BitMEX Exchange’s Record Setting 1 Million XBT Worth $8 Billion Trading In 1 Day

The 35% gain in BTC, from $6,200 to $8340, in just a couple of weeks is showing positive effects on every domain of cryptosphere. On 24th July, BitMEX announced that they have traded close to 1 million in BTC in the last 24 hours, worth more than $8 billion which is an industry record.

After this huge landmark, the company thanked its users and congratulated its engineers for delivering the capacity to make the trade amount possible.

BitMEX, short for “Bitcoin Mercantile Exchange”, is an advanced derivatives trading platform for cryptocurrencies. The company serves as an interface for investors to interact with global financial markets using bitcoin. Unlike many cryptocurrency exchanges, which trade one cryptocurrency for another, they are focused on derivatives trading. BitMEX offers perpetual swap contracts as well as daily and weekly futures contracts.

The platform does not charge fees for deposits or withdrawals made to or from the exchange, although you will still have to pay fees to the bitcoin network. BitMEX dynamically sets the minimum fee based on network activity.

They use multi-signature wallets for both client and exchange accounts. All withdrawals are handled manually and processed at a designated time once a day. Funds are kept in offline cold storage, rather than “hot wallets.” The combination of these features gives BitMEX a very solid security infrastructure when it comes to handling client funds.

Notably, the co-founder and CEO of BitMEX, Arthur Hayes has predicted bitcoin’s price will reach $50,000 by year-end, although he expects more volatility after the end of summer.

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