VICTORIA, Seychelles, Nov. 7, 2023 /PRNewswire/ -- Bitget, top crypto derivatives and copy trading platform, has released its Protection Fund Valuation Report for October 2023. The fund's value averaged 357 million for the month, with a peak value of 388 million, thanks to the recent surge in market movements.
Bitget's Protection Fund stands as 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 as it safeguards crypto assets against hacks, scams, and extreme market conditions. The Protection Fund constitutes a robust financial shield intended to protect the financial interests of Bitget's users.
The Protection Fund is entirely self-funded, affording a high degree of operational flexibility and autonomy. This approach enables swift 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 high-liquidity cryptocurrencies such as BTC, USDT, and USDC.
Throughout the month of October, Bitget's Protection Fund consistently maintained a value exceeding US300 million, as tracked daily. The fund's book value experienced a significant surge, surpassing US388 million, primarily driven by the volatile nature of Bitcoin prices. The recent increase in market volatility contributed to the fund's average value reaching US$357 million 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 of the final approval for a Bitcoin ETF being disclosed in January 2024. With positive macroeconomic sentiment and the expectation of ETF approval, it is anticipated that the price of BTC will continue its upward trend in November. This is exciting for the Protection Fund as it will keep exceeding its previous year's high with the current surge in the market.
"Market sentiments have been surging since the price hikes in October. A substantial increase in demand has been observed, prompting us to align the Protection Fund to offer insurance coverage for unexpected events. Bitget's objective is to empower individuals 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.," said Gracy Chen, Managing Director at Bitget.
Bitget's commitment to transparency goes beyond the Protection Fund Valuation report. Starting from December 2022, the exchange has consistently offered verifiable Proof of Reserves data, providing users with additional confidence in the security of their assets. Bitget continues to grant users unrestricted access to comprehensive fund information, including publicly available wallet addresses. For more detailed information, please visit here.
Established in 2018, Bitget is the world's leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the 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 an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.