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BitMEX marks milestone with over $10 billion in trading volume

Arijit Sarkar

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BitMEX marks milestone with >$10 billion trading volume
Source: Pixabay

While most crypto exchanges are making headlines for the wrong reasons, BitMEX managed to break the curse by recording an all-time high trading volume, surpassing $10 billion for the first time. BitMEX recorded this milestone shortly after Bitcoin [BTC] breached the $7,000 mark last week.

BitMEX’s achievement was revealed by a tweet from BitMEX CEO Arthur Hayes. The tweet read,

“New record for BitMEX trading volume. Praise be to volatility and our wonderful traders!”

Industry experts speculate this accomplishment was largely contributed to by a combined effect of Bitcoin’s bullish market and Binance’s recent hack. Changpeng Zhao, Binance’s CEO, also commented on Hayes’ tweet, congratulating the crypto-exchange.



Source: Twitter

Source: Twitter

Some critics have speculated that Binance could return to its former glory only if the exchange allows margin trading, similar to that of BitMEX. The recent milestone set BitMEX as one of the foremost leaders of the world’s crypto exchanges. Consequentially, Binance was pushed to the eighth position in terms of 24-hour volume rankings, at press time.

Following the disruption caused by the Binance hack, several smaller exchanges are also trying to fill the market void left by Binance. Out of the lot, ZBG stands just below BitMEX with a trading volume of $3 billion. Further, players such as Bitfinex are spreading their market reach through various partnerships and addition of new coins for trading.





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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities

Priya

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Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,



“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”





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