In the midst of trading insecurities, BitMEX's volume just reached one million BTC as the team behind it rushes to introduce two new features: ETH-USD perpetual swaps and “UPs and DOWNs”.
Today was the second time BitMEX reached the one million bitcoin record volume. The company CEO, Arthur Hayes, claimed this was both a “major milestone for the crypto-coin market”, as well as a proof of the strength of the BitMEX community. “The ETH-USD perpetual swap and UPs and Downs represent new and exciting territory for BitMEX and an unprecedented opportunity for the crypto community to experiment with more sophisticated financial instruments on an easy-to-use and highly secure trading application,” he added.
The ETH-USD perpetual comes as a result of the success noted after introducing XBT-USD swaps, which allows traders to create a swapping contract that has no expiry date. They will now be able to trade Ethereum for USD without worrying that their positions will be deleted automatically after a certain time.
Similar to call options in stock trading, UPs and DOWNs allow users to “freeze” the price of Bitcoin for a certain amount of time, in exchange for a fee. If the price goes up, they won’t have o buy it and their only loss is the respective UP fee. DOWNs do the opposite - they offer the option to sell assets at a pre-set price within a predetermined time frame, once again, for a fee.
BitMEX offers exclusive trading options for the Bitcoin market only. Often, their users are advanced traders and investors who feel comfortable to assume higher risks. This platform’s new record, along with the features mentioned above, are likely to have something to do with Bitcoin’s own records in terms of market dominance. Especially in the light of a dropping market, this news gains a radically different meaning.