Big market movements put a lot of wheels in motion, and some exchanges spin them better than others.
A new record was cracked in the 24 hour trading period closing 24 July, with more than 1 million bitcoin being traded on the BitMEX exchange that day.
Specifically, it was 1,041,748 BTC, conservatively valued at about US$8.334 billion at the time, assuming average prices of $8,000. The previous record was about 800,000 BTC, also held by BitMEX.
The frenetic trading volume came as bitcoin crested $8,000 to new 60 day highs, on the back of good news including a positive outlook on bitcoin ETFs and a promising G20 summit which points at a new level of crypto regulatory clarity for large institutions in October.
BitMEX CEO and co-founder Arthur Hayes naturally attributes part of the surge to bitcoin’s price growth, but also points at BitMEX’s capacity increases.
“The astronomical surge in trading volume, coupled with the steadily rising price of bitcoin, is reflective of the market’s increasingly sophisticated understanding of the potential of bitcoin to redefine global markets. The achievement was also largely thanks to ongoing capacity increases accomplished by scaling our engine architecture,” he said.