BitMEX Declares $16 billion 24-Hour Record Thanks to the 2019 Bitcoin Bull Run
The 2019 Bitcoin bull run has been very promising as many people have reaped really juicy returns with the number one coin recording more than 200% year-to-date (YTD) gains and expected to gain higher.
Recently, Bitcoin surpassed $13,000, a surge that saw its market cap also increasing higher than $244 billion. Whether or not the surge was caused by a fear of missing out (FOMO), general sentiment has been very bullish and stakeholders like Barry Silbert – CEO of Grayscale – excitedly declared that “we’ve entered the crypto spring.”
Officially, BitMEX, one of the world’s biggest cryptocurrency exchanges has declared record trading volumes owing to the $13,000 surge. According to a tweet from the firm, BitMEX saw more than $1 billion in open interest, also recording more than $16 billion on various products from the firm. The tweet also announced that volumes of BTC/USD trades reached $13 billion.
Today sets a new record for crypto: >$1B open interest on XBTUSD, >$13B traded on XBTUSD, >$16B on all BitMEX products. Yet, @Nouriel still believes that cryptocurrencies are a farce. Watch him face-to-face next week in Taipei vs our CEO, @CryptoHayeshttps://t.co/iYxEydvD33 pic.twitter.com/Zdd2Bwkv5X
— BitMEX (@BitMEXdotcom) June 27, 2019
Just a few hours before the new record, BitMEX’s volume had already crossed $11 billion according to a picture posted by the firm’s CEO, Arthur Hayes. Hayes (@CryptoHayes) then captioned the picture quite animatedly, saying:
“XBTUSD perp swap open interest is now in the 3 comma club. Welcome to the 2019 bull fucking market YeeHaw!”
BitMEX isn’t the only firm enjoying all-time high records as the Chicago Mercantile Exchange (CME) group also declared Bitcoin futures open interest all-time highs on 17th June, with 5,311 contracts reaching a total of 26,555 BTC – roughly $246 million at the time.
ABS 2019 and The Dr. Doom Debate
One of the largest international blockchain events in Asia will take place on the 2nd and 3rd of July in Taiwan’s capital city of Taipei. The Asian Blockchain Summit (ABS 2019) will happen during the Taipei Blockchain week that already looks to receive over 300 crypto and blockchain companies as well as more than 5,000 attendees from the cryptosphere in other parts of the world.
The summit is known to host some of the most fired up debates about the advancement and adoption of blockchain technology especially as it relates to global regulations, market specifics, adoption in business and commerce and also what the sector holds for the future.
One of the most anticipated parts of the event will be a speech on the global blockchain industry by the founder and CEO OF Binance, Changpeng Zhao.
However, maybe more anticipated than that is the face-off scheduled between the BitMEX CEO, Arthur Hayes and popular macroeconomist Nouriel Roubini. Roubini, who is popularly known as Dr. Doom is a very vocal critic of cryptocurrency. Roubini is so critical that in the past, he has said:
“I believe 99.99% of cryptocurrencies will inevitably fail – maybe only Bitcoin will last over just a few years.”
Conversely, the BitMEX CEO is a noted cryptocurrency enthusiast. Hayes who has years of experience in the traditional banking sector and the blockchain industry has also recently faced-off with Roubini on Twitter.
The BitMEX Research handle recently announced the firm’s achievement of $1 billion in open interest. However, Nouriel responded in his usual critical tone saying:
“How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”
Hayes then responded ending the exchange which seems to have whet more than a few appetites for their upcoming debate:
“Maybe you should speak with my private bankers they will inform you BitMEX don’t fake shit. Can’t wait to see you in Taipei XOXO.”