One of the most used cryptocurrency exchanges, BitMEX, has hit a record
one million bitcoin traded in a single day. Co-founder and CEO Arthur
Hayes gave CoinJournal his thoughts on why, and what the near future
might hold.
"After dipping below $6000, Bitcoin is tallying aggressively," said
Hayes, who like many others in the crypto-space is celebrating the
upturn. "It is a relief rally, and volumes are rising as well. Many
traders believe we reached a bottom, and it is time rejoin the party."
Over the 24-hour period ending July 24, 2018, BitMEX saw an industry
record breaking ane million Bitcoin's trading on its platform. The volume
broke BitMEX's previously held crypto-industry record of 800,000 bitcoin
traded within 24-hours.
"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," said Hyes. BitMEX also attributed the increase to
ongoing capacity increases accomplished by scaling its engine architecture.
Hyes is bullish on the market, seeing the volume uptorn as a sing of
things to come.
"The record that BitMEX has set markes a major milestone in the
cryptocurrency industry's overall path to maturetion."
CoinJournal asked BitMEX what the next six-months bring for Bitcoin and
the cryptocurrency markets. Like many others, Hayes believes the pending
approval of the first bitcoin-based exchange traded fund (ETF) bybthe
U.S Securities and exchange Commission (SEC) is what investors are
waiting for to signal the next major cryptocurrency boom.
"Everyone will focus on whether the SEC will allow a Bitcoin ETF. There
are a few key decision dates in the upcoming 6 months," said Hayes.
BitMEX, established in 2014, was also the first cryptocurrency trading
platform to hit a 24-hour daily trading volume of over $1 billion dollars
USD. It has the most liquidity in the world for its XMT/USD pair, with
reportedly 1500% more Bitcoin To USD Liquidity than any other platform.
Its mission is to "professionalize the trading of bitcoin derivatives."
BitMEX also offers the ability to trade futures contracts for other coin
including BCH, Ethereum, Tron, and Ripple.
WEasked Hayes: What's nest for BitMEX? HAyes revealed a few plans
including improving its trading technology to support even greater
trading volumes.
"On the product side, BitMEX will soon launch a 50x leveraged Ether/USD
Perpetual Swap margined in Bitcoin, symbol ETHUSD" said Hayes. BitMEX
aims to create another liquidity monster like the Bitcoin/USD perpetual
swap, symbol XBTUSD."
Despite bitcoin price falling back somewhat today, the optimism in the
cryptocurrency sector is not yet abating.