Bitget, a cryptocurrency exchange that specializes in spot trading services, released its October 2023 valuation report for the Protection Fund. Due to the recent market trends soaring, the average value of the fund for the month was $357 million, with a peak value of $388 million.
The Bitget Protection Fund is one of the largest self-insurance funds in the cryptocurrency field. Launched in August 2022, the fund aims to provide users with additional protection to safeguard their crypto assets from hacking, fraud, and extreme market conditions, effectively protecting Bitget users’ assets.
The Protection Fund is fully self-funded by Bitget, providing more flexibility and autonomy to effectively protect user assets without the need for external complexities or policy adjustments. To further enhance the stability and liquidity of the fund in response to external events, the Bitget Protection Fund includes a diversified portfolio of highly liquid cryptocurrencies such as BTC, USDT, and USDC.
Throughout October, the Bitget Protection Fund consistently maintained a value of over $3 billion. Primarily influenced by fluctuations in the price of Bitcoin, the fund’s book value soared significantly, exceeding $3.88 billion. Recent market volatility has led to the fund’s average value for the month reaching $3.57 billion.
Bitget Protection Fund October Valuation:
Peak Valuation: $3.88 billion (October 29)
Lowest Valuation: $3.37 billion (October 12)
Average Valuation: $3.57 billion
The cryptocurrency market anticipates a high likelihood of final approval for a Bitcoin ETF in January 2024. With positive macroeconomic sentiment and expectations of ETF approval, it is expected that the price of Bitcoin will continue to rise in November. The Protection Fund is likely to continue soaring.
Gracy Chen, Managing Director of Bitget, stated, “Since the price surge in October, market sentiment has been consistently high. The significant increase in demand prompted us to adjust the Protection Fund to provide insurance against unforeseen events. Bitget’s goal is to help individuals safely and efficiently enter the world of cryptocurrencies, and we are committed to providing necessary protection for users.”
Bitget’s commitment to transparency extends beyond the public release of Protection Fund valuation reports. Since December 2022, the exchange has provided verifiable reserve proof data to further safeguard user assets. Bitget will continue to provide comprehensive fund information to users, and the public can view the wallet address of the Protection Fund at any time. For more details, please click here.
About Bitget:
Established in 2018, Bitget is a leading cryptocurrency exchange that specializes in contract trading and copy trading products. Currently serving over 20 million users in more than 100 countries worldwide, Bitget is dedicated to providing users with a safe one-stop trading solution. Through partnerships with legendary Argentine footballer Messi and official esports organization PGL, Bitget aims to enhance the application of cryptocurrencies. According to Coingecko, Bitget is currently ranked among the top five contract trading platforms and the top ten spot trading platforms globally.
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