April 17, 2024

BitMex Hit a New Daily High of Spot Trading

BitMex has set a new daily record in transaction volume. The exchange recorded $24 million in trading volume in 24 hours, marking a new record for the trading platform

This news comes less than two weeks after BitMex launched its spot trading product for retail traders and institutions. In mid-May, the trading platform disclosed that the new product will enable users to trade seven crypto pairs. The cryptocurrencies available range from BTC and ETH to LINK and USDT. 

First-Time Deposits Also Went Up 

In addition, first-time deposits and registration increased. They skyrocketed by 5x since the platform introduced spot trading. 

CEO Alexander Hoptner said the jump in the 24-hr transaction volume signifies the importance of spot trading to investors. Hoptner added that the influx of new sign-ups reflects the strong desire by investors and their analysis of the current market. 

Hoptner said, “Thanks to the success of spot, BitMex can further expand on its current offerings – derivatives and earning products. We tend to support traders globally and push for the adoption of virtual currencies.”

VP of BitMex Genia Mikhalchenko shared his excitement about the addition of spot trading, its strong start, and positive feedback. He said the figures seen only speak of further results to expect. 

The addition of the spot option came as a result of the increase in demand from traders and market forces. After surveying crypto investors, the exchange discovered more than 50% are interested in long-term crypto investments. 61% view virtual assets as a good investment alternative. 

BitMex Witnesses Rapid Growth 

BitMex provides traders with an all-inclusive platform that will facilitate the art of buying and trading various digital assets. The platform has been adding new features and products to cater to the needs of traders. 

The unveiling of the spot trading product is proof of the team’s commitment to addressing the challenges of traders. BitMex aims to break into the list of top ten global exchanges within the next few years. That means it will continue to launch new services and products. 

But, things haven’t been all rosy for the exchange. Recently, the platform was involved in a scandal where three of its co-founders were arraigned for breaking the United States Bank Secrecy Act. The court demanded they pay a combined fine of $30Mln.

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