BitMEX: The One Trillion Dollars a Year Cryptocurrency Exchange

Francisco Memoria

The Bitcoin Mercantile Exchange (BitMEX), a leading cryptocurrency derivatives exchange, has recorded over $1 trillion in trading volumes over the past 365 days, and a whopping $6.9 billion over the last 24-hour period, according to its CEO Arthur Hayes.

Via the microblogging platform Twitter, Hayes revealed the data, adding in the last 30 days, BitMEX traded $164 billion worth of cryptocurrency-tried perpetual futures contracts.

BitMEX notably broke records earlier this year, trading over $10 billion in a single day back in May. The exchange’s performance may be being added by volatility in the cryptocurrency space, as in the last 3’ days Bitcoin’s price went from less Than $7,000 to a $14,000 high, before plummeting to under $11,000 and then recovering.

At press time, one bitcoin is being traded for $11,180, and despite the volatility the flagship cryptocurrency has seen its price rise about 32.6% in a month. So far this year, it’s up by over 200% as it has been recovering from a year-long bear market.

BitMEX’s performance may also be being aided by the growing popularity of the bitcoin futures market. According to CryptoCompare’s April 2019 Exchange Review, most leading exchanges trading crypto derivatives saw their volumes grow month-on-month.

While the exchange with the highest volume was bitFlyer Lightning, which trades XBTJPY perpetual futures, BitMEX came in second place thanks to its XBTUSD perpetual futures contracts.

Bitcoin futures volumes

In his tweet, Hayes also noted that he’ll be seeing Nouriel Roubini, ‘Dr. Doom’ on Wednesday, July 3. This, as both will have a debate during the Asian Blockchain Summit in Taipei. The debate is widely expected in the cryptocurrency community, as it’ll focus on the fundamental value of crypto, and both have wildly differing views.

Arthur Hayes is a cryptocurrency bull. He worked his way up the conventional banking ladder and then founded BitMEX, which has stood out in the cryptocurrency space. Earlier this year he predicted BTC would again see the $10,000 mark – which it did.

Nouriel Roubini, a professor of economists at the New York University Stern School of Business became a well-known cryptocurrency bear after claiming he believes bitcoin isn’t truly decentralized and is the “mother of all scams,” and after calling the blockchain a “glorified excel spreadsheet.”