The online feud between Arthur Hayes and Nouriel Roubini is likely to continue based on the latest remarks by Arthur Hayes on his Twitter account. The latest BitMEX news likely comes as a hard slap on the face for Nouriel Roubini who insists on his claims of “cooked” trading figures by crypto exchanges.
According to the CEO of BitMEX, the total amount traded over BitMEX over the past year hit a high of $1 trillion, therefore, making the company a trillion-dollar behemoth.
This is not the first time BitMEX is being linked with trillion-dollar figures. CryptoPotato reported back in February that the company recorded a notional trading volume of $1 trillion. The past report by CryptoPotato gives credibility to the claim made by Arthur Hayes.
Community Reaction
The crypto community has an overall say in whatever ongoing crypto feud. Nouriel and Hayes may have some history between them; however, the victor of their online dispute can only be determined by the community.
Based on the comments on Hayes’ post, Arthur Hayes would likely win. In terms of popularity and resonating with the crypto community, Arthur Hayes is far ahead of Nouriel whose comments have left a sour taste on the crypto community.
The post received balanced remarks from members of the crypto community and beyond with the fair share of critics, skeptics, and optimists.
Trading One Trillion Dollars
Is it possible? Yes, for exchanges as enormous as BitMEX, one trillion dollars is possible. BitMEX has crossed the $1 trillion mark in reports covered within two different periods by various institutions. To achieve such trading volumes, the daily trading volumes have to peak at billions in US dollars. Arthur Hayes released figures showing the daily, monthly, and yearly performance of the company.
A significant contributor to these figures, especially in the second quarter of the year is BTC. Bitcoin helped increase the daily trading volume by hundreds of millions of US dollars. As the value of BTC rose, the trading volume of the platform increased significantly.
Further, because of its improving prices, most investors were trading in BTC. This helped improve trading numbers in the platform in all categories. Trading was so suitable in some days that BitMEX could trade $16 billion in a day because of BTC. The XBT/USD is the most highly traded pair on the platform.
In as much as Bitcoin influenced the mammoth daily trading volumes majorly, other cryptocurrencies contributed as well
The regular average trading listed by Arthur Hayes is similar to the daily trading volume listed on July 2, 2019, on BitMEX which validates Arthur Hayes’ post.
Is The Trading Volume Sustainable?
Cryptocurrency is highly volatile; thus, trading volume can be easily affected. Nevertheless, exchanges keep on trading. The trends thus far for the most crucial cryptocurrency reveal a pattern that suggests trading volumes for BitMEX and other exchanges will remain high.
Trading at above $10,000, BTC helps maintain the $6 billion trading volume needed daily by BitMEX to surpass the $1 trillion mark. Even after the price readjustment, BitMEX is still hitting trading volumes close to $7 billion.
For platform security, other trading pairs need to perform better to supplement BTC’s trading when its value is below a particular threshold. Because of the volatility of the cryptocurrency market, a plan B and C will always help keep investments afloat.
This article was originally published on Blockspectator.
