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Bitcoin [BTC] transaction on BitMEX crosses $8 billion in a day, bullish market given credit

Akash Anand

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Bitcoin [BTC] transaction on BitMEX crosses $8 billion in a day, bullish market given credit
Source: Unsplash

On 24th July, BitMEX, the peer-to-peer cryptocurrency exchange announced that 1 million Bitcoin tokens were traded on the platform. This makes it the largest single transaction window in the cryptosphere this month with the Bitcoin trade on Bitmex alone surpassed $8 billion.

BitMEX's Tweet | Source: Twitter

BitMEX’s Tweet | Source: Twitter

According to the announcement made by BitMEX, the trading volume generated over the period of 23rd July to 24th July has broken cryptocurrency exchange records. The specific 24 hour window also saw the first time that Bitcoin breached the $8000 mark which was followed by most of the major cryptocurrencies enjoying an upward trend.

To put this announcement into perspective, Bitcoin users were asked to look at the statistics prior to 23rd July. BitMEX’s official website shows that the total transactions that occurred in the past 30 days amounted to $82.4 billion whereas ‘the 23rd-24th July’ window alone saw the platform handling trade upwards of $8 billion.

Although BitMEX was quite exuberant about this achievement, users of the platform did not share the same emotion. Most of the complaints pointed out to the platform congestion during peak hours and the platform trading engine. The other major issue that regular users remarked about was the ‘overloading’ problem which logged out users who were already on the trading platform conducting businesses.

Ripof, a Twitter user commented:

“Yeah… “thanks for giving us loads of money and we still can’t fix overloaded issues”

Stefan Borzone, another user stated:

“Great… Now fix your fucking trading engine with all those trading fees you just made + all the money you made trading against your customers and running their stops for 6 months of low vol. trading.”

The controversial trading engines that the users complained about are based on two softwares: BitMEX Market Maker and BotVS.

BitMEX Market Maker

The platform has created their own version of Liquidbot, a software that is based on Python which is used to analyze the real-time trade. The Bitmex Market Maker allows traders to quote continuous two-sided markets. This feature gives users the opportunity to utilize the inbuilt APIs to implement their trading strategies.

BotVS

BitMEX uses algorithms to analyze markets, code repositories and has a full implementation of the BitMEX Application Programming Interface. BotVS is also the largest algorithmic trading platform for cryptocurrencies in China.

The overloading and trading engine complaints are something that users have raised multiple times with BitMEX officials promising to fix the problems as soon as possible, keeping in mind about the bullish market.



Reports suggest that the cryptocurrency ecosystem is in for another run up the slope with Bitcoin holders hoping for another ceiling break. Proponents have been predicting a bull run for the last week, and many quoted the bearish cycle seen before as the bottom of the coin. The most conservative estimate for the positive climb was by Thomas Lee of Fundstrat, who predicted a $20000+ price based on the trading value decided by coin mining costs.

CoinMarketCap's Graph | Source: Twitter

CoinMarketCap’s Graph | Source: Twitter

At the time of writing, Bitcoin was trading at $8174.8 with a market cap of $140.252 billion. Over the past 24 hours, Bitcoin saw a gain of 1.12% occupying a total market volume of $6.755 billion.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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