BitMEX All-Time Record: Over $10 Billion in Trading Volume Registered

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.

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.”

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.

Bitcoin In “Bull Market Territory”

Over $29 billion in Bitcoin (BTC) trading volume was recorded on May 12th, surpassing the previous high set on January 8th, 2018 - when $25.5 billion in total BTC trades were processed.

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:

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.

"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."