U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Crypto Derivatives Giant BitMEX Is Losing Its Power: Analyst

News
Fri, 11/29/2019 - 17:02
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • It seems that BitMEX is no longer in vogue as its share of trading volume continues to drop

Cover image via U.Today
Contents

According to cryptocurrency analyst Charles Edwards, the power of BitMEX, the leading derivatives exchange, is slowly fading. 

Edwards defines the past two years as the "BitMEX era" given that the exchange represented the lion's share of all cryptocurrency trading volume. While the Arthur Hayes-helmed crypto monolith is still responsible for 56 percent of all volume, it's far past its glory days when it controlled more than 80 percent back in September 2018.

Must Read
Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows - READ MORE

The largest casino

BitMEX, which ushered into the nascent crypto scene back in 2014, quickly became a huge success story because of its perpetual swap contracts that offer up to 100x contracts. TokenAnalyst co-founder Sid Shekhar called it "the biggest casino ever."          

While the interest in trading cryptocurrency derivatives is stronger than ever, BitMEX is gradually becoming a less significant player in the industry since it faced some strong competition. As reported by U.Today, Binance's futures platforms that were launched back in September are already breathing down its neck.     

The Seychelles-based made headlined after it faced an investigation by the Commodity Futures Trading Commission (CFTC). US citizens are prohibited from using the exchange.         

Must Read
$200 Mln Worth of Bitcoin Longs Liquidated on BitMEX After Massive BTC Price Crash - READ MORE

More regulated volume

Bakkt, the crypto futures exchange owned by Intercontinental Exchange (ICE), recently recorded a 100x increase in its daily trading volume since September. Alex Krüger opined that more regulated volume was a very positive development for the industry. 

Part of the reason why the US Securities and Exchange Commission (SEC) is so reluctant to approve a Bitcoin ETF is that cryptocurrency trading primarily takes place on unregulated exchanges in the likes of BitMEX. Hence, this market is still highly susceptible to manipulations.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

News
Wed, 04/01/2020 - 08:27
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

Must Read
Ripple's Xpring Wants to Make XRP Transactions Private. Is This Possible? - READ MORE

Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge