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BitMex Pause in the Market

BitMex Pause in the Market

August 23, 2018 7:38 am,

As of today, the crypto markets have spiked seeing notable gains. The total market capitalization of all the cryptocurrencies has shot up over $12 billion with its peak at $222.8 billion before dropping slightly to $291.7 billion.

The Bitcoin (BTC) has been trading slightly sideways in the range of $6400 to $6500 before reaching its 5% spike. But today it has been on a high of about 6.2%. It was still a low of 10% this month.

All except one of the top 10 cryptocurrencies have a major spike and each gaining 4% to 9%. EOS has seen the maximum growth. Altcoin VET has seen the significant growth of 18.67%.

This sharp increase in the crypto market and its upswing has led to BitMex pausing all trading in the virtual currencies stating the need for maintenance. Rumours state that shut down of BitMex might affect the Bitcoin’s price. BitMex has not been listed since it states that it is not just for the Bitcoin’s price.

The official website of BitMex also describes itself as providing Peer to peer trading platform for leveraged contracts that are bought and sold in Bitcoin. Its total trade volume of BTC/USD has crossed over $3.7 billion.

The positive price momentum is a respite from the protracted bearish sentiment, although all this is being linked to the shutdown of BitMex temporarily. This shutdown window has been used by the bulls to force a spike especially with a prediction on the SEC decision on another Bitcoin ETF application. This decision is expected to be negative. The ripple effect of BitMex trading has led to many discussions on the social media. For example “The $BTC lightning +7% breakout during Bitmex’s downtime shows why odds of SEC approving the CBOE bitcoin ETF proposal should be close to zero. Even if no manipulation (that’s debatable) this stresses the importance of Bitmex, a fully unregulated market with 40% market share.”