BitMEX Makes Significant Gains Within A Day
BitMEX, a P2P trading platform that provides leveraged contracts traded in bitcoin, trades at almost 1 million in XBT over the past day, worth over $8 billion, an industry record.
The platform which provides a range of contracts, as well as perpetual contracts and contracts with fixed date expires, expressed its appreciation to its users and applauded its engineers for achieving the trade amount.
Arthur Hayes, the co-founder, and CEO of BitMEX has noted that by the end of the year, bitcoin’s price will hit $50,000, even though he anticipates more instability after the end of summer.
There are numerous developments popping up in bitcoin trading as bitcoin maintain a summer price increase and more institutions are trying out cryptocurrency investment alternatives.
Recently, a couple of investors concluded the first-ever exchange for physical (EFP) transaction for bitcoin futures.
E D & F Man Capital Markets enabled the CME EFT bitcoin transaction while itBit has two institutional traders in CME’s bitcoin futures market change a position for an equal quantity of the “physical” asset. E D & F Man Capital Markets is a futures commission merchant while itBit is an institutional level cryptocurrency exchange.
Wall Street traders use EFPs to hedge futures while expanding exposures. EFPs can also provide tax, liquidity, capital and leverage gains to trading firms. The EFP transactions are determined off-exchange, then decided on the exchange.
