Connect with us

Bitcoin

Arthur Hayes talks about upcoming interest earning product for BitMEX, reveals other products in pipeline

Avatar

Published

on

Arthur Hayes talks about upcoming interest earning product for BitMEX, reveals other products in pipeline
Source: Unsplash

The CEO and founder of BitMEX, Arthur Hayes, spoke on a Venture Coinist podcast and revealed future Bitcoin products that would allow users to earn interest by holding it, and the other plans of BitMEX.

Speaking about the product that will let users earn interest by lending their Bitcoin, Hayes stated that he was exploring, on a small-scale level, about making it work for Bitcoin. He stated:

“I want to create a future where the highest quality exchange and miners issue short term Bitcoin bonds to the ecosystem.”

He said that this would create a “credit curve” for Bitcoin and people could start natively borrowing it and create businesses using Bitcoin without having an outside currency exposure. He also added that this would create a “ubiquitousness of the use of Bitcoin and other cryptocurrencies” and that it would propel the crypto-space as a whole to a new level.

Hayes continued that he would work on it and hoped that he could come up with a test transaction to gauge the interest of the audience for the fixed income market. He said:



“And from a selfish perspective of BitMEX, the fixed income markets are much larger than the FX markets… so if we can start to trade interest rate derivatives on our native crypto credit curve, which is comprised of the best quality companies in the space and that’s really going to take our platform to the next level and help us achieve our goal of becoming the largest exchange”

Speaking about the next upcoming product, Hayes gave his insights into the ability to buy Nasdaq Indices with Bitcoin. Hayes added:

“We have funded a start-up in their seed around who I’m not gonna give out the name yet because I want to put undue pressure on them to deliver but hopefully, by summer of this year you will be able to use Bitcoin and purchase the S&P 500 and Nasdaq’s indices using Bitcoin.”

With the new feature, users can buy a swap for the available Nasdaq’s indices using Bitcoin and can sell their swaps to receive Bitcoin. Hayes said that he hopes to merge the crypto and the traditional markets. He also confirmed that this would be a side product and that it would be accessible through BitMEX.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

Avatar

Published

on

Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending