Bitcoin Mercantile Exchange (BitMEX), a Seychelles-registered and Hong Kong-operated cryptocurrency derivatives exchange, recently recorded over $10 billion in total trading volume in just 24 hours.
This, according to Arthur Hayes, the CEO at BitMEX, who revealed via Twitter that high levels of volatility may have led to a dramatic surge in trading volume.
New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
Nearly $86 Billion In Trading Volume In Past 30 Days
According to Twitter user AskMeHowToGetRekt (@IAmRipoff), the trading volumes on other cryptoasset exchanges (during the same time period) were “much lower.”
New daily record of $BTC volume on @BitMEXdotcom. All exchange charts are much lower volume so it looks like these faithful beras are responsible for this massive volume. Thanks for providing your liquidations; couldn't have done it w/o ya. pic.twitter.com/21l0UWG0Q8
— AskMeHowToGetRekt (@IAmRipoff) May 12, 2019
As confirmed by Sludgefeed, BitMEX has recorded approximately $86 billion in trading volume in the past 30 days. The recent spike on Saturday (May 11th) in the crypto trading platform’s volumes may have been due to a (potentially) large number of short position liquidations.
On Friday (May 10th), the Grayscale Bitcoin Trust (GBTC), which is available for over-the-counter trading on OTCQX, experienced a significant increase in volume. More than $50 million in total GBTC trades were processed (on Friday), which made it the most frequently traded OTC stock.
— Barry Silbert (@barrysilbert) May 10, 2019
Bitcoin In “Bull Market Territory”
Commenting on the recent price movements, prominent trader Alex Krüger argued that Bitcoin, the world’s most dominant cryptocurrency is now in “bull market territory.” Krüger, whose comments came after the bitcoin price surged past the $7,000 mark to reach a high of over $7,500, pointed out some key resistance levels to watch and other developments to keep an eye on:
$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 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. pic.twitter.com/ANmIIDJVf1
— Alex Krüger (@krugermacro) May 11, 2019
Notably, 57% of Twitter users responding to Krüger’s survey, completed on May 9th, believe that Bitcoin will trade at $10,000 (or higher) this year.
Will $BTC trade 10,000 in 2019?
— Alex Krüger (@krugermacro) May 10, 2019
“People Don’t Steal Things That Don’t Have Value”
The recent surge in bitcoin price has led to many analysts making extremely bullish price predictions. Mark Yusko, the CEO at Morgan Creek Capital Management, believes the BTC price will reach $400,000.
Yusko, who made his bullish prediction during an interview with news anchor Layah Heilpern on BloxLive TV, said that the large-scale security breach, which led to the loss of over 7,000 BTC on Binance, “confirmed” Bitcoin’s “value thesis.” According to Yusko, the theft of over $41 million in cryptocurrency tells us that bitcoin is perceived as something which is quite valuable as people “don’t steal things that don’t have value.”