VICTORY, Seychelles, November 7, 2023 /PRNewswire/ -- Bitget, main crypto derivatives and copy trading platformhas published its Protection Fund Valuation Report for October 2023. The fund's value averaged 357 million during the month, with a maximum value of 388 million, thanks to the recent increase in market movements.
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The Bitget Protection Fund is one of the largest self-insured funds in crypto. Launched in August 2022, the fund serves as an initiative to provide users with an additional layer of protection by safeguarding crypto assets against hacks, scams, and extreme market conditions. The Protection Fund constitutes a solid financial shield intended to protect the financial interests of Bitget users.
The Protection Fund is entirely self-financed, offering a high degree of operational flexibility and autonomy. This approach enables fast and efficient asset coverage without external red tape or the need for policy adjustments. To further increase its stability and liquidity against external factors, the fund encompasses a diversified portfolio of highly liquid cryptocurrencies such as BTC, USDT and USDC.
Throughout the month of October, the Bitget Protection Fund consistently maintained a value of over $300 million, as tracked daily. The book value of the fund saw a significant increase, surpassing $388 million, driven primarily by the volatile nature of Bitcoin prices. The recent increase in market volatility contributed to the fund's average value reaching 357 million dollars for the month.
Bitget Protection Fund valuation status in October 2023 :
Highest value: $388.5 million (October 29)
Lowest value: $337.9 million (October 12)
Average value: $357.2 million
The crypto market anticipates a high probability that the final approval of a Bitcoin ETF will be revealed in January 2024. With positive macroeconomic sentiment and expectation of ETF approval, the BTC price is anticipated to continue its upward trend in November. This is exciting for the Protection Fund as it will continue to surpass the previous year's high with the current market rally.
"Market sentiment has increased since the price hikes in October. A substantial increase in demand has been seen, prompting us to align the Protection Fund to offer insurance coverage for unexpected events. Bitget's goal is to empower people to safely and efficiently enter the world of cryptocurrencies, and we are committed to providing them with the essential protection to facilitate this transformative transition." saying Graciela ChenCEO of Bitget.
Bitget's commitment to transparency goes beyond the Protection Fund Valuation report. Starting since December 2022, the exchange has consistently offered verifiable Proof of Reserves data, giving users additional confidence in the security of their assets. Bitget continues to provide users with unlimited access to comprehensive fund information, including publicly available wallet addresses. For more detailed information, please visit here.
About Bitget
Established in 2018, bitget is the world leader cryptocurrency exchange and web company3. Serving more than 20 million users in more than 100 countries and regions, Bitget Exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers a variety of comprehensive Web3 solutions and features including wallet functionality, exchange, NFT Marketplace, DApp browser, and more. Bitget inspires people to embrace cryptocurrencies through collaborations with credible partners, including legendary Argentine soccer player. Lionel Messi and the official organizer of esports events, PGL.
For more information visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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