BitMEX is the Hong-Kong-based, peer-to-peer digital currency exchange. On July 24, 2018, BitMEX hit the trading of 1 million BTC contracts worth around USD 8 billion.
This is the larger volume as compared to the other Bitcoin exchanges around the space. This record was set in motion just after the time when its CEO; “Arthur Hayes” chose to rely on his $50,000 BTC price prediction.
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
— BitMEX (@BitMEXdotcom) July 25, 2018
This was the booming moment in the cryptocurrency industry, as the price of Bitcoin again boosted up with $8,000 USD. In addition to this, the digital exchange platform has also added the support for Tron and EOS trading futures contracts.
The CEO and co-founder of the company, Arthur Hayes stated that:
“The astronomical surge in trading volume, coupled with the steadily rising price of Bitcoin, is reflective of the market’s increasingly sophisticated understanding of the potential of Bitcoin to redefine global markets. The achievement was also largely thanks to ongoing capacity increases accomplished by scaling our engine architecture.
He added, “The record that BitMEX has set marks a major milestone in the cryptocurrency industry’s overall path to maturation. I am delighted that BitMEX’s easy-to-use and highly secure trading application has helped to onboard yet another tidal wave of people from all around the world to the crypto market and given them the confidence to participate on the largest scale ever seen.”
However, there’s a point to note about the message on Coinmarketcap that says:
BitMEX and the Surging Cryptocurrency Market
In July 2018, the entire daily volume of Bitcoin excluding BitMEX was USD 7 billion. This was a sudden volume surge that has not been seen since April 2018 when its trading volume passed USD 10 billion. The recent volume spike has pushed up the price of Bitcoin from USD 6,200 – USD 8,500.
Bitcoin has already seen the massive hits in trading when it continually lifted its momentum across $2,000 boost in the last weeks. With this great form, traders and investors jumped onboard BitMEX to leverage their bitcoin trading. This step proved a huge comeback of BitMEX for the first time in history. They saw worth 1 million Bitcoin trading within 24 hours on their platform.
Bitcoin dominance also raised across 47% as traders immediately shuffled their funds back from altcoins into BTC. The new record has set an example that there is plenty of traders and funding that are still interested in trading bitcoins volatility.
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