Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
“One Trillion Dollars traded in a year; the stats don’t lie. BitMEX ain’t nothing to fucking with. @Nouriel I’ll see you on Wednesday.” Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
The parabolic advance that started on April 2, caused a lot of FOMO, pushing the price as high as $13,800; the rally ended on June 26, and it has been a slow day ever since.
BitMEX, one of the most famous leverage trading exchanges, known for its Bitcoin perpetual contract, surged with traders trying to profit from the rally. Subsequently, the rally blindsided a lot of traders causing massive liquidations of shorts.
Surge or not, the total trading volume of Bitcoin on BitMEX reached whopping levels, as compared to the start of 2019, when total trading volume over 24 hours was hovering just below $1 billion, and during some days it even reached the $1 billion mark.
As of today, the total trading volume of BitMEX, as seen on CoinMarketCap, was over $5 billion and it is more than 18% of the total trading volume of Bitcoin which stands tall at $27 billion. BitMEX is also the top contributor to Bitcoin trading volume.
Arthur Hayes, the co-founder, and CEO of BitMEX, tweeted that the total trading volume of Bitcoin over a week had hit $1 trillion.
BitMEX’s leverage trading offers its users a wide variety of popular coins that include XRP, Litecoin, Cardano, Bitcoin Cash, EOS, Ethereum, etc.
Arthur Hayes is set to debate the Bitcoin critic, Nouriel Roubini aka Dr. Doom, at Asia Blockchain Summit in Taipei on July 2 and July 3.
A Twitter user @chainofSATs, tweeted:
“Sats don’t lie, Arthur! Sats* 🤠 @Nouriel the best way to defend yourself now is to just buy more Bitcoin than your biggest competitors and flip the script on them.”
Another Twitter user @thalamu_, commented:
“Congrats on your success, and thank you for creating such a great platform.” Bitcoin Exchange Hits $1,
Coinbase Broke Traffic Records And Saw Massive Volume During Market Collapse
Coinbase saw record site traffic and a massive surge in 24-hour trading volume during last week’s coronavirus-driven market swings, CEO Brian Armstrong said in a statement shared with CoinDesk.
The San Francisco-based crypto exchange said it processed $2 billion in crypto last Thursday and Friday (for comparison, Coinbase saw $394 million in volume over the past 24 hours, according to Bitwise). Last Thursday also beat Coinbase’s previous traffic record by over 50 percent, Armstrong said.
Where other platforms experienced issues and outages, Armstrong noted that Coinbase remained operational, saying the exchange has been preparing for a crisis “for the last couple years.”
“This hard work contributed to our stability last week while many platforms, in both crypto and traditional equities, struggled with the increased volume,” Armstrong wrote, crediting the company’s engineering team specifically.
Jesse Pollack, the head of engineering for Coinbase’s consumer division, told CoinDesk in a phone call the platform has been preparing since the 2017 bull run, focusing on both the actual exchange’s matching engine as well as consumer products such as its API.
Some of this work included horizontal scaling on the database end, Pollack said. The company said it was scaling out its databases to enable more reads without interrupting writes (meaning the exchange can view the data stored on its servers while simultaneously adding new data without either operation slowing down the other as transactions are executed).
Coinbase’s COVID-19 Response
The move comes, of course, as Coinbase and other firms deal with coronavirus-induced remote work mandates. Armstrong has for weeks publicized his exchange’s pandemic response in a regularly updated blog series. California announced a statewide shelter-in-place order on Thursday.
Pollack said that though Coinbase’s employees are currently remote (the exchange began implementing remote work last week in response to the COVID-19 outbreak), the engineering team used a combination of automated alerts and chatrooms to keep up with the spikes in traffic.
“If we’re going to be hitting higher highs than what we’ve seen, we’ll generally pull together people into a hangout just have them available, ready, hanging out, chatting there, looking at all the metrics,” he said.
Still, Pollack told CoinDesk that trading platforms are complex, and a lack of mistakes doesn’t necessarily mean a platform won’t experience any issues.
“From an engineering camaraderie perspective, I think it’s just worth highlighting that scaling products is really freaking hard, and we put a lot of work into it and I think that paid off last weekend,” he said.
High Volume Surge Propels Bitcoin Price To A New All-Time High At $29,000
Bitcoin bulls obliterated the $28,500 resistance with a high-volume surge, but the $30,000 level could still pose a challenge.
Within the last hour, the Bitcoin (BTC) price rallied to set a new all-time high at $29,000.
On Dec. 29, the Bitcoin price attempted to push through a stiff resistance cluster at $28,500, but after rallying to $28,600, the price rejected with a sharp correction to $27,300.
Today’s move to $29,000 came after a high-volume surge pushed through the $28,500 resistance, but the battle for $30,000 is far from over.
Data from Material Indicators shows there are still sell walls near the $30,000 level at Binance and other major cryptocurrency exchanges.
Barring another sustained high-volume surge in purchasing volume, the presence of sell walls suggests that a rally to $30,000 may trigger a strong sell-off and cause BTC price to revisit key underlying supports at $28,000 and $27,300, where the 20-day moving average currently resides on the 4-hour timeframe.
$30,000 Then Moon?
Many retail traders expect the Bitcoin price to soar well above $30,000 once the psychological barrier is overcome, but Nunya Bizniz, a popular trader on Twitter, pointed out that above $30,000, Bitcoin price begins to look a bit overextended, as the 1.618 Fibonacci retracement is at $30,196.
Given that Bitcoin price has rallied 64.9% since the start of December, hitting the 1.618 Fib level could provide a signal that a pullback is on the cards, but ultimately, volume will be the primary indicator of where the price may go.
Currently, Bitcoin price has gained 302.6% for the year and is vastly outperforming gold and traditional markets like the Dow and S&P500. For Q4, BTC has rallied by 168.32%, securing the second-best quarterly performance since 2017 when the digital asset gained 210.13% in Q4.
Bitcoin Exchange Hits $1,Bitcoin Exchange Hits $1,Bitcoin Exchange Hits $1,Bitcoin Exchange Hits $1,