Over 41 percent of Bitcoin trading volume is handled by crypto exchange and derivatives trading platform BitMEX. While BitMEX CEO Arthur Hayes’ prediction of Bitcoin hitting $5k is realized, $2k or $3K is the next target in line, as per him. With Bakkt postponing its Bitcoin futures contract to next year this just might become a possibility.
BitMEX Accounts for 41% of Bitcoin Trading Volume
Bitcoin has dropped to its lowest of this year at $4,390. At the time of writing, Bitcoin has been trading at $4,490 with 24-hours losses of more than 3 percent. With its market cap dropped down to $78 billion, the daily trading volume has taken a spike reaching $8 billion.
Bitcoin YTD Price chart, Source: Coinmarketcap
If we take a look at the Bitcoin markets, BitMEX accounts for the biggest chunk of it. The crypto exchange and derivatives trading platform has 41.73 percent ($6.3 billion BTC trading volume) of the Bitcoin markets’ share that provides up to 100x leverage on crypto trading. While prominent exchanges like Binance, OKEx, Coinbase Pro, Bitfinex, and Huobi among many others, only accounts to about 2 to 4 percent or lower of Bitcoin trading volume.
Source, Bitcoinity.org, Know more here: http://data.bitcoinity.org/markets/books/USD
BitMEX CEO Arthur Hayes Hits the Target
BitMEX CEO, Arthur Hayes back in July shared that the cryptocurrency hasn’t seen the worst yet when Bitcoin briefly went below $6,000 in late June. He further said, he would “like to see” the leading cryptocurrency hit $5,000 in order to see if we have really bottomed.
Just at the beginning of this month, Hayes said the bear market would last 18 more months stating,
“My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”
“I think we can find a bottom in the $3,000 to $5,000 range,” Hayes had shared at that time which with the way Bitcoin has already broken $5,000 mark and close to touching $4k, it won’t be long when it hits $3k.
On another front, according to the Bloomberg report, Department of Justice (DOJ) has honed onto Tether and Bitfinex exchange for illegal manipulation of Bitcoin prices. Moreover, ICE’s Bakkt has postponed the launch of bitcoin futures contracts to January 24 in 2019 from late December this year.
This could drive the prices of Bitcoin even lower and Arthur Hayes’ Bitcoin bottom at $2k or $3k just might become a reality in a matter of days.
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]