BitMEX announced on Twitter today that it had broken trading volume records with more than one million BTC flowing through its system over 24 hours.
https://twitter.com/BitMEXdotcom/status/1021918565702815744
Checking on CoinMarketCap’s statistics, we can see that BitMEX is currently the largest exchange right now with a 24-hour trading volume of $6.09 billion. The next largest is Binance with a volume of $1.6 billion.
Until this event, we only saw crypto-to-crypto exchanges surpassing $1 billion in their 24-hour volumes. This puts BitMEX as the only fiat-to-crypto exchange trading at this threshold against the US dollar.
All of this intense trading activity is driving the price of Bitcoin to levels we haven’t seen in over a month. Since there’s more pressure from people purchasing than selling Bitcoin, exchanges must either ensure an adequate supply of BTC or raise the asset’s price.
“We’ve been in depressed levels for the last six months, so it’s really one way from here, which is up. The timing is always difficult to predict but I think we’re at the start of a secular bull market,” said CEO Timothy Tam of CoinFi.
Trade movement on Bitcoin is still high as ever right now, but it could fall rather quickly like it did towards the end of May. This is why it’s difficult to say with any confidence that we’re witnessing the start of a large bull run.
Only a few months ago, Bitcoin was climbing to refreshing heights, nearly hitting the $10,000 threshold and closing at $9,958 on May 5 at 1:30 PM UTC. It failed to hit that peak, and fell gradually over the next month to $6,300 in the middle of June.
As this piece was being published, BTC’s price had fallen from a peak of over $8,400, and had lost $200 of its price within a few hours.
This article appeared first on Cryptovest
