Bitget Announces Token Merger As BGB Hits All-Time High Amid Liquidations

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As a seasoned researcher with a keen eye for spotting trends in the crypto market, I find the recent move by Bitget to merge its two tokens, BGB and BWB, particularly intriguing. The rise of BGB to an all-time high of $7.79, a growth of over 350% in December alone, is nothing short of remarkable. This contrasts starkly with the broader market’s struggles, making BGB a shining beacon in a sea of red.

Crypto exchange Bitget is combining its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), as stated in their announcement made on December 26th.

This move creates a single token for both the Bitget exchange and the Bitget Wallet.

Bitget Token Continues to Hit New All-Time Highs 

As a researcher delving into this exciting development, I’ve learned that the forthcoming BGB token is set to serve as the backbone for functionalities such as the Fair Launchpool and gas fee transactions. Moreover, Bitget intends to seamlessly incorporate this token within public blockchains and decentralized finance (DeFi) landscapes. Their ultimate objective is to establish BGB as a cornerstone asset for lending and staking activities.

Today, the news spiked the price of Bitget Token (BGB) to a record high of $7.79. The token’s market capitalization surpassed $10.3 billion. In just one day, BGB saw a 30% increase and has gained more than 350% in December alone.

In contrast to the wider crypto market that saw significant sell-offs leading to liquidations, BNB, the largest token issued by an exchange, has only risen by 13% this month. To put it into perspective, Bitcoin, which reached a $100,000 milestone in early December, has dipped below $95,000 in recent times.

2024 has been an exceptional year for BGB, seeing its market capitalization surge by more than 750%, making it the top-performing Centralized Exchange (CEX) token of the year. The fusion of BGB and BWB represents a significant stride in our journey towards constructing a cohesive and strong ecosystem that seamlessly connects on-chain and off-chain applications. This is according to Gracy Chen, CEO of Bitget, as reported by BeInCrypto.

During this process, the overall amount of BGB in circulation won’t be affected. The conversion rate for the merger is set at 11.68 BWB for every 1 unit of BGB. It has been announced that Bitget will cease all services related to BWB on December 27th.

In summary, Bitget experienced remarkable expansion during the year 2024. Based on statistics from CoinGecko, it currently ranks fifth among centralized exchanges in terms of daily trading volume.

Following a triumphant final year, Bitget aims to expand into multiple new markets in the year 2025. As previously reported by BeinCrypto, the exchange is contemplating establishing its European headquarters in Lithuania.

By adhering to MiCA regulations, Bitget aims to facilitate smoother operations and achieve strategic growth in European markets. Simultaneously, Bitget is seeking regulatory approval across fifteen different countries, while already possessing licenses in multiple European Union member states.

If pro-cryptocurrency reforms are passed under the upcoming Trump administration, it’s possible that Bitget could make its entry into the U.S. market. Previously, licensing hurdles had prevented Bitget from growing in the world’s biggest cryptocurrency market.

Nonetheless, there are regulatory hurdles, notably in Japan. Previously in November, the Japanese Financial Services Agency (FSA) issued warnings to platforms such as Bitget, KuCoin, and Bybit for functioning without necessary licenses.

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2024-12-27 00:25