon, Avalanche, and more. With an integrated inscription market leaderboard and analysis, the tool covers real-time ranking lists for price fluctuations, and provides crucial data on market competition. GetScribe will introduce a launchpad function for BRC-20 tokens, which will feature emerging and popular inscriptions to provide Bitget Wallet users with prior access to upcoming high-potential tokens.
As an early innovator, Bitget became the first top 10 crypto-exchange to launch a P2P Spot market , featuring three tokens– DeFi project ORCA, BRC-20 token BTCS , and the Depin project DIMO , supported in the initial version. Users who have minted BRC-20 tokens via Bitget Wallet or other platforms can then transfer the assets to Bitget for subsequent trading in the Spot P2P Market. With more tokens to come, this crypto-revolutionary feature enables users to trade unlisted tokens on the platform that have a demand and supply in the market.
Smart Copy Mode For Futures Copy Trading
Being the biggest crypto copy-trading exchange, Bitget constantly advances and develops its copy-trading product to deliver world-class crypto trading experiences. A new smart copy mode and independent futures copy trading accounts have been released. The smart copy mode enables users to invest with better analysis by following the investment strategies of Elite Traders, meanwhile, users can now allocate funds and execute copy trades based on a customizable percentage of the trader’s investment amount relative to their total assets.
Upgraded Platform Wallet Addresses with MPC Security Technology
Bitget upgraded all users' wallet addresses to MPC addresses, which introduces a paradigm shift in security standards by leveraging cutting-edge advancements on the platform. The advancement in Multi-Party Computation (MPC) technology eliminates the risk of a single point of failure, while the innovative encryption technique ensures secure transactions without exposing private keys, providing extra layers of security and privacy. Bitget's MPC wallet is strengthened by TEE, bolstering hardware security and instilling user confidence in the safety of their digital assets.
Ecosystem Partnerships and Integration
Bitget Wallet Supports Metis Andromeda Mainnet
Bitget Wallet's integration with Metis mainnet, an Ethereum Layer2 network, enables users to easily add the Metis Andromeda mainnet to both their mobile and browser extension versions of Bitget Wallet, allowing them to manage their assets and execute on-chain transactions.
Bitget Wallet Supports Manta mainnet Swap
Bitget Wallet has integrated the leading trading protocol of the Manta ecosystem into its Swap function, supporting the Swap transactions and K-line market display of Manta ecosystem tokens. Previously, Bitget Wallet had already connected to the Manta Pacific network, providing mainnet asset management and transfer support as well as interaction with ecological DApps.
Bitget Wallet Supports Layer2 Morph
Bitget Wallet's partnership with Layer2 Morph allows Bitget Wallet users to connect to the Morph testnet on both the mobile and browser versions of Bitget Wallet, and explore the Morph testnet bridge.
Driving Crypto Adoption
In January, Bitget actively engaged in several noteworthy conferences, starting with the Web3 Hub Davos at the World Economic Forum in Switzerland. This gathering brought together global leaders for insightful discussions, and Bitget took the opportunity to introduce the #Blockchain4Her initiative, which aims to empower women and provide support to female-led startups in the web3 industry. Additionally, in Asia, Bitget organized Web3Con in Vietnam, collaborating with Bitget Wallet and other partners to facilitate discussions on the prevailing crypto landscape and foster interactions with local communities.
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