Bitcoin’s surge over $10,000 carpet-bombs traders as shorts worth $64.38 million get liquidated

The relationship between the Bitcoin [BTC] Spot and Futures market can be summed up as, “I scratch your back, you scratch mine.” On several occasions, the price of the largest cryptocurrency in the market on Futures exchange has been a tell-tale for its Spot equivalent. Subsequently, whenever BTC has surged, naysayers touting shorts have been […]
The post Bitcoin’s surge over $10,000 carpet-bombs traders as shorts worth $64.38 million get liquidated appeared first on AMBCrypto.
Source: AMB Crypto

BitMEX partners with CryptoCompare to provide real-time crypto futures dataset to investors

BitMEX, the cryptocurrency derivatives trading platform, has collaborated with CryptoCompare, a platform for cryptocurrency data and indices, according to latest reports. The press release stated that the latest partnership will essentially provide professional investors with real-time cryptocurrency futures information on the Refinitiv Eikon terminal, a financial information platform.
Arthur Hayes, CEO of the Seychelles-registered crypto-derivative exchange, remarked,
“When it comes to investing, good decision-making depends on access to solid data insights. We are pleased to deliver a new wealth of data on cryptocurrency futures for institutional investors that can contribute to their overall confidence throughout their decision-making process.”
Hayes hopes that the collaboration will potentially attract more institutional investors in the space by bringing more “transparency and confidence” in the cryptocurrency space, which has been riddled with controversies of fake volumes lately.
Bitcoin Mercantile Exchange or BitMEX, had recently released a report stating that users do not use the maximum 100x leverage that the platform offers. The digital currency trading platform also recorded a 24-hour trading volume that climbed an all-time high of over $10 billion. Hayes attributed the spike to the volatility of the cryptocurrency space and the traders.
The post BitMEX partners with CryptoCompare to provide real-time crypto futures dataset to investors appeared first on AMBCrypto.
Source: AMB Crypto

BitMEX reports WebSocket API latency because of spikes of traffic in trading engine during Bitcoin’s price move

Bitcoin [BTC], the largest cryptocurrency by market cap, saw a dramatic price action yesterday, with the coin breaking through an important milestone – $9000 mark, and also losing around $1000 in its value within a few hours. Taking into this sudden increase and massive decrease, it was reported that both longs and short approx. to $32 million was liquidated on BitMEX, one of the leading margin trading platform.
Notably, during the same timeframe, BitMEX experienced a WebSocket API latency, as reported by the exchange earlier today. The timeframe was reported to be 16:00 and 17:00 UTC on 30 May 2019, and the reason behind the “substantial lag” was stated to be “spikes of traffic” in the trading engine “during large market moves”, however, the exchange did not mention the exact time latency it experienced.
A blog post by Teamtreehouse described WebSocket as,
“WebSockets provide a persistent connection between a client and server that both parties can use to start sending data at any time”
This issue could have led to a lag in the actual price displayed on the website, thereby resulting in a possible disruption of trade among the customers. The exchange further stated that this problem would be solved in the coming few days as the team is planning to lower the overall latency of the WebSocket feed with its Testnet release this week, following which it would be released to the main platform.
The exchange stated,
“During this period some WebSocket connections also experienced dropped market data updates as memory limits on an internal messaging layer were hit, forcing reconnections.”
Cuban, a Twitter user said,
“This happens very regularly every day. Your horizontal scaling effort makes sense to address the overload but why on earth is your price feed constantly inconsistent? I hope the team realises why you are losing liquidity and market share to competitors.”
The post BitMEX reports WebSocket API latency because of spikes of traffic in trading engine during Bitcoin’s price move appeared first on AMBCrypto.
Source: AMB Crypto

What You Must Know Before You Start Your Crypto Margin Trading

What You Must Know Before You Start Your Crypto Margin Trading
In this article, we will outline the characteristics of margin trading and more importantly the best exchanges where you can get into this type of trading using your favorite cryptocurrency.
What You Must Know Before You Start Your Crypto Margin Trading

Continue reading at Coinspeaker
Source: CoinSpeaker

BitMEX: HDR Global Trading donates to MIT’s Digital Currency Initiative supporting cryptocurrency research

HDR Global Trading, a company that owns and operates BitMEX, announced their support for research into cryptocurrencies by MIT’s Digital Currency initiative through a donation.
The recent blog by BitMEX explained MIT’s research will try to help develop and better the global cryptocurrency ecosystem. Samuel Reed, the CTO of HDR Global Trading stated:
Our company has always been energized by the potential of cryptocurrency. Our donation into research and development is about ensuring that the network is more robust. A stronger Bitcoin network will be beneficial to all, and we are very excited to be able to aid in its progress.
MIT’s Digital Currency Initiative has four main goals which can be broadly classified into, research on blockchain and digital currency topics, to be a neutral convener to research and test concepts with high social impacts, to allow access of knowledge of the new technology to all, and to help students develop skills and further drive the innovation in blockchain technology.
However, the main purpose/ethos of this initiative as stated by MIT is, “to create a future in which moving value across the Internet is as intuitive and efficient as moving information”.
The blog by BitMEX further added:
HDR Global Trading is proud to support Bitcoin research and engineering that will make Bitcoin stronger, improving Bitcoin’s robustness, scalability and privacy. In particular, HDR is keen to help support the work of Bitcoin Core developers Wladimir van der Laan and Cory Fields. Their roles have important implications on different parts of the Bitcoin protocol.
The post BitMEX: HDR Global Trading donates to MIT’s Digital Currency Initiative supporting cryptocurrency research appeared first on AMBCrypto.
Source: AMB Crypto

Week in Review: Cryptocurrency Price Analysis for the Week May 19 to May 26

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
Bitcoin continues to sit close to USD 8000 which finally looks a stability zone for now. The prices hit a high point of USD 8,200.97 and the lowest point of USD 7,533.20 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (7.21%), BitForex (2.72%) and Coinall (2.63%)
Among prominent news around Bitcoin, In a recent interview with CNBC’s post-market show Fast Money, Mark Yusko, the Founder, Chief Investment Officer (CIO), and Chief Executive Officer (CEO) of SEC-registered investment advisor Morgan Creek Capital Management, said that Bitcoin (BTC) Will Outperform Stocks Over Next 10 Years
Ethereum (ETH)
Ethereum followed Bitcoins move and sits well over USD 200 now after some months. Ethereum on the top, this week were at USD 262.11 and were at lows of USD 233.79. The markets that were more active, in volumes, with ETH across various pairs this week were LATOKEN(3.76%), DOBI Exchange (3.74%) and OOOBTC (3.20%)
Among news surrounding Ethereum, Buterin broke down the current state of transactions on the Ethereum blockchain and what he believes can be done to improve user anonymity. As a solution to the issue of privacy, Buterin proposes a simple mixer for sending fixed quantities of ETH from one account to another. These transactions would not be visible on-chain, and would likely be most applicable for use with small quantities of ether.
Ripple (XRP)
On the top, this week the prices of XRP were at USD 0.417456 and towards the bottom, it quoted USD 0.366805. The exchanges that were more active, in volumes, with XRP across various pairs this week were, ZBG (10.03%), (4.50%) and HitBTC (4.49%)
For XRP this week, SCB Thailand launched a blockchain platform that uses the Ripple company’s xCurrent system to facilitate cheaper cross-border money transfers.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on May 26 at 6:30 pm IST) were

ThoreNext – Showing a rise of 486.82%
SoPay- Showing a rise of 236.33%
Egretia- Showing a rise of 152.47%


Mainstream For The Underground- Showing a drop of 78.37%
Crystal Token- Showing a drop of 77.80%
InternationalCryptoX– Showing a drop of 55.26%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Week in Review: Cryptocurrency Price Analysis for the Week May 19 to May 26 appeared first on Coingape.
Source: CoinGape

BitMEX’s Hayes: Bitfinex’s LEO Sale Sign Of Returning Bitcoin Bull Market

Weeks ago, Bitcoin exchange giant Bitfinex raised $1 billion worth of capital, purportedly denoted in Tether’s USDT, in an in-house initial exchange offering (IEO). The token being sold was Bitfinex’s own, LEO, and became a popular investment opportunity for whales and other industry insiders.
Since the raise finished, news on the subject matter has quieted. Yet, one industry executive recently came out to say that the success of the raise is of more importance that we may realize.
Related Reading: Trouble? Bitfinex Posts Record High Net Bitcoin Withdrawals in April 2019
Signs Of Returning Bitcoin Bulls
In the most recent edition of “Crypto Trader Digest”, penned by BitMEX chief executive Arthur Hayes, it was suggested that the recent IEO boom is a sign of returning Bitcoin bulls. Hayes explained that with IEOs being the spiritual successors of initial coin offerings, which was a massive catalyst behind 2017’s Bitcoin and Ethereum surge, a surge in activity in this subindustry could “cause speculators to pile back” into this industry.
The data suggest that IEOs have already seen massive success. As aforementioned, Bitfinex raised $1 billion from a mass of investors, of which many have been purported to be China-based. And Binance has continued to see tens of thousands, maybe more, line up for its IEOs.
While Hayes went on to acknowledge that this craze is just feeding into the incessant stream of “s**tcoins” and “SICK GAINZ”, he adds that Bitfinex’s raise confirms that the “community is feeling good about itself”. Or as he put it on Twitter a bit earlier, “the bull market is here, buckle-up buckaroos!!”

A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!!
— Arthur Hayes (@CryptoHayes) May 13, 2019

Funnily enough, however, some have postulated that the sale of LEO tokens may be a detriment to the crypto market. As reported by NewsBTC previously, Tom Lee, Fundstrat’s head of research, explains that $1 billion worth of new tokens will have a negative impact on BTC and other digital assets, as the market needs to “absorb” an influx of LEO tokens. As Lee notes, “Bitcoin miners sell $7mm per day, so a $1 billion IEO is essentially 142 days worth of miner selling taking place in one day.”
But, LEO has launched, and the market has actually stagnated, not collapsed.
Not The Only Sign
This isn’t the only bullish sign that Hayes has seen as of late. In a tweet, the former institutional trader pointed out that the June and September contracts on BitMEX are in contango, when a futures contract trades above the spot price, a sign of longs and bullish speculators.

The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah!
— Arthur Hayes (@CryptoHayes) May 19, 2019

Featured Image from Shutterstock
The post BitMEX’s Hayes: Bitfinex’s LEO Sale Sign Of Returning Bitcoin Bull Market appeared first on NewsBTC.
Source: New

BitMEX registers $11 billion worth of orders per week; yields 10x performance improvement

With cryptocurrency slowly seeping into the fabric of our day-to-day lives, crypto-exchanges stand at the forefront of the crypto-revolution. BitMEX, the leading crypto-trading platform, released a report sharing its insights into the company’s scaling initiatives and the complications around handling the recent spike in trading volumes.
The report shared by BitMEX on Twitter read,
“BitMEX Technology Scaling. Take a read how our engineering team is working to handle the immense trading volumes going through BitMEX and the challenges that we face ahead as we continue to scale.”
The company revealed that the “BitMEX trading engine is fundamentally different from most engines in crypto and in traditional finance” and offers exceptionally accurate trading. The post also highlighted the rising trading volumes in 2019, where the exchange witnessed a record-breaking $11 billion worth of trade on 11 May 2019.
Source: BitMEX
Further, BitMEX explained that the exchange yielded 10x performance improvement after the company focused efforts to “optimize order cancellation, amend, and placement actions in the trading engine, reworking internal data-structures, algorithms and audit checks to tune specifically for the kind of speed kdb+ can offer”.
The report also described “System Overload” as a purposeful feature that avoids queue delays and execution times by minutes. The company also focused on building the trading engine in such a way that,
“Not a single satoshi goes missing, or the system shuts down! Additionally, our engineers have identified several key areas where optimisations can safely be made and are working tirelessly to deliver a new, robust architecture to dramatically increase the capacity of the platform.”
The company’s endnote hinted at further incremental changes as part of the ongoing longer-term re-architecture of the trading platform, as well as tactical in-place capacity improvements to the engine.
The post BitMEX registers $11 billion worth of orders per week; yields 10x performance improvement appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Volume on BitMEX Skyrockets to Staggering $10 Billion as BTC Hits 2019 High

As the bitcoin price surged past $7,550 to establish a new 2019 high, the daily volume of the dominant cryptocurrency on BitMEX hit $10 billion.

New record for BitMEX trading volume. Praise be to volatility and our wonderful traders!
— Arthur Hayes (@CryptoHayes) May 12, 2019

Arthur Hayes, the CEO at BitMEX, the most widely utilized margin trading platform by bitcoin traders, revealed that the daily volume of bitcoin on BitMEX surpassed $10 billion on a Sunday, which was especially surprising given that the cryptocurrency market historically has shown a dip volume during the weekend.
Interest in Bitcoin is Surging Again
With the verifiable daily spot volume of bitcoin at over $1.9 billion, up by nearly 9-fold since March, and the daily volume of BTC at over $10 billion on BitMEX, the daily volume of the cryptocurrency market is nearing that of the 2017 peak during which the bitcoin price achieved $20,000.
Two days ago, Multicoin Capital general partner Vinny Lingham stated that if the bitcoin hold the $6,200 level for more than 24 hours, the start of a new bull market can be confirmed.
“If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and I’m going to become a raging bull!” he said.
Other analysts including global markets analyst Alex Krüger ‏similarly stated that BTC is currently in a bull market territory following its move from $5,500 to over $7,000 within a span of one week.

$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000S: 6400, 6000
Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18.
— Alex Krüger (@krugermacro) May 11, 2019

In the weeks to come, BTC is likely to see extreme volatility, as the volumes of major cryptocurrency exchanges recover and the demand for the asset rises in various markets such as the bitcoin futures market.
Bitcoin Investment Trust (GBTC), a regulated investment vehicle that enables investors to invest in bitcoin in a transparent and strictly overseen environment, has also seen record high volumes as of late.

Trading volume on Grayscale Bitcoin Trust (symbol: $GBTC) exceeded $50 million today and was again the most actively traded stock on @OTCMarkets OTCQX
— Barry Silbert (@barrysilbert) May 10, 2019

Despite the 53 percent increase in the bitcoin price in the past 30 days, the trend of the search engine keyword “bitcoin” has not recovered relative to the increase in the price of the asset, indicating that the mainstream and the broader market have not triggered the bull run of the asset.
The trend of bitcoin on Google remains low (source: Google Trends)
Analysts have suggested that investors within the cryptocurrency market have become increasingly comfortable and confident with the trend of the major crypto assets, allocating capital into the asset class as the market began to demonstrate signs of full recovery.
Sustainability of Volume is Key
In the near-term, some traders expect bitcoin to engage in a healthy pullback, slightly retracing from its recent price surge.
“Anybody trying to convince you that $BTC is about to retrace 30% is just salty they missed the current bullish advance. We’ll get a healthy retrace, but not 30%,” Satoshi Flipper, a cryptocurrency trader, said.
For the asset to initiate a minor pullback that may serve as the foundation of the next rally, it is crucial for the volume of the asset across major exchanges to remain at the current level throughout the near-term.
The post Bitcoin Volume on BitMEX Skyrockets to Staggering $10 Billion as BTC Hits 2019 High appeared first on NewsBTC.
Source: New

Bitcoin SV [BSV] block reorganisation: Network not reliable for payments, says BitMEX Research

Bitcoin SV [BSV] was in the limelight because of its touted large blocks, especially the 128MB blocks, highlighted by its spearheads. Just weeks after the feat, the coin’s blockchain was subjected to multiple block reorganizations as pointed out by a series of April 19 tweets by BitMEX Research.
The tweets indicated that on April 18, the exchange’s BSV node saw dual block reorganizations. BitMEX stated:
“First a 3 block re-organisation, followed by a 6 block re-organisation.”
Source: Twitter
BitMEX cited block 578639 as the location of the split, where the two competing chains were noticed. The tweet further stated that the exchange’s note kept track with the chain on the left until block 578642, following which it moved to the right. In the next hour, there was another jump to the left.
The research, however, contends that all the Transactions IDs [TXIDs] from the aforementioned fork migrated to the main chain, hence, double spending can be ruled out.
In light of this reorganization, BitMEX stated that the inference drawn can be that the BSV network cannot be relied on for payments, the block size touted to be too large to handle, and the network latency was too high.
With the BSV network incapable of handling a block of such a size, as the research indicates, their touted goals seem far-fetched. The cryptocurrency’s camp has maintained that their intention was to raise the default block cap to 512MB, with the same to be raised to 1-2GB in the future.
Jimmy Nguyen, one of the leads of the BSV project has even suggested blocks with no specified limits, with the same configured by the miners.
Block size apart, Bitcoin SV has been going through a tumultuous period off-late. The coin has been subject to a number of delisting announcements from top exchanges following the legal challenge mounted by its founders, which some have compared to “bullying”.
The post Bitcoin SV [BSV] block reorganisation: Network not reliable for payments, says BitMEX Research appeared first on AMBCrypto.
Source: AMB Crypto

Arthur Hayes talks about upcoming interest earning product for BitMEX, reveals other products in pipeline

The CEO and founder of BitMEX, Arthur Hayes, spoke on a Venture Coinist podcast and revealed future Bitcoin products that would allow users to earn interest by holding it, and the other plans of BitMEX.
Speaking about the product that will let users earn interest by lending their Bitcoin, Hayes stated that he was exploring, on a small-scale level, about making it work for Bitcoin. He stated:
“I want to create a future where the highest quality exchange and miners issue short term Bitcoin bonds to the ecosystem.”
He said that this would create a “credit curve” for Bitcoin and people could start natively borrowing it and create businesses using Bitcoin without having an outside currency exposure. He also added that this would create a “ubiquitousness of the use of Bitcoin and other cryptocurrencies” and that it would propel the crypto-space as a whole to a new level.
Hayes continued that he would work on it and hoped that he could come up with a test transaction to gauge the interest of the audience for the fixed income market. He said:
“And from a selfish perspective of BitMEX, the fixed income markets are much larger than the FX markets… so if we can start to trade interest rate derivatives on our native crypto credit curve, which is comprised of the best quality companies in the space and that’s really going to take our platform to the next level and help us achieve our goal of becoming the largest exchange”
Speaking about the next upcoming product, Hayes gave his insights into the ability to buy Nasdaq Indices with Bitcoin. Hayes added:
“We have funded a start-up in their seed around who I’m not gonna give out the name yet because I want to put undue pressure on them to deliver but hopefully, by summer of this year you will be able to use Bitcoin and purchase the S&P 500 and Nasdaq’s indices using Bitcoin.”
With the new feature, users can buy a swap for the available Nasdaq’s indices using Bitcoin and can sell their swaps to receive Bitcoin. Hayes said that he hopes to merge the crypto and the traditional markets. He also confirmed that this would be a side product and that it would be accessible through BitMEX.
The post Arthur Hayes talks about upcoming interest earning product for BitMEX, reveals other products in pipeline appeared first on AMBCrypto.
Source: AMB Crypto

BitMEX CEO talks about millennials and future of Bitcoin, BitMEX

BitMEX is one among the largest cryptocurrency exchanges which provide perpetual contracts for Bitcoin and offer leverage trading of Bitcoin contracts up to 100x. Arthur Hayes, the CEO of BitMEX, spoke on the Venture Coinist podcast and discussed his vision for BitMEX and how he saw the Bitcoin ecosystem evolve.
Arthur Hayes addressed the ads that they put out on the tenth anniversary of Bitcoin and the BitMEX Research department. He said that the bedrock of BitMEX and other cryptocurrency platforms rested on a well-functioning Bitcoin ecosystem. He added that since they did not have any banks or other financial institutions which needed to provide permissions, they relied on Bitcoin. He further added that it underpins their business.
Hayes elucidated,
“We are dependent on Bitcoin to allow us to be financial creative in the products that we bring to the market, so it behooves us to be supportive of the ecosystem, whether its educating people through research platform that has nothing to do with products that we offer and more to do with Bitcoin blockchain and other technological things that are happening in the ecosystem.”
Speaking about his vision for BitMEX, Hayes explained that millennials were comfortable with the digital form of money and that the demand for analog money would eventually fall. Hayes also added that the “baby-booming generation” in the 70s and 80s were coming into “asset-earning ages”.
Addressing Bitcoin and the current generation, Hayes said that “they were baby-booming generation” and that millennials and the Gen-Z would be the generation that would ride the shift from analog money to digital money. He continued that this was the reason why stocks and bonds were traded from 9-to-5 for five days and cryptos were being traded 24×7.
Moreover, Hayes said that the next generation, millennials or Gen-Z would be comfortable with digital assets in the near future and that Bitcoin would gain more traction in the next 10-20 years.
The post BitMEX CEO talks about millennials and future of Bitcoin, BitMEX appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin SV [BSV] miners have accumulated a gross loss of about $2.2 million, says BitMEX research

The disagreement between Roger Ver aka Bitcoin Jesus and Craig Wright led to the contentious hard fork of Bitcoin Cash, which further split into Bitcoin Cash ABC and Bitcoin SV. According to BitMEX research, Bitcoin SV miners have suffered a massive loss of $2.2 million due to its price.
BitMEX tweeted on April 13, 2019,
“Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs only”
Source: Twitter
A total of 265,388 Bitcoin Cash ABC coins have been mined since the hard fork on November 14, 2018. According to BitMEX research, the minimal estimated cost for mining the coins of Bitcoin Cash ABC [now known as Bitcoin Cash] was $31.9 million. The total mining revenue earned by BCH miners was $74.3 million.
For Bitcoin Cash SV [now known as Bitcoin SV], a total of 263,550 coins have been mined and the minimal mining cost was $20.7 million. However, total revenue earned from mining was a mere $18.4 million, which put the miners at an approximate loss of $2.2 million.
This is not the first time Bitcoin SV has incurred massive losses. BitMEX research reported similar findings after the hard fork on November 19, 2018.

Hash war estimated costs live update
Combined totals:* Estimated leasing fees: $8.1m* Combined gross losses: $6.1m
Even assuming cheap energy costs, SV miners have a negative gross margin of 353% & $1.4m of gross losses. @CalvinAyre @ProfFaustus cant keep this up forever.
— BitMEX Research (@BitMEXResearch) November 19, 2018

Since the fork, Bitcoin Cash has been performing well, when compared to Bitcoin SV. Craig Wright’s move of filing lawsuits against Twitter critics has garnered a lot of negative attention from the cryptoverse, with many coming out in support for those at the end of these lawsuits.
This even caught the attention of Binance’s CEO, CZ, who tweeted,
“Craig Wright is not Satoshi.
Anymore of this sh!t, we delist!”
Such a move would be detrimental to the Bitcoin SV camp, and would further pull down the prices of the struggling cryptocurrency.
The post Bitcoin SV [BSV] miners have accumulated a gross loss of about $2.2 million, says BitMEX research appeared first on AMBCrypto.
Source: AMB Crypto

Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives
Michael Budkov, marketing specialist, financier, and writer, shares exclusive comments from the representatives of four cryptocurrency exchanges that support derivative contracts and reflects on the market trends likely to develop in 2019.
Cryptocurrency Exchanges With Derivatives in 2019: Exclusive Comments From 4 Industry Executives

Continue reading at Coinspeaker
Source: CoinSpeaker

UK Bitcoin Trading Volume Hits $65 Million Average – Is London Going Big?

The last three months in the United Kingdom’s bitcoin market has been no less than amazing, indicated Skew.
The London-based data analytics portal revealed that the region developed a strong bitcoin trading traffic in the last 120 days. It shared a graph across its social media channels, reflecting upon the growing presence of traders in the UK’s crypto climate.
Per the chart, traders on BitMex were contributing approximately $65 million worth of XBT/USD trading volume every day over the past three months. The trading rate was higher between 1000 GMT to 1600 GMT, reaching up to $100 million ahead of the mainstream market’s closing hours.

Apparently you can't build a crypto trading business in the UK because all the traders are in the US and Asia.
average volume – in mln$ – on Bitmex xbtusd per hour of the day – UK time (last 120d)
Hard to disrupt the geographical location of London!
— skew (@skew_markets) February 28, 2019

Trading volume indicates the number of trades taking place across an exchange. BitMex, which lists both spot and derivative bitcoin instruments, became a central point for Skew to understand a market-wide bitcoin trading sentiment.
London a Crucial Geographical Location
Skew noted that London was a crucial geographical location to learn about the bitcoin volume trend. The late Asian trading hours easily melts into the GMT early session, and the late GMT trading hours also touches upon the US market open. Skew sarcastically pointed out that the US and Asia had more traders than the UK. But, it did not entirely mean that the region was not an attractive place to build a crypto trading business.
It very much explains why average trading volume around 1600 GMT was always higher than the rest of the day. That’s 11 am in New York, the global financial hub sniffing its second round of coffee. That’s also 9:30 am in Mumbai, home to one of Asia’s leading stock markets.
“Hard to disrupt the geographical location of London,” Skew commented.
Big Crypto Firms Entering the UK
The location could be one of the many reasons why some of the world’s leading crypto service firms have entered the UK recently. In March 2018, US-based Coinbase opened an office in London to penetrate the local and European crypto market. Binance, the world’s largest crypto exchange by volume and revenue, also expanded into the UK by launching Binance Jersey. Binance CEO Changpeng Zhao later said that they were registering more customers than ever from a region.
“ is overwhelmed with registrations. There is a backlog of KYC (Know Your Customer) verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. Just crazy! One thing we do ‘well’ is underestimating ourselves, and the market.” is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!
— CZ Binance (@cz_binance) January 17, 2019

2019 also brought news of more expansions. US crypto exchange Kraken acquired Crypto Facilities, a London-based crypto futures platform, for a “nine-figure” sum.
Overall, the UK, with its lighthouse view of the world’s emerging crypto markets, is giving entrepreneurs a strategical advantage.  Skew’s trading volume analysis reflects an opportunity for expansion, especially when the growth of crypto markets have been extinguished by the patchwork regulatory climate of the US market.
The post UK Bitcoin Trading Volume Hits $65 Million Average – Is London Going Big? appeared first on NewsBTC.
Source: New