Bitget, a Seychelles-based crypto exchange, has unified its native cryptocurrencies, Bitget Token (BGB) and Bitget Wallet Token (BWB), into a single utility token, BGB.

The move has led to an impressive 22% rise in Bitget Token’s price in the last 24 hours, pushing it to an all-time high (ATH) of $8.45.

In addition, the company revealed that they will burn a whopping $5 billion worth of BGB tokens in a newly unvelied whitepaper.

Token Merge Sparks Market Enthusiasm

At the time of writing, data from CoinGecko showed that the asset’s value had increased by more than 125% over the past seven days, outperforming the global crypto market, which lost 1.50% of its worth in that period. In addition, it has done better than similar centralized exchange (CEX) tokens, which are up about 12.70% on average.

The uptick is even more pronounced across extended periods, with BGB jumping more than 160% in the last fortnight and almost 430% over 30 days. Further, the token’s current price is a massive 1,346.2% improvement over its level from the same time last year, potentially making it the best-performing CEX cryptocurrency of 2024.

BGB’s current market capitalization of over $11.7 billion has propelled it into the #19 position among the largest-capped cryptocurrencies, leaping Stellar (XLM), Polkadot (DOT), and Hedera (HBAR).

In addition to the merger, the team revealed a considerable burn of more than $5 billion worth of tokens, which surely played a role in the price uptick. This represents over 40% of the total supply of BGB.

Utility and Real-World Integration

According to Bitget CEO Gary Chen, the merger will grow BGB’s utility, with plans to use it in decentralized applications (dApps) and major blockchain ecosystems. The integration will also reportedly extend to staking in decentralized finance (DeFi) protocols and to power essential services such as multi-chain gas fee payments.

Beyond the blockchain, the exchange intends to position BGB as a key enabler of real-world applications by allowing payments for dining, travel, and shopping, among others, through its Web3 PayFi service.

The company has assured BWB holders that their assets will be transitioned to BGB through an automated swap process that will convert each BWB token to BGB at a pre-determined ratio. Any remaining BWB has been earmarked for burning to bolster the unified asset’s scarcity and long-term value.

[PRESS RELEASE – George Town, Cayman Islands, December 27th, 2024]

As the cryptocurrency sector continues its evolution, SimpleSwap, a user-friendly cryptocurrency exchange platform, has shared its market insights for 2025. Analysts from SimpleSwap, Rick S. and Henry B., have provided an overview of anticipated trends that may shape the industry in the coming year.

Tokenization of Real-World Assets (RWA)

Blockchain technology is poised to play a pivotal role in tokenizing real-world assets (RWA), including stocks, bonds, real estate, and commodities such as oil and precious metals. According to Henry B., this advancement could broaden access to traditionally illiquid assets, integrating them into decentralized finance (DeFi) ecosystems and enhancing their tradability.

Developments in Meme Coins

Meme coins are expected to maintain their prominence within the crypto market. Emerging blockchains like Base and Sui may serve as platforms for new meme coin projects. Analysts note the growing influence of artificial intelligence in streamlining the creation, promotion, and trading of these coins, which may further simplify the process for developers.

Bitcoin and Institutional Strategies

Analyst Rick S. anticipates that MicroStrategy will continue to increase its Bitcoin holdings, potentially reinforcing its position as a significant institutional player. This activity may align MicroStrategy’s stock performance with broader market trends in cryptocurrency.

Ethereum’s Prospects

Ethereum (ETH) is projected to reach new all-time highs, driven by its ecosystem’s expanding adoption and innovative developments. Analysts highlight Ethereum’s role as a foundational blockchain supporting numerous decentralized applications (dApps) and protocols.

Regulatory Shifts in the U.S. and Europe

Changes in the regulatory landscape could impact the crypto industry significantly. SimpleSwap analysts suggest that shifts in U.S. policies and proposed European legislation may aim to enhance transparency and compliance in the sector.

Continued DeFi Expansion

DeFi is expected to experience further growth, with total value locked (TVL) increasing across key areas such as cross-chain exchanges, decentralized derivatives, and restaking. Custom Layer 1 networks designed specifically for DeFi applications could also emerge.

Solana’s Growth Trajectory

Solana may see significant growth in adoption, attributed to its high transaction speeds and cost-efficiency. The blockchain remains a popular choice for meme coins and DeFi projects, potentially positioning it as a competitor to Ethereum.

Market Capitalization Milestones

The cryptocurrency market’s total capitalization is expected to reach new all-time highs, driven by leading cryptocurrencies such as Bitcoin and Ethereum, alongside strong performance from altcoins.

Institutional Interest in ETFs

Exchange-traded funds (ETFs) for Bitcoin and Ethereum are anticipated to continue attracting both retail and institutional interest. Analysts also predict the introduction of ETFs for other prominent cryptocurrencies, which could diversify investment opportunities.

Broader Adoption in Emerging Markets

Cryptocurrencies are expected to gain traction in regions with economic instability, offering alternatives to depreciating national currencies. Enhanced crypto payment tools and tax services may support adoption, providing financial solutions in these areas.

Role of Artificial Intelligence

Artificial intelligence is projected to have an increased impact on trading and DeFi operations, facilitating automated strategies and fund management through AI-driven insights.

For further insights, users can visit the SimpleSwap Analytics section or follow the platform on TradingView.

About SimpleSwap

SimpleSwap is a cryptocurrency exchange platform offering fast, secure swaps and supporting over 2,500 cryptocurrencies. With features such as fiat-to-crypto transactions and cross-chain exchanges, SimpleSwap aims to make cryptocurrency accessible to all users.

Disclaimer

This publication is for informational purposes only and does not constitute investment advice.

The ongoing political turmoil in South Korea has had a ripple effect on the country’s financial market. The South Korean won has dropped to its lowest value against the United States dollar since March 2009.

This devaluation is reflected in the Bitcoin Kimchi Premium, a metric showing the gap between BTC’s price in South Korea and other countries. On-chain data from CryptoQuant reveals that local investors spend as much as 3% more to buy BTC than global crypto users.

South Korean Political Troubles

Jeff Park, the Head of Alpha Strategies at Bitwise, shared insights into the present political troubles in South Korea. He explained that the country’s lawmakers recently filed a motion to impeach the Prime Minister and interim president, Han Duck-soo. This comes just two weeks after the parliament impeached President Yoon Suk-yeol, who has ruled the Asian nation since May 2022.

The president’s ousting came after he tried to implement martial law in the country to protect it from “anti-state” forces. Enforcing martial law involves conferring authority from civilians to the military. This rule suspends the civil right to freedom of the press and assembly and downsizes the power of government agencies and the courts.

Highlighting how the ongoing political turmoil concerns global democracies, the Bitwise executive wrote:

“The use of impeachment as a political tool, combined with allegations of foreign election interference, underscores the fragility of democracy in the face of disinformation. This is not just a Korean story; it’s a warning for democracies worldwide.”

Impact on Bitcoin Kimchi Premium

News about South Korea’s acting president’s impeachment triggered the won’s drastic devaluation.

Crypto asset prices are usually higher on South Korean exchanges than on foreign trading platforms, primarily because of the country’s regulators’ stringent capital control policies. At the time of writing, BTC was 144,450,000 won ($98,000) on the South Korean exchange Upbit, compared with $95,100 on the American exchange Coinbase.

Past reports show that an increase in the Bitcoin Kimchi Premium often indicates a bullish streak on South Korean crypto exchanges.

Despite the increased price gap, local investors have rapidly flocked to dollar-denominated assets like BTC as a haven from the struggling won.