Cryptocurrency
Bitget Completes First-Ever Burn of 800 Million BGB Tokens, Reducing Supply by 40%
[PRESS RELEASE – Victoria, Seychelles, December 31st, 2024]
Bitget, the leading cryptocurrency exchange and Web3 company has successfully completed the initial burn of its native Bitget Token (BGB), reducing the total supply by 40%. This strategic move involved burning 800 million BGB tokens, effectively decreasing the total supply from 2 billion to 1.2 billion tokens. The burn process was executed by transferring the tokens to a designated burn address, ensuring their permanent removal from circulation.
The distribution of the burned tokens was as follows: 19% originated from holdings by the core team, while the remaining 21% comprised tokens from both circulating supply and additional core team reserves. This action reflects Bitget’s strategic approach to enhancing the value and scarcity of BGB, aligning with industry practices aimed at benefiting token holders.
Looking ahead, Bitget has outlined a quarterly BGB burn mechanism set to commence in 2025. Under this plan, 20% of quarterly profits from exchange and wallet operations will be allocated to repurchase and burn BGB tokens. The profits considered for this mechanism encompass transaction fees from spot, futures, and margin trading on the Bitget exchange, as well as income from swaps, futures, and NFT trading on the Bitget Wallet.
“This initial burn, with a substantial contribution from the core team’s holdings, is an example of our belief in attaining success with the interests of our community. With the reduction in supply; BGB signifies the foundation of a stronger and more resilient ecosystem that benefits all stakeholders,” said Gracy Chen, CEO at Bitget.
The buyback and burn process will occur quarterly, typically finalized at the beginning of the subsequent quarter. Following each buyback, the acquired BGB tokens will be destroyed by sending them to a burn address. Bitget commits to transparency by publishing the exact amount burned and providing on-chain records after each burn event.
This initiative shows Bitget’s dedication to enhancing the utility and value of BGB within its ecosystem. By systematically reducing the token supply, Bitget aims to create a more robust and sustainable environment for its users and stakeholders.
For more detailed information, users can refer to the official announcement here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA, and LATAM markets, as well as a global partner of the Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, users can contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
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Cryptocurrency
Analysts Post Thrilling Bitcoin Price Predictions for 2025: Where’s the Top?
The little orange cryptocurrency was one of several digital assets in this segment that walloped 2024 gains from investing in US stocks like those in the S&P 500 Index or Nasdaq Composite.
Others, like Ripple’s XRP tokens for international settlements between large institutions, performed even better than Bitcoin. XRP was up 247% by Christmas Day in December. It notched 271% for the entire year on Wednesday.
But here’s how some leading crypto market analysts expect Bitcoin’s price to carry through some point over the 2025 calendar year.
For a basis of reference, Bitcoin traded at an average crypto exchange rate of $94,700 Wednesday evening US Eastern Time, according to data from CoinGecko.
Bitcoin Price Predictions: $80,000 – $160,000
Peter Brandt: $78,000
Brandt made a prediction on Sunday, Dec. 29, targeting a big drop in Bitcoin’s price to the $78,000 level, based on a 45-day head and shoulders top pattern.
This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire: or, it might morph into something else. But as it stands right now, it is a head and shoulders top and must be chartist dealt with for what it is. pic.twitter.com/b9AUUO7ddL
— Peter Brandt (@PeterLBrandt) December 29, 2024
If he’s right, BTC will have to take one step back before it advances toward the more bullish price targets for 2025. But Brandt also cautioned in the comment thread on his post, “Charts do NOT predict anything. Charts merely suggest possibilities.”
The famous stock chart technical analyst is bullish for XRP in 2025, but his outlook for Bitcoin’s price is bearish.
CoinShares: $80,000
European crypto hedge fund CoinShares’ head of research, James Butterfill, recently told CNBC that $150,000 BTC is possible in 2025. But he said a bearish correction to $80,000 is also on the cards.
“Disappointment surrounding Trump’s proposed crypto policies and doubts about their enactment could prompt a significant market correction,” Butterfill warned.
Bullish 2025 BTC Targets: $160,000 – $250,000
Standard Chartered: $200,000
British multinational bank Standard Chartered’s research head Geoff Kendrick says his office is targeting $200,000 BTC in 2025. He added that the entry of the United States government into the Bitcoin race is likely to fuel that rally.
“Even a small allocation of the USD 40tn in US retirement funds would significantly boost BTC prices,” Kendrick noted.
“We would turn even more bullish if BTC saw more rapid uptake by US retirement funds, global sovereign wealth funds (SWFs), or a potential US strategic reserve fund.”
Nexo: $250,000
Swiss-based crypto fund manager Nexo’s chief product officer, Elitsa Taskova, told CNBC, “We see Bitcoin more than doubling to $250,000 within a year.”
She points to ongoing trends in adoption by institutional finance and social indicators for the bullish outlook in 2025.
“These projections align with ongoing trends and social markers: increasing recognition of Bitcoin as a reserve asset, more Bitcoin and crypto-related exchange-traded products (ETPs), and stronger adoption,” Taskova said.
Bottom Line for Investors
Like stocks, cryptocurrency assets are held at risk. But for more than a decade, Bitcoin has delivered world-class returns during bull markets. That means it’s possible for a small allocation to BTC can substantially speed individual investment portfolios toward reaching personal finance goals.
Nevertheless, investors should do their own research before allocating funds into any asset, no matter its returns over the past year or two.
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Cryptocurrency
From $2 to $11: Popular Analyst Maps Out Ripple’s (XRP) Next Big Move
TL:DR;
- XRP rebounded from its most recent price slip below $2, but the asset might not be out of the woods yet.
- However, a popular crypto analyst suggested that a potential decline toward that level again could be beneficial for XRP’s long-term price movements.
Ripple’s cross-border token went on a massive run after the US elections, skyrocketing by triple digits at one point and peaking close to $3. All of these gains came in the span of a few weeks, but the asset lost momentum at the start of December.
It tumbled hard on several occasions in the following weeks, with the latest decline to under $2 transpiring last Monday – December 30. This came during the most recent market-wide correction.
However, the popular crypto asset reacted well to this decline and shot up by over 20% since then, currently sitting at around $2.45. Consequently, XRP has regained its spot as the third-largest cryptocurrency by market cap by surpassing Tether’s USDT.
According to analyst Ali Martinez, XRP still stands below a steep resistance level of $2.73, which has stopped its price ascent on a couple of occasions during this rally. If the asset fails to overcome it soon, it could slump back to $2.05.
However, Martinez actually believes that such a scenario could be a blessing in disguise for XRP, which could catapult it toward a fresh all-time high above $3.4 (CoinGecko data) and all the way up to $11.
$XRP is still consolidating within the pennant of a massive bull pennant pattern. Until the $2.73 resistance is broken, a pullback to $2.05 remains possible before a potential breakout to $11! pic.twitter.com/ET39FJMtAc
— Ali (@ali_charts) January 4, 2025
It’s safe to say that $11 sounds quite extraordinary for XRP. Such a price tag would put the asset’s market cap at well over $600 billion, which would help it top Ethereum in that regard. Although this might sound plausible under a friendlier Trump administration, it’s still a long way away and falls under the category of exaggerated price predictions.
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Cryptocurrency
2 Strong Indicators US Investors Are Flocking Back to Bitcoin
The landscape around bitcoin after the last FOMC meeting for 2024 in the US turned upside down, with local investors pulling funds out of the ETFs and the Coinbase Premium Index declining to yearly lows.
However, on-chain data shows that US investors are back on the BTC front, with massive accumulations.
ETFs Demand Returns
During the aforementioned meeting at the highest levels in the US central bank, Fed Chair Jerome Powell warned that there might be fewer or even no rate cuts in 2025 due to rising inflation. US investors reacted immediately and started pulling funds out of riskier assets like BTC and crypto.
Within the next four trading days, they withdrew more than $1.5 billion out of the US-based Bitcoin exchange-traded funds. December 26 was the only day well in the green, as December 27, 30, and January 2 saw more net outflows. Even BlackRock’s IBIT, the world’s largest Bitcoin ETF, was posting negative records.
However, this changed on Friday, January 3. The total net inflows for the day shot up to $908.1 million, according to FarSide data. IBIT was actually second with $253.1 million, trailing behind Fidelity’s FBTC with $357 million. Ark Invest’s ARKB also had a strong presence, attracting $222.6 million. This became the best day in terms of net inflows since November 21.
Coinbase Premium Index
The other metric that showcases US investors’ overall behavior toward bitcoin and crypto is the Coinbase Premium Index, which measures the BTC price difference between Coinbase and Binance. When it shoots up into positive territory, this means that US-based investors are accumulating heavily, and vice versa.
The metric recently plunged to a yearly low, as reported, which coincided with the growing ETF outflows after the FOMC meeting. Now, though, CryptoQuant data shows that it has returned to neutral territory almost immediately after posting that low. This shows that “sentiment by the US and institutional investors is back.”
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