Arthur Hayes, the 33-year-old CEO of the Bitcoin Mercantile Exchange (BitMEX), a Seychelles -registered cryptocurrency derivatives exchange, has revealed that the Hong Kong-operated trading platform recently settled over $10 billion in trades during a 24-hour time period.
According to Hayes, this is a new all-time trading record (set on May 11th, 2019) for BitMEX and that the dramatic surge in trading volume may be attributed to the recent spike in volatility of cryptocurrency prices.
New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
Expressing confidence in the crypto ecosystem, Hayes believes we might now be in a bull market. He also pointed out that crypto exchange Bitfinex’s parent company, IFinex, Inc. has now reportedly secured $1 billion in funding through the successful completion of its initial exchange offering (IEO).
A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe
— Arthur Hayes (@CryptoHayes) May 13, 2019
BitMEX Settled $86 Billion In Trades In Past 30 Days
Available data shows that BitMEX has processed nearly $86 billion in trades in the past 30 days, however Twitter user AskMeHowToGetRekt (@IAmRipOff) mentioned that trading volumes on other cryptoasset exchanges have been “much lower.”
New daily record of $BTC volume on @BitMEXdotcom. All exchange charts are much lower volume so it looks like these faithful beras are responsible for this massive volume. Thanks for providing your liquidations; couldn’t have done it w/o ya. pic.twitter.com/21l0UWG0Q8
— AskMeHowToGetRekt (@IAmRipoff) May 12, 2019
Digital Currency Group CEO Reveals New Trading Record
On Friday (May 10th), Barry Silbert, the Founder and CEO of the Digital Currency Group (DCG), confirmed via Twitter that Grayscale’s Bitcoin Trust (GBTC), an over-the-counter trading option on OTCQX, registered a substantial increase in volume. In fact, over $50 million in total GBTC were settled this past Friday.
Trading volume on Grayscale Bitcoin Trust (symbol: $GBTC) exceeded $50 million today and was again the most actively traded stock on @OTCMarkets OTCQX https://t.co/wcaCcYNIqg
— Barry Silbert (@barrysilbert) May 10, 2019
Bitcoin (BTC), the flagship cryptocurrency, is currently trading at around $8,100 according to CoinMarketCap data.
Comparing Bitcoin Price Each Time It Crossed $7,000 Mark
Commenting on Bitcoin’s recent price movements, Twitter user Kevin Rooke (@kerooke) noted via the microblogging platform that the world’s most dominant cryptocurrency hit the $7,000 mark, for the first time, on November 2nd, 2017.
Rooke, who’s known for being an active researcher, compared key metrics related to the Bitcoin network’s performance when it reached the $7,000 mark recently on May 11th, 2019 with when the cryptocurrency was trading for the same price in early November 2017:
Bitcoin first hit $7,000 USD on Nov 2, 2017.
Now that Bitcoin is back at $7,000, what has changed? pic.twitter.com/WgoKY5lD8B
— Kevin Rooke (@kerooke) May 13, 2019
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