BitMEX Hits $1 Trillion Annual Trading as Bitcoin Futures Explodes

BitMEX, a bitcoin derivatives exchange, has surpassed $1 trillion in annual trading volume, according to a tweet by founder Arthur Hayes.

It comes as bitcoin futures trading volumes explode to record highs on the Chicago Mercantile Exchange (CME) platform. Demand for bitcoin derivatives, which allow users to open up long and short positions on bitcoin’s price movement, is booming.

BitMEX is popular for its high-leverage margin trading. Users can execute 100x leveraged trades on bitcoin futures and perpetual swaps

On June 26th, the exchange boasted a record day as the bitcoin price shot to almost $14,000. Open interest for perpetual swaps hit $1 billion while total volumes hit $16 billion across the board.

Reference: https://www.ccn.com/crypto/bitmex-trillion-bitcoin-futures-volumes-explode/2019/07/01/

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