As Bitcoin continues to rally above $8,000 for the first time since May, popular trading platform BitMEX announced on Tuesday that the platform experienced a record-breaking trade volume of 1,000,000 BTC in 24 hours.
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
— BitMEX (@BitMEXdotcom) July 25, 2018
The good news is likely a welcomed surprise to BitMEX CEO Arthur Hayes, who on CNBC’s Fast Money last week stated that he expects volume to be sluggish until big money traders come back from summer vacation in the fall.
Haye’s predicted last week that despite the potential for a Bitcoin price jump, we have still yet to see bottom.
“I don’t think we’ve seen the worst [for Bitcoin this year],” stated Hayes last Friday. We could definitely see [Bitcoin’s price go to] $8,000 or $9,000 and maybe just shy of $10,000… I would like to see us test $5,000 to really see if we have put a bottom in.”
However, as any cryptocurrency trader knows, a lot can change in a week. Recent reports from other experts project confidence that the price of Bitcoin has indeed hit bottom, and bullish market sentiments are presently trending.
BitMEX’s volume totals over $8 billion worth of Bitcoin traded in the last 24 hours, and Bitcoin’s market dominance has risen to 47 percent. Chart analysis suggests that a growing number of traders are currently moving funds away from alt-coins and back into Bitcoin.
Pro-Bitcoin sentiments might possibly be getting fueled by Bitcoin gaining traction in mainstream financial sectors. Yesterday, history was made on Wall Street as ED&F Man Capital Markets and itBit completed the first EFP trade involving Bitcoin futures. This marked the first time any completed EFP trade involved a cryptocurrency acting as the underlying physical asset. Following the trade, Vice President of ED&F Man Capital Markets Brooks Dudley was quoted saying, “EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.”
The post Trading Platform BitMEX Sets New Bitcoin Volume Record, Trades 1 Million BTC in 24 Hours appeared first on UNHASHED.