Arthur Hayes, CEO of BitMEX, has just announced that the leading cryptocurrency derivative trading platform saw a record 24H volume of over $10B.
Cryptocurrency trading volume is booming across the board. In the past month, many exchanges have posted some of their largest trading numbers ever.
BitMEX, the largest cryptocurrency derivative trading platform, has been no exception to this explosive rise. The exchange has just reached a daily trading volume of over $10B for the first time. The news was put out by Arthur Hayes, the exchange’s CEO.
New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
At the time of writing, the exchange has already done around $8.8B in daily volume.
Because the exchange does not actually spot trade Bitcoin (BTC), it is generally excluded from volume calculations on the entire market, however, most cryptocurrency traders who margin trade frequent the platform.
Currently, US traders are banned from participating in the exchange due to legal uncertainty. Nonetheless, it has managed to amass a huge user base even without American investors.
Opinions on Bitmex remain mixed, but some of the negative impressions of it have been rehabilitated in 2019. This is because many cryptocurrency traders in 2018 were complaining traders were ‘over-shorting‘ and that the market was being dominated by margin trading.
Because BitMex does not trade actual BTC, it was being criticized for unfairly influencing the price by trading contracts on future predictions. The high amount of possible leverage on BitMex made it a hub for shorters during 2018.
Regardless, BitMEX’s volume uptick is an indication that the overall cryptocurrency market is roaring again.
Will this increase in trading volume across the cryptocurrency market hold? Let us know your thoughts below.
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