Market
Vugar Usi Zade Discusses Bitget’s Meteoric Rise
Bitget has emerged as a significant player in the International crypto scene, recently claiming the fourth spot among global exchanges.
In an exclusive interview, Vugar Usi Zade, Chief Operating Officer of Bitget, offers insights into the current state of the crypto market, the success of Bitget Wallet, and the future of meme coins.
Some people think that Bitget’s growth is part of a larger phenomenon of splitting Binance’s share among competitors. Do you agree?
It is true, but more importantly, we don’t see the market cap growing and that’s why the industry has become very fierce. We must compete for the same customers.
Changing from one exchange to another is just one click for every user, and an average user would have 3-4 apps on their phones or on the desktop. There will be completed KYCs on all of them and they will choose which to use depending on the transaction fees or availability of the tokens and projects.
We’ll be looking at different ways how we can attract customers. The total market cap is not growing, but still, the user number is growing. There are more and more new users coming or exploring the industry.
What is the current market trend that keeps the market cap from growing while the user base is expanding?
People have less disposable income. And we saw a recession and unemployment in the greatest economies like Japan and the US. In such circumstances, we usually see two trends: either that people come to do a dollar-cost averaging(DCA) kind of long-term holding strategy with large tokens like Bitcoin, Ethereum, and top 10, or that people become keen on meme tokens or early-stage projects they can still do 10x, 20x.
Especially for the latter, we see a huge influx from the underdeveloped economies of the CIS, Africa, and Latin America. That was the narrative of the crypto from the beginning: get rich quick, and people are still chasing that dream.
Bitget Wallet scored the top in the App Store charts in Nigeria in July. What was special about Nigeria?
Last month Bitget Wallet became the most downloaded wallet and it surpassed Metamask. Therefore, it’s not only in Nigeria. We see the same trend globally happening.
In the middle of the bear market, we invested $30 million in BitKeep and rebranded to Bitget Wallet. While everyone was holding back and cutting costs, we believed in decentralization and long-term goals. We wanted to have a decentralized wallet and centralized product engaged with our decentralized app where users can access more and more opportunities out there.
As an exchange, we list around 800-900 projects, while in Bitget Wallet there are 23,000 projects listed and more and more people come to explore what the decentralized side of the crypto has to offer. It functions almost like an exchange. We have the best cataloging when it comes to finding projects.
Moreover, we provide unique features. I heard those Bitget Wallet users in Southeast Asia were earning some money by doing the tasks that are given on the wallet, whether it is social activation or collecting some airdrops. People in underdeveloped countries could have a lot of interest in these features.
Bitget was the first among major exchanges to list some memecoins like CATI. How do you see the future of meme coins?
Meme tokens are the hot topic of this market cycle. They offer the opportunity to make 20x or 30x, which aligns with the ‘get rich fast’ narrative of crypto. They’ve become vital for many crypto projects and bring a lot of transactions, wallet holders, and user interaction.
We’re seeing interest from institutions and family offices too. However, they’re very risky assets. I always tell people to only invest money they’re ready to lose in meme tokens, as almost 90 percent of investors lose their money.
For the last two years, we have been very loud with our Make it Count campaign with Lionel Messi. He was our official ambassador previously. We also did a lot of brand partnerships with Juventus. Football was a core topic when it came to Bitget and people know us for football.
We are proud that we will sponsor the Spanish league, La Liga, and bring Spanish football to 2.5 billion people globally. And you’ll be seeing a lot of Bitget brand activation and marketing campaigns around La Liga, all the teams and sportsmen that will be competing for the Cup.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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