The trading volumes experienced by BitMex show why it is regarded as one of the best digital exchanges in existence. BitMex once broke the record for highest trade volumes in a day after they traded over $10 billion in a single day in May.
One of the leading cryptocurrency exchanges, the Bitcoin Mercantile Exchange (BitMex), has reported that they experienced $1 trillion in trading volumes over the past 365 days. The $1 trillion mark was reached after the exchange had $6.9 billion worth of trades executed on it in the past 24 hours according to BitMex CEO Arthur Hayes. Hayes made the announcement via his twitter account and he also said that the digital exchange has traded $164 billion worth of crypto associated perpetual contracts in the last 30 days.
— Arthur Hayes (@CryptoHayes) June 29, 2019
The trading volumes being experienced by BitMex can be attributed to the current trends across the cryptocurrency world and the volatility of Bitcoin. Bitcoin has been experiencing surges in its price both up and down. The cryptocurrency has reached a high of $14,000 and a low of $7,000 before settling at around the $11,000 mark in the past 3 days alone. This swing may offer an explanation of the high trade volumes. Bitcoin prices have overall increased by 32.6% over the past month.
Through his tweets, Hayes said that he will be meeting with Nouriel Roubini, a well known crypto bear who became known as ‘Dr. Doom’. Roubini is a professor of economists at the New York University Stern School of Business and he became well known for his heavy criticism of cryptocurrencies. On the 3rd of July, Hayes and Roubini will engage in a debate during the Asian Blockchain Summit in Taipei.
Crypto Markets Experiencing Trade Increases
There also has been a general increase in the interest shown towards cryptocurrencies over the past few months and this interest has shown itself through increased trading of cryptocurrencies as more traders and investors make a move into the market. Most exchanges that engage in the trading of cryptocurrency derivatives have seen an increase in trade volumes according to CryptoCompare’s April 2019 Exchange Review.
After Facebook announced its project Libra, crypto exchanges have generally been trading positively. Ether, Ripple (XRP) and several other cryptocurrencies have all experienced the positive trading patterns that are being seen in Bitcoin. It is quite evident that trading cryptocurrencies has once again become a popular scene and traders who had previously stopped trading due to the market slump, which occurred a few years back, are now reengaging in the trade of digital assets.