/BitMEX settles all-time record $10 Billion in trades in 24 hours

BitMEX settles all-time record $10 Billion in trades in 24 hours

Arthur Hayes, the 33-year-old CEO of the Bitcoin Mercantile Exchange (BitMEX), a Seychelles -registered cryptocurrency derivatives exchange, has revealed that the Hong Kong-operated trading platform recently settled over $10 billion in trades during a 24-hour time period.

According to Hayes, this is a new all-time trading record (set on May 11th, 2019) for BitMEX and that the dramatic surge in trading volume may be attributed to the recent spike in volatility of cryptocurrency prices.

Expressing confidence in the crypto ecosystem, Hayes believes we might now be in a bull market. He also pointed out that crypto exchange Bitfinex’s parent company, IFinex, Inc. has now reportedly secured $1 billion in funding through the successful completion of its initial exchange offering (IEO).

BitMEX Settled $86 Billion In Trades In Past 30 Days

Available data shows that BitMEX has processed nearly $86 billion in trades in the past 30 days, however Twitter user AskMeHowToGetRekt (@IAmRipOff) mentioned that trading volumes on  other cryptoasset exchanges have been “much lower.”

Digital Currency Group CEO Reveals New Trading Record

On Friday (May 10th), Barry Silbert, the Founder and CEO of the Digital Currency Group (DCG), confirmed via Twitter that Grayscale’s Bitcoin Trust (GBTC), an over-the-counter trading option on OTCQX, registered a substantial increase in volume. In fact, over $50 million in total GBTC were settled this past Friday.

Bitcoin (BTC), the flagship cryptocurrency, is currently trading at around $8,100 according to CoinMarketCap data.

Comparing Bitcoin Price Each Time It Crossed $7,000 Mark

Commenting on Bitcoin’s recent price movements, Twitter user Kevin Rooke (@kerooke) noted via the microblogging platform that the world’s most dominant cryptocurrency hit the $7,000 mark, for the first time, on November 2nd, 2017.

Rooke, who’s known for being an active researcher, compared key metrics related to the Bitcoin network’s performance when it reached the $7,000 mark recently on May 11th, 2019 with when the cryptocurrency was trading for the same price in early November 2017:

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