Recently BitMex reported on Twitter that it hit a record in daily volume as bitcoin went pass $13,000. BitMex, which is a leading Bitcoin derivative trading platform, topped $16 billion in volume across its products.
A few days ago, after Bitcoin had
reached $13,000, BitMex went on Twitter and revealed that their daily
volume across all products had touched a $16 billion mark. In detail,
BitMex saw more than $1 billion of open interest on XBTUSD market and
over $13 billion traded on the XBTUSD pair.
The company CEO, Arthur Hayes
“XBTUSD perp swap open interest is now in the 3 comma club. Welcome to the 2019 bull fucking market YeeHaw!”
While at the moment, Bitcoin sees a
slight correction, few of the trading platforms are seeing similar
records. For example, Bitcoin futures trading platform CME group,
also reported an all-time high trading volume in the last couple of
Who’s Behind This Bull Market?
Many experts still debate on which investor segment is funding this bull market – retail or institutional. Or maybe the recent Libra announcement? Nevertheless, the fact is that Bitcoin and cryptocurrencies, in general, are seeing massive amounts of money pulling in and no one can predict whether this is just temporary or are we actually gearing up for a new all-time high for Bitcoin. Many debate that the FOMO effect could be the drive for most of the investors and traders because Bitcoin is showing a rapid growth this year. The emotional barriers also need to be considered, because Bitcoin over the $10,000 mark is more bullish than under it. The fact being that, it hasn’t stayed for long in the range of $10,000 to $20,000. Indicating that it could be in the search for a new ATH since this year Bitcoin is doing similar moves like in 2017. That is – going pass heavy resistance marks in just days or even hours. Also, since nothing is clear, we can either go to the moon or experience a huge bull trap in the upcoming days.
BitMex Arthur Hayes VS Nouriel Roubini
In the BitMex Tweet, they also mention
the upcoming debate between BitMex CEO and Nouriel Roubini in the
Asian Blockchain Summit which is about to happen in July. Roubini is
an infamous crypto disbeliever, also academic, who is known as the
Roubini believes that crypto “is a
farce” and BitMex put an emphasis on this in their volume tweet
saying that their CEO will debate him face-to-face in Taipei, Taiwan.
“Ain’t gonna be no rope-a-dope, just a straight knock out,” commented Arthur Hayes.
In today’s crypto market update, we’re going to look at the past top gainers, top asset trend lines, market cap and daily volume of the most popular exchanges. In the past days, the crypto Gods have blessed us with quite notable gains, so let’s look at the most giving assets in the past days. The color green in yet again taking over and a slight smile is forming onto traders faces across the crypto globe. The total crypto market cap has risen in the past days by $13 billion. Bitcoin dominance fell below 52%, now being at 51,6%. The total volume of crypto markets is $36 billion.
Top Gainers in the past days.
The top gainer from the Top 10 coins and tokens in the past 7 days definitely is EOS. EOS experienced +31.1% in the past week, but mainly in the past couple of days. Who said you can’t profit in a bear market? Well, of course, if you’re not the hodler from August 2017.
I couldn’t find a particular reason why exactly EOS is pumping so hard, but lot’s of traders on Twitter are sharing their wit that they knew this ahead of time. Of course, what else they could say. However, today EOS managed to go past the target at 8830 sats, and now is continuing its way up. Also, there are two ways you can look at these charts: the market against Bitcoin or against USD. If you’re willing to sell and accumulate more BTC, then look at the EOS/BTC chart, but if you’re willing to sell immediately to USD, then EOS/USD chart would fit best for you. Although when comparing these two charts, we see a drastic difference:
But an interesting question is sneaking around Twitter:
I’m sure a lot of that money is used in product development, but that is a huge amount. I mean $4 billion… It’s needless to say that EOS has had some troubles explaining this in the past.
Next, surprisingly, comes Ethereum with +22.4% in the past 7 days. ETH went past the 1st resistance mark and now is resting at the edge of the second resistance mark at $146. Of course, the main target is at around $210, so we have a long way to go. Also, the daily volume has set new highs, being the highest ETH has seen in the past four months or so. Although that depends on where you are checking your charts. As you can see coinmarketcap.com compared to Tradingview paints a bit of a difference.
This pump may be because of the near Constantinople update, but, however, it might be postponed again due to security issues. On the other hand, in the past couple of days, many coins are pumping so this could be just a temporary market uptrend.
Bitcoin, on the other hand, is testing new “highs” at $4000, but now still sitting at $3,926. Will we break through the next two target points? The 7 MA (green) moved past the 77 MA (orange) and bravely is continuing its way up. The 231 MA is on an uptrend in the past hours and 77 MA has crossed it upwards. Are we looking towards a bull market?
However, Murad Mahmudov has a different point of view:
Volume in the past 24h
Judging by this measure, we should get an approximate picture of the most popular daily used assets. And as we can see in the picture below, Bitcoin is the number one asset, followed by a stablecoin Tether. Both accumulating around $10 billion. Only after them comes Ethereum with half as much volume at $5 billion, and after Ethereum comes EOS, also with half as much volume as Ethereum – $2 billion. As we can see, Litecoin in the past 24 hours has had more volume than Ripple, so it is safe to say, that Ripple (XRP) is losing its positions. Could it be because of the latest JP Morgan stablecoin? Another interesting position in the top 10 is Qtum, which is accumulating $356 million in the past day, getting ahead of Dash.
When looking at exchanges, this becomes pretty mind-boggling. Coinmarketcap.com and Coingecko.com show a completely different picture. As we can see in the pictures below, the information completely differs from each other. This might be because we are measuring them by USD daily volume. One thing is for sure – Binance is at the top of both websites, but as we all know – Binance is not a regulated exchange, so anything can happen. But when it comes to the second position or any other in the top 10, this is where it gets tricky. Coinmarketcap.com shows that Bit-Z is second with $1,2 billion adjusted volume. However, coingecko.com shows that ZB.com is second with $1,4 billion volume. On the other hand, coinmarketcap.com lists ZB.com at rank 13 with $525 million adjusted volume… What gives? Well, one thing is that these both statistics websites are tracking exchanges by different measures, but I wouldn’t have imagined that the overall picture would be so mind-blowingly different.
I couldn’t stay still with such confusion on crypto exchanges, so I went on https://exchangewar.info to find some clearance. When sorted by top BTC volume I kind of got my answers I was looking for. This might be the main difference between these statistics websites and the USD daily volume. In some of those exchanges Bitcoin is not covering the main daily volume, so that is why the statistics are different.
Today on January 28th, 2019, Liqui, the Ukrainian-based crypto exchange announced that they are closing their services. Just recently they were very happy with their policy changes, but now they’re announcing that users have 30 days to remove all their funds. Liqui launched in 2016 and it offers crypto to crypto trading with lending and margin trading.
“No economical point”
In the announcement, Liqui says that they do not see any economical point in continuing their services. “Much to our regret, after this step Liqui is no longer able to provide liquidity for the Users left,” they say in the e-mail sent out to all users. They do not want to return to where they ere a month ago when they decided to close all accounts and to stop providing their services. They say that this decision “broke their hearts”.
In the past month, Liqui saw a severe drop in trade volume. They went from almost $4 million to now $3 thousand. The biggest decline occurred around January 11th, when they lost more than $2,5 million worth of assets. Since then the trade volume has gradually decreased. At the time of writing their current daily volume is $1,3k.
Popular trading pairs
Today the most popular pair on Liqui is SNGLS/BTC (SingularDTV/Bitcoin) with a trading volume of $544, which is basically nothing. Followed by ANT/BTC (Aragon/Bitcoin) with $153 and KNC/BTC (Kyber Network/Bitcoin) with $139. Of course, this is not an indicator of how the exchange was performing in the last month, as users are withdrawing their funds since the announcement. In total, they have 241 trading pairs, but in most of them, the volume is just a couple of cents. Liqui blames the drastic changes in crypto-industry since 2017, when their business was blooming with alt-coins and new traders seeking for new horizons.
Users have 30 days to withdraw their funds
Since the publication, users have 30 days to withdraw their funds. This also applies for the delisted assets affected by the policy changes. However, after the 30 day period, Liqui does not guarantee maintenance of their website. If you fail to withdraw your funds during the 30 day period “all withdrawals will be processed through our support https://liqui.freshdesk.com until the last user store his assets with us,” says in the message.
At the moment, users cannot access the exchange window on their website. They can only see their balances, trade history and withdraw their funds.
Also, they remind that once the withdraw period is over, and they close their services, they will apply a fee for storing assets.
The Liqui team
They might be back?
However, the announcement ends with a rather positive note. They say: “We may be back soon. However, that depends on the market which has significantly changed since 2017. We do not know what else to say but say thank you for supporting the cryptocurrency community and your faith in us.”
We have to say that this is a very sad indicator of the crypto-market as a whole. Although Liqui was not one of the most popular exchanges, it hurts to see every player leave the crypto-arena. Since 2017, Altcoins have lost more than 90% of their value and all these altcoin exchanges are at risk of continuing their business. Traders mostly used these exchanges for newly listed coins and tokens that just entered the market back in 2017. At that time, people threw money like crazy at the ICO craze. But whatever the situation is now, their message ends with a very positive quote by Marianne Williamson, which applies to the overall situation in crypto-space:
“Every ending is a new beginning. Through the grace of God, we can always start again”