More

    18,000 BTC Transfer To BitMEX Derivative Exchange Wallet, Bitcoin Prices Jump

    BitMEX, short for Bitcoin Mercantile Exchange, provides bitcoin trading products that stimulate over 100 times leverage, which as per their objective, permits users to buy as many as 100 BTC contracts with only one BTC to back it up. Besides the factor of leverage, BitMEX contracts have no expiry, which is preferred among many.

    This being said, it has been recently revealed that BitMEX allegedly received 18,000 bitcoins, which are worth approximately USD$112,651,920 today.

    Many perceive this to being great news, as large transfers and selling of bitcoins have been capable of impacting its overall trading volume and prices. As per Finance Magnates reporting, the 18,000 was received from 16 different wallets on Tuesday, August 14, 2018. Another set of about 464 BTC were also transferred, but the account to which they were transferred remains indistinguishable.

    Prior to this transfer, BTC was sitting at USD$6,059, however, it reached an all-time high of about USD$6,588 within the past two days. Ultimately, this reflects a nine percent increase. This clearly shows that there is a correlation between buying and selling of cryptocurrencies and market trends.

    Other examples that show this relationship include, former bitcoin exchange, Mt. Gox’s bankruptcy trustee, whom some refer to as a “Whale” or Nobuaki Kobayashi sold a large portion of his bitcoin holdings, driving the prices and market down significantly.

    Of BitMEX’s products, the XBTUSD is mostly preferred as it is a Perpetual Contract. In particular, users who choose this respective type of contract need to be aware of its fair price marking, unrealized PNL, liquidation prices as well as longs versus shorts depending on positive versus negative rates.

    Overall, it is not wrong to assume that large transfer of crypto can possibly influence how the crypto market travels. Another assumption that many leaders and investors of all levels stand by is that of emotions. In other words, positive versus negative news could impact the buying and selling patterns, and eventually market trends.

    What other factors do you hypothesize play a role in market trends? Share below.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.