BitMEX Releases Video Highlighting “Cryptocurrency Pricing Model” Research


BitMEX is one of the world’s largest cryptocurrency exchanges. Earlier today, the exchange’s research department posted a video highlighting their new “cryptocurrency pricing model.” In the 23 second clip, we see a Lego roller coaster going through ups, downs, and curves.

It’s an accurate reflection of the state of cryptocurrency in 2018. After peaking near $20,000 in December 2017, bitcoin has flirted with $5,500, risen back up to $10,000, and then settled back into the $6,500 range. Altcoins have been even more volatile.

The 24 second clip shows a Lego roller coaster with a sign saying “HODL” arching over the track just before the plunge. The passengers of the roller coaster as the investors, and the roller coaster continues going around the tracks. Prices rise, and the passengers reach the peak. The sign says hodl, and then the markets – and the roller coaster – plunge once more.

Some are taking the tweet to mean that BitMEX has a bullish view for the future of cryptocurrencies. The roller coaster always rises back to the top. Others see it as a bearish view because the roller coaster frequently crashes back to the bottom.

BitMEX’s research division is dedicated to publishing evidence-based, unbiased reports on the crypto industry, which is why this latest video doesn’t indicate a bullish or bearish stance. It’s just a tongue-in-cheek take on the state of crypto in 2018.

It’s easy to see 2018 as a roller coaster year for bitcoin, but the last few months have been among the most stable in bitcoin’s recent history. The price has remained closely within the $6,000 range, neither rising nor falling by a significant amount.

BitMEX recently released a Bitcoin Price Correlation report for March 2018 where they explain how bitcoin isn’t completely insulated from movements in traditional marketplaces, although it’s relatively insulated from some price movements:

“It appears that Bitcoin has been a reasonably non-correlated asset class throughout its history. During the recent rally to a valuation of hundreds of billions of dollars, however, correlations — and, crucially, correlations to risk-on assets — started to increase.”

The cryptocurrency community, to its credit, appears to be taking the BitMEX tweet as it was intended: as a lighthearted joke on the trials and tribulations of taking a long position in cryptocurrency.

Litecoin creator Charlie Lee chimed in calling the Lego roller coaster,

“One of the most well researched and accurate price prediction of Bitcoin and Litecoin.”

There’s no roller coaster in the world that rises constantly without falling. Is bitcoin going to come crashing down to earth eventually? Are we at the bottom or the top of the roller coaster right now? These are all good questions that the BitMEX Research video doesn’t try to answer – again, this is just a video of a Lego roller coaster going around a track.

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