With the strong current BTC runup that experts have called parabolic in nature, we’re also seeing some exchanges benefit handily in terms of volume from the Bitcoin derivatives market.
“It seems that FOMO (fear of missing out) has placed the entire industry in a choke-hold, as traders continue to sell their altcoins in order to hold Bitcoin,” writes Yaz Sheikh at Cryptopotato. “There has also been an increase in the volume of stablecoins entering exchanges, which indicates that traders are ready to re-invest back into Bitcoin … As Bitcoin continues to create fresh 2019 highs, the trading volume on the BitMEX exchange has also continued to record new all-time highs. In the past 24 hours, BitMEX has managed to clear a total volume of around $10.795 billion – all from the Bitcoin derivatives market.”
The success for BitMex comes at a good time for Arthur Hayes, as the CEO plans to debate Nouriel Roubini, a renowned fierce detractor of crypto in general, at the Asian Blockchain Summit July 2 and July 3.
“The two speakers have completely different ideologies when it comes to cryptocurrency,” notes a press release posted at Cointelegraph calling the debate the “spotlight of the summit” and characterizing the dichotomy of belief. “Roubini is best known for being outspoken and a perpetual pessimist when it comes to macroeconomy. …On the other hand, Arthur Hayes is positive about the industry. One of the most intrepid entrepreneurs in the blockchain industry, Hayes also worked his way up the conventional banking ladder.”
Prior to this showdown, tech media are reporting some aggressive social media activity by Roubini, who took to the Interwebz to take a swipe at Hayes last week, according to CCN:
“How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake?” he tweeted. “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 fired back:
“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.”
We’ll see what comes out of the event – keep an eye out!