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The Gate Flash Exchange Advanced Season has begun, and the top individual trader can receive a reward of 1,000 USDT

According to official news, Gate will launch the "Flash Exchange Advanced Season" event from September 7 at 18:00 to September 14 at 18:00 (UTC+8). During the event, users who complete at least 100 USDT of valid flash exchange transactions daily and check in for 3 days or more will be able to share a prize pool of 20,000 USDT based on the number of accumulated check-in days; if the cumulative valid flash exchange transaction volume reaches 3,000 USDT, they can also participate in the transaction volume ranking to share another prize pool of 20,000 USDT. Among them, the user ranked first with a transaction volume of 150,000 USDT can receive a maximum reward of 1,000 USDT.In addition, the Gate flash exchange exclusive gift for newcomers is ongoing. From September 3 at 16:00 to September 10 at 16:00 (UTC+8), eligible newcomers who complete their first flash exchange and reach a transaction volume of 100 USDT will receive a 20 USDT dual-currency financial experience gift, limited to the first 1,000 participants; if the cumulative valid flash exchange transaction volume reaches 300 USDT, they can receive an additional 3 USDT cash reward, limited to the first 300 participants, and the two benefits can be stacked. Currently, Gate flash exchange supports one-click conversion of over 2,400 types of crypto assets without any transaction fees.

first_img Bitcoin's correlation with gold has risen to a six-year high, Bitwise states that depreciation hedging trades are making a comeback

Bitwise's latest report shows that the correlation between Bitcoin and gold has risen to a six-year high. Bitwise's Head of Research for Europe, André Dragosch, stated that the last time the correlation reached this level was in 2020, during the period of multiple fiscal and monetary stimulus following the COVID-19 pandemic; meanwhile, the correlation between Bitcoin and the stock market has dropped to a one-year low, suggesting a decoupling between hard assets and the stock market.The report believes that the simultaneous rise of Bitcoin and gold is due to the "substantial intervention in the macro picture" by the U.S. government. Last month, the U.S. Treasury announced it would more than double the scale of government debt buybacks, leading to a weakening of the dollar, and investors flocked back to gold and Bitcoin; in the same week, U.S. public debt surpassed $40 trillion for the first time, further undermining market confidence in the dollar. Bitwise stated that investors are no longer entangled in whether to hedge against currency depreciation with gold or Bitcoin, but are holding both simultaneously, and pointed out that "Bitcoin has been priced as a risk asset for its first fifteen years, and if this correlation trend continues, the next fifteen years could be very different."Driven by this, Bitcoin rose again this week, increasing nearly 6% within 24 hours, with the price briefly approaching $81,438.
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