How Bitcoin ETFs, the halving, and bull market is shaping crypto, according to Bitget

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In this interview with Jamie Elkaleh, Bitget Regional Growth & Country Manager, we delve into the dynamic landscape of the crypto market, examining the pivotal roles of Bitcoin Spot Exchange-Traded Funds (ETFs), the anticipated Bitcoin Halving in April 2024, and the current bullish market cycle. Jamie offers a comprehensive overview of Bitget’s impressive user growth, driven by innovative initiatives and a strong focus on inclusivity and user experience.

The conversation further explores Bitget’s strategic approach to catering to novice and experienced traders, unveiling upcoming features and developments poised to revolutionize the trading experience. Additionally, Jamie sheds light on Bitget’s commitment to transparency, security, and user education, ensuring a safe and informed trading environment amidst increasing regulatory scrutiny.

This interview promises valuable insights into the future of crypto trading and the strategic vision propelling Bitget’s growth and success.

Disclaimer: The following is a sponsored interview in partnership with Bitget.

What is your perspective on the current state of the crypto market, including the impact of the Bitcoin ETFs, the halving, and the ongoing bull market cycle?

The crypto market, especially Bitcoin, is experiencing a surge in optimism, driven by key developments such as the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), the upcoming Bitcoin Halving in April 2024, and a bullish market cycle. The SEC’s approval of Bitcoin ETFs has attracted mainstream and institutional investors, boosting investment and market acceptance. Institutional involvement and the anticipated Bitcoin Halving, which historically leads to price increases due to reduced Bitcoin supply, are fueling market excitement.

Additionally, the rise in Bitcoin trading volumes and interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) within the Bitcoin ecosystem are contributing to market liquidity and stability. However, despite a generally bullish outlook, investors are advised to exercise caution and consider broader economic and regulatory factors in their decisions.

Can you share insights into Bitget’s recent user growth and the initiatives that have contributed to this growth?

Bitget has experienced significant user growth due to a combination of improving user experience, introducing top-tier listings, and expanding its team to over 1,600 members during the bear market. Notably, Bitget’s derivatives trading volume surpassed market growth by 28%, with a 9.4% increase in spot trading volume, outperforming the market’s 2.6% growth. The platform has become a leader in copy trading, with copy traders generating over $15 million in profits from more than 2.2 million profitable trades. In January alone, Bitget attracted 4,400 elite traders and over 26,990 new followers.

Key to its growth has been initiatives like Blockchain4Her, dedicating $10 million to gender diversity and inclusivity in blockchain, Blockchain4Youth, investing $10 million to drive web3 adoption and strategic partnerships, such as the #MakeItCount 2024 campaign with Lionel Messi. Bitget’s commitment to social impact, alongside financial innovation, is evident in its efforts to bridge gender diversity gaps and in attracting banking sector professionals to the crypto industry. The addition of 52 new digital assets and leadership in copy trading further positions Bitget as a forward-looking platform, ready to serve a diverse and expanding global audience.

Bitget is known for enhancing the user experience. Could you elaborate on the consumer-centric features aimed at both novice and experienced traders, ensuring inclusivity?

Bitget has strategically positioned itself as a user-centric platform catering to both novice and experienced traders through a wide array of features designed to enhance the trading experience and ensure inclusivity. Here’s a detailed look at how Bitget achieves this through its consumer-centric features:

For Experienced Traders

  • Bitget API: Offers experienced traders the ability to trade faster and more flexibly by integrating various APIs such as Spot trading API, Futures trading API, and Copy trading API. This includes Market APIs, Trading APIs, P2P APIs, Spot Margin Trading APIs, and Market WebSockets for both spot and futures trading. These APIs are designed to meet the needs of institutional and professional users, providing specialized solutions based on user requirements.
  • Copy Trading: Bitget introduces Futures Copy Trading API and Spot Copy Trading API, catering to those who prefer a hands-off approach but with a professional touch. This feature is especially appealing for users who wish to leverage the expertise of successful traders.
  • Market Makers: Offers better funding rates, lower latency, higher trading limits, and direct contact with business development for tailored support.
  • Quantitative Trading: Provides free standardized API and SDKs in five programming languages, accompanied by 24/7 professional customer service, facilitating automated and algorithmic trading strategies.
  • Third-Party Platform Integration: Allows for sharing of Bitget’s liquidity, integration of Bitget’s copy trading services, and a non-disclosure broker model, enhancing the platform’s flexibility and reach.

For Novice Traders

  • Bot and Copy Trading: Recognized for its top-ranking global copy trading solution, Bitget enables novice traders to mimic the trades of successful traders, thereby reducing the learning curve and increasing the chances of success without the need for extensive market knowledge.
  • Learn2Earn: A program designed to promote continuous learning among both novice and experienced traders. This initiative rewards users for engaging with educational content about trading and the industry, fostering a culture of knowledge and skill development.
  • Bitget Wallet: A multi-chain ecosystem with aggregated DEX liquidity, ensuring that even those new to trading can manage their assets efficiently and securely across different blockchains.

Inclusive Features for All Users

  • Spot Trading: Offers immediate trading with current market prices, available for both novice and experienced traders.
  • Futures Trading with Liquidity: Provides the opportunity to trade on future prices of assets with enhanced liquidity.
  • Margin Trading with Leverage: Enables traders to borrow funds to increase their trading position, amplifying potential returns.
  • Convert Trading with Zero Fees: Allows users to convert cryptocurrencies without incurring transaction fees, making it accessible and cost-effective for all traders.

What are the key focus areas in Bitget’s roadmap for the next year, and are there any new developments or features that users can look forward to?

GetScribe for Bitget Wallet: This is an innovative feature that marks Bitget Wallet as the first to offer a full-stack omnichain inscription management. GetScribe supports over 19 blockchains, including major ones like Bitcoin, Ethereum, Polygon, and Avalanche. It facilitates single and batch inscriptions, features an integrated inscription market leaderboard for real-time ranking lists and price fluctuations, and provides market competition data.

An upcoming launchpad function for BRC-20 tokens will give users early access to high-potential tokens, enhancing the wallet’s utility and attractiveness to users interested in emerging tokens.

  • Bitget Spot P2P Market: Bitget has introduced a P2P Spot market, a pioneering move among top 10 crypto exchanges, initially featuring three tokens (ORCA, BTCS, and DIMO). This market allows users to trade unlisted tokens with demand and supply, expanding trading opportunities and enabling access to new and potentially valuable tokens before they are listed on major exchanges. This feature democratizes access to emerging tokens and can lead to early investment opportunities.
  • Smart Copy Mode for Futures Copy Trading: As the leading platform for crypto copy trading, Bitget has launched a new smart copy mode and introduced independent futures copy trading accounts. This development allows users to follow the investment strategies of Elite Traders with enhanced analysis and customize their investment amounts relative to their total assets, offering a more tailored and potentially more successful copy trading experience.
  • Upgraded Platform Wallet Addresses with MPC Security Technology: Bitget has upgraded user wallet addresses to incorporate Multi-Party Computation (MPC) technology, significantly enhancing security. This eliminates single points of failure and ensures transaction security without exposing private keys. The addition of Trusted Execution Environment (TEE) technology further strengthens hardware security, providing users with increased confidence in the safety of their digital assets on the platform.

The Bitget Token (BGB) has been a top performer. What factors have contributed to its success, and what role does it play in the Bitget ecosystem?

Bitget is committed to making cryptocurrency more accessible and integrating DeFi and CeFi on its platform. The BGB token, central to Bitget’s ecosystem, embodies a vision for a user-friendly and inclusive crypto space. BGB, serving as more than just a token, is key to a comprehensive Web3 ecosystem that supports cryptocurrency holdings, community tokens, NFTs, and decentralized apps.

Recently, BGB achieved a new all-time high (ATH) of $0.9, marking a 14.7% increase over the last 30 days and standing out as one of the best-performing CEX tokens.

Aimed at enhancing the trading experience, Bitget plans to delve deeper into copy trading and broaden the range of financial products and services offered. BGB holders benefit from exclusive privileges such as fee discounts, access to Launchpad and Launchpool services, and more, with plans to introduce additional features like a BGB lottery and zero withdrawal fees. Currently, 1.4 billion of the total 2 billion BGB tokens are in circulation, reflecting Bitget’s commitment to a risk-free, globally inclusive cryptocurrency ecosystem.

How does Bitget ensure transparent operations and prioritize safety for its users, especially in the context of increasing regulatory scrutiny?

Bitget ensures transparent operations and prioritizes user safety by maintaining a $422 million Protection Fund and implementing a Proof of Reserves system. The Protection Fund, comprised of 6,500 BTC and 137 million USDT, offers an extra security layer against cybersecurity threats. Additionally, Bitget guarantees 100% of users’ assets in reserves, verified monthly through cryptographic proofs and audits.

This Proof of Reserves process allows users to independently verify their assets, ensuring Bitget has sufficient reserves to cover all withdrawals. The platform’s commitment to transparency and integrity is further demonstrated by the publication of reserve ratios and the open-source proof of reserves code on GitHub. These measures provide a robust framework for protecting user assets and maintaining trust in the face of regulatory scrutiny.

As a popular exchange, how does Bitget’s infrastructure handle a vast influx of new users while ensuring stability and efficiency?

Bitget’s approach to handling the vast influx of new users while ensuring platform stability and efficiency is multifaceted, reflecting its commitment to providing a seamless trading experience for its users worldwide. With a workforce of over 1,600 employees spread across 60 countries and regions, Bitget leverages its global talent pool to maintain a robust and responsive infrastructure. This international team comprises professionals from various industries, bringing a wealth of knowledge and expertise to the platform.

In contrast to other exchanges that may reduce staff during bear markets, Bitget has strategically expanded its team during these periods. This expansion is not just about numbers; it’s about enhancing our capacity to address the needs of our growing user base effectively. The operations and support teams, available 24/7, are a crucial part of this strategy. They ensure that user queries are resolved promptly and any potential issues are addressed efficiently, contributing to the overall stability of the exchange.

This proactive approach to scaling its workforce reflects Bitget’s commitment to user satisfaction and platform reliability. By continuously growing and adapting to the needs of its users, Bitget ensures that it remains a stable and efficient platform for cryptocurrency trading, even as the number of users continues to rise.

In light of regulatory changes such as the ‘cooling-off’ rule, how is Bitget providing educational resources and market insights to help users navigate these developments?

In response to regulatory changes like the ‘cooling-off’ rule, Bitget is enhancing user education and providing market insights through several initiatives. Firstly, Bitget has adapted its platform to comply with the Financial Conduct Authority’s (FCA) new regulations by implementing the ‘cooling-off’ period, clear risk warnings, and creating a webpage tailored for UK users. This webpage restricts access to approved trading features and does not promote campaigns or offers to UK users, ensuring compliance with local regulations.

Moreover, Bitget collaborates with an FCA-approved third-party agency for all marketing approvals, ensuring that all promotional content meets regulatory standards. To further support its users, Bitget offers two key educational resources:

  • Bitget Research: This platform provides institutional-grade analysis of the cryptocurrency industry, offering insights and research to help users understand market trends and developments.
  • Bitget Academy: Aimed at empowering users from beginners to more advanced traders, Bitget Academy offers a wide range of educational materials, including in-depth guides, practical tips, and market updates. These resources are designed to help users navigate the complexities of the cryptocurrency market, improve their trading skills, and make informed decisions.

All these resources are free and easily accessible, demonstrating Bitget’s commitment to educating its users and helping them navigate the ever-evolving cryptocurrency landscape amidst regulatory changes.

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