BitMEX 24-Hour Volume Surpasses 1 Million BTC, Crushes Record

Now that the bitcoin price is perched above $8,000 on solid trading volume, cryptocurrency exchanges are generating revenue hand-over-fist. Victoria, Seychelles-based cryptocurrency exchange BitMEX has been breaking records left and right, setting a higher standard both for the company and the industry.

BitMEX announced it crushed the industry’s record for the number of bitcoin traded, which surpassed 1 million bitcoins on the trading platform over a 24-hour period. More specifically, 1,041,748 BTC were traded, shattering the previous record of 800,000, according to a press release. Incidentally, the former record was held by the BitMEX exchange as well.

Meanwhile, the solid trading volume that accompanied the rally in the bitcoin price over the last week catapulted BitMEX to another record. BitMEX said it’s the maiden cryptocurrency exchange on which daily trading volume surpassed $1 billion, and BitMEX isn’t even open to U.S. investors. BitMEX caters to the Northern Asian region.

BitMEX officials in a press release attributed the record performance to “capacity increases accomplished by scaling our engine architecture” coupled with an increasingly sophisticated bitcoin market.

BitMEX is a trading platform for cryptocurrency futures and highly leveraged trading products, and it thrives on market volatility. As a result, volumes on BitMEX have been accelerating in 2018, unlike spot market exchanges. BitMEX Chief Arthur Hayes, a former Citigroup trader, boasted about the accomplishment on Twitter and told CNBC the BTC rally could drive the price to “just shy of $10,000” in the short-term, similar to the price performance in the spring.

Bitcoin Bulls

Incidentally, Hayes isn’t convinced that the bitcoin price saw its bottom this year, saying he’d like to see the leading cryptocurrency test the $5,000 to ensure a bottom. It won’t be until the third and fourth quarters of the year until the bull market takes off, Hayes believes, which he previously predicted includes a bitcoin price of $50,000 by year-end.

Blockchain Capital’s Spencer Bogart believes the worst could be over for the bitcoin price, telling CNBC: “That low may already be in. I think there’s a tinderbox right now waiting for reasons to go higher,” and pointing to possible drivers including a bitcoin ETF or trade wars, for instance.

While some are anticipating the SEC could reach a decision on at least one bitcoin ETF by August, Bogart isn’t holding his breath and instead is looking toward 2019. But U.S. securities regulators won’t want to wait much longer after that or blockchain innovation that would have otherwise come to the states will find another home abroad.

Featured image courtesy of Shutterstock

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.