The cryptocurrencies might be suffering a fall in prices and a lot of Bitcoin investors may be affected under the burden of one of the strongest-ever bear markets. But it seems like a different phase for the cryptocurrency exchanges like BitMEX.
“What market downturn?,” started the press release delivered from a public relations company which represented BitMEX. The release reported that the Seychelles-based, BitMEX had crossed 1 million BTC in daily trading volume on Wednesday for the second time.
According to the release, the exchange experienced 1,027,214.62 bitcoin contracts traded for that day, which is worth $6.6 billion. As of press time, those contracts equates to over $8 billion in 24-hour volume. That many contracts being traded despite the market downturn is a very good sign for cryptocurrency investors.
“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing,” said Arthur Hayes, CEO at BitMEX.
Arthur Hayes also attributed the milestone in part to the business’s recently-launched ETH/USD endless swap product, which would allow the traders on their exchange to produce leveraged bets on Ethereum price without even holding it.It is not just BitMEX which has seen the uptick in the contracts, The US trades CME and CBOE also have seen a steady growth in the Bitcoin Futures volume.
BitMEX is not the sole cryptocurrency derivatives platform which has seen an uptick in the number of contracts, regardless of the market downfall. U.S. trades CME and CBOE reportedly have a steady growth in bitcoin futures volume. As these products were started in December with two platforms accruing a joint $572 million in quantity on the same day when BitMEX spanned 1 million bitcoin contracts for the very first time.
Earlier this week, we also reported about a new NYSE (New York Stock Exchange) parent company ICE’s plans to launch a new Bitcoin Futures. We at BlockPitch think that regulation by futures like could reduce the volatility in the cryptocurrencies.
