BitMEX Forces Bitcoin To Its Balance, The Revenues Increase

BitMEX forces bitcoin to its balance and adds more traders as well, remaining unstoppable in the crypto space and the preferred choice among traders that look into the futures market operators. In the latest bitcoin news, we take a closer look at the situation.

The exchange faced competition from multiple futures markets such as CME and Bakkt, remaining the top driver of the BTC price discovery and action. More than 30,000 BTC has entered into the BitMEX wallet at the beginning of 2020 as the recent reports show interest on the platform is not decreasing despite the huge liquidations during the rather unexpected Bitcoin price moves and as a result, more than $1.200 million in revenue per day were reached.

BitMEX forces bitcoin onto its balance and remains the most dynamic market where the price of Bitcoin remains worth more than a hundred dollars with close positions to hundreds of millions. Still, BitMEX has a lot of influence that doesn’t seem to face and the market keeps on competing with OKEx regarding the futures volumes. The inflows of coins mean that the platform can afford to set aside Bitcoin when trading anomalies happen but the traders were warned about the ease with which the collateral can be taken.

BitMEX also had a successful year despite the November email leak since the January rally and the expectations for dramatic price movements in the price in Bitcoin, revived inflows to the exchange with a market increase right at the end of February. Over the past months, most of the days the inflows surpasses outflows that show robust demand for the active BTC futures contract. BitMEX also is seen as an indicator of the sentiment on the market so the revenues are now closely watched.

BitMEX noted a lot of major withdrawals during the bearish moves while the cash inflows of the exchange show expectations for more gains in the near future. It is possible that BitMEX could be seen as an instrument during the next Bitcoin bull market. The volumes also show little signs of capitulation despite the increased volatility in the past weeks. Bakkt also shows low activity with lower open interest and the platform reveals a lot of enthusiasm for the leveraged trading. In the meantime, Bitcoin prices drop to $9,067 with the exchange leading the further slide.