The BitMex exchange, which was in news for trading a record 1 million bitcoin in 24 hours, recently added ETH/USD futures without making any major announcement. BitMEX is a cryptocurrency derivatives exchange. Traders who spotted this trading pair are of the opinion that this may become the most liquid ETH/USD pair in the crypto market.
Later, CEO BitMEX, Arthur Hayes announced the trading pairs to his 22,800 Twitter followers. The futures contracts facilitate traders to enter long or short positions while either betting for or against the cryptocurrency with a leverage of around 50x. So with just 1 ETH, a trader can enter a position with 50 ETH, while risking liquidation.
BitMEX has been offering traders on its platform ETH/BTC futures for quite some time. However, this pair doesn’t allow traders to use the platform to hedge a position in the market or to easily take advantage of arbitrage opportunities.
BitMEX Offers High Liquidity And High Leverage
The exchange rose to prominence for offering crypto traders a leverage of up to 100x on its BTC/USD futures contracts. Considering the volatility of this flag cryptocurrency, such a high level of arbitrage allowed users to make unprecedented profits or to view their positions getting liquidated quickly.
The BitMEX exchange’s BTC/USD trading pair is the most liquid in the crypto world according to the data that’s available. It has a 24-hour trading volume of over $3.5 billion. Taking into consideration this data, some traders are of the opinion that the ETH/USD pair may soon become the most liquid pair in the cryptocurrency market, as stated in the Crypto Globe report.
Arthur Hayes, a well-known bitcoin bull while speaking to CNBC said that he believes a bitcoin ETF will be passed by the end of this year. He further mentioned that he arrived at this conclusion after going through the U.S. Securities and Exchange Commission’s website.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]