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BitMEX not likely to add another cryptocurrency, CEO Arthur Hayes explains

Namrata Shukla



BitMEX not likely to add another cryptocurrency, CEO Arthur Hayes explains
Source: Pixabay

The cryptocurrency space has been evolving constantly over the years, with development in technology being its main focus. Arthur Hayes, the co-founder and CEO of BitMEX, joined Luke Martin, an analyst to talk about developments in the crypto-space and the future of BitMEX. The co-founder answered the much-asked question regarding the addition of another cryptocurrency to BitMEX, in the interview.

BitMEX is popular among Asian traders and there are numerous new tokens coming out; Luke quizzed Arthur about adding more tokens to BitMEX instead of the current list that has only four cryptocurrencies- Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC], and XRP. Hayes informed that they would not be adding any cryptocurrency because derivatives required sufficient liquidity in the spot market.

Hayes said,

“So you know, in my, in my opinion, the futures market should always be tighter and trade larger than the underlying of this derivative. And that only happens if you have sufficient liquidity in the spot market.”

Hayes explained that if BitMEX listed a random coin from CoinMarketCap, the market makers would be unable to hedge the risks. Binance has a long list of coins where the market makers want to price a derivative, in such a case, it will spread too wide, which according to the CEO, is terrible for clients. He explained,

“From a client perspective, as a terrible experience, I’m treating a leveraged product that has a wider spread, then the underlying on the spot market and I’m just increasing my risk of getting liquidated. And that’s something that we don’t want to do.”

However, when BitMEX would add a new product, the market makers would be able to make ‘good type prices’ for their clients. The CEO also informed that BitMEX would never have as many coins as Binance due to the same reason.

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Bitcoin SV’s Craig Wright withdraws email evidence submitted to court as he could not verify date of email exchange





Bitcoin SV's Craig Wright withdraws email evidence submitted to court as he could not verify date of exchange
Source: Unsplash

Craig Wright, the self-proclaimed Satoshi Nakamoto, has been in the limelight for the past few days. Apart from the news surrounding a lawsuit over a defamation case, Wright also made headlines due to the news pertaining to the Dave Kleiman case.

Earlier this week, a Reddit user stated in a post that Wright “purposely” submitted a fake email as evidence to the court for the Kleiman -Wright lawsuit. The lawsuit alleges that Wright had stolen $1 million Bitcoin from Dave Kleiman after his death, and Wright was being sued for billions of dollars.

The Redditor had stated,

“Craig Wright’s fraud continues. Yesterday, he submitted into evidence an email he says was from Dave Kleiman to Uyen Nguyen asking her to be a director of his ‘bitcoin company’ in late 2012. It is provably fake. Craig didn’t realize that the email’s PGP signature includes a signing timestamp along with the ID of the key used as metadata.”

Source: Reddit

Source: Reddit

Apart from this, it was also pointed out that the spelling “Kleiman” was misspelled in the letter, as the from address spelled it “Klieman”. Now, according to a new court document, Wright has withdrawn this evidence by stating that he cannot verify the date of the email exchange.

The court letter said,

“Dr. Craig Wright respectfully notifies the Court that he withdraws Exhibit A to his Motion for Judgement on the Pleadings for Lack of Subject-Matter Jurisdiction […] Wright is not withdrawing the motion and maintains that this Court lacks subject-matter jurisdiction over this action”

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