Recently BitMex reported on Twitter that it hit a record in daily volume as bitcoin went pass $13,000. BitMex, which is a leading Bitcoin derivative trading platform, topped $16 billion in volume across its products.
A few days ago, after Bitcoin had reached $13,000, BitMex went on Twitter and revealed that their daily volume across all products had touched a $16 billion mark. In detail, BitMex saw more than $1 billion of open interest on XBTUSD market and over $13 billion traded on the XBTUSD pair.
The company CEO, Arthur Hayes excitingly commented:
“XBTUSD perp swap open interest is now in the 3 comma club. Welcome to the 2019 bull fucking market YeeHaw!”
While at the moment, Bitcoin sees a slight correction, few of the trading platforms are seeing similar records. For example, Bitcoin futures trading platform CME group, also reported an all-time high trading volume in the last couple of months.
Who’s Behind This Bull Market?
Many experts still debate on which investor segment is funding this bull market – retail or institutional. Or maybe the recent Libra announcement? Nevertheless, the fact is that Bitcoin and cryptocurrencies, in general, are seeing massive amounts of money pulling in and no one can predict whether this is just temporary or are we actually gearing up for a new all-time high for Bitcoin. Many debate that the FOMO effect could be the drive for most of the investors and traders because Bitcoin is showing a rapid growth this year. The emotional barriers also need to be considered, because Bitcoin over the $10,000 mark is more bullish than under it. The fact being that, it hasn’t stayed for long in the range of $10,000 to $20,000. Indicating that it could be in the search for a new ATH since this year Bitcoin is doing similar moves like in 2017. That is – going pass heavy resistance marks in just days or even hours. Also, since nothing is clear, we can either go to the moon or experience a huge bull trap in the upcoming days.
BitMex Arthur Hayes VS Nouriel Roubini
In the BitMex Tweet, they also mention the upcoming debate between BitMex CEO and Nouriel Roubini in the Asian Blockchain Summit which is about to happen in July. Roubini is an infamous crypto disbeliever, also academic, who is known as the “Doctor Doom”.
Roubini believes that crypto “is a farce” and BitMex put an emphasis on this in their volume tweet saying that their CEO will debate him face-to-face in Taipei, Taiwan.
“Ain’t gonna be no rope-a-dope, just a straight knock out,” commented Arthur Hayes.