BitMEX breaks Bitcoin trading market record – Trades more than 1 million BTC in 24 hours

On 25th July, BitMEX, one of the leading cryptocurrency trading and exchange platform, announced that they broke the cryptocurrency market record by trading more than one million Bitcoin [BTC] in a 24 hours time span.

The previous record in the cryptocurrency market for trading was 800,00 Bitcoin which was also held by BitMEX. The platform broke its own record with the addition of 200,000 Bitcoin to its previous record.

The announcement of 1,041,748 BTC trading comes into the limelight right after BitMEX became the first cryptocurrency trading platform to reach a daily volume of over $1 billion.

The platform announced the record break on Twitter:

“A new record, near 900,000 XBT traded on $XBTUSD alone, > $7BN notional. Over $1BN in just one hour. Total exchange volume is inching close to 1,000,000 XBT. Thanks to our users and congrats to our engineers for delivering the capacity to make this possible!”

BitMEX trading records ion 24th July 2018 || Source: Twitter

BitMEX trading records on 24th July 2018 || Source: Twitter

The CEO and Co-Founder of BitMEX, Arthur Hayes says:

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 further adds:

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”

Moreover, the CEO of BitMEX during an interview with CNBC, stated that if Bitcoin [BTC] crosses $20000 this year, then it would be one step away from getting a positive response from the Securities and Exchanges Commission. Arthur also predicted that Bitcoin would reach $50000 by the end of this year.

The exchange platform also has futures contracts for Ethereum [ETH], Bitcoin Cash [BCH], Tron [TRX] and XRP [XRP]. BitMEX’s XBTUSD is noted for being the most liquid futures market in the world. Reportedly, the contract has 1500% more BTC to USD liquidity when compared to other platforms.

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