BitMEX Steamrolls 1 Million Bitcoin Benchmark in Trading Volume Sales For Single Day
It’s Happened Again, BitMEX Affirms Bitcoin’s Crossing of 1 Million on the Exchange for the Second Time
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
— BitMEX (@BitMEXdotcom) July 25, 2018
BitMEX & Bitcoin are now title holders for the world's most significant transaction window in the cryptocurrency industry this month. The total listed number for trade was 1,027,214.62 BTC at the time of the announcement.
The number is enormous, especially considering the nearest was on Binance network and only 212,672 BTC (Still a good number). Taking third place for total trade volume of Bitcoin was CoinEx at 51,916, a tiny fraction of the massive amount on BitMEX. Cryptocurrency investors everywhere sat in awe as the numbers were announced. The reason, the platform only recently broke the same number, a couple of weeks ago.
During that time frame, Bitcoin also crossed the $8000 spot, causing a substantial rise in prices for nearly all cryptocurrencies on the market. In the last week of July, the industry saw a total trade volume worth more than 8 billion dollars combined, also an industry record breaker.
BitMEX users complained about the exchanges sales, stating that the high volume caused severe congestion on the platform. However, people always are going to find something to complain about, as far as BitMEX is concerned, it was a good problem to have. User's blasted BitMEX all over social media, as usual. Many even questions the validity of the statement on the numbers made.
BitMEX runs by the way Liquidbot, the platform is python-based, allowing for real-time trade analytics. Traders on the platform can efficiently operate to simultaneous markets on the side, making it ideal for serious investors. BotVS is another software used to run the market, also acting as a significant trade algorithm in Southeast Asia. Complaints about the two software companies were where most of the focus by upset users went. From their point of view, BitMEX did an excellent job for themselves but screwed up the market for everyone else.
Did you see a slump or congestion yesterday because of the massive number of sales? Leave your answers in the comment section below.