BitMEX Loses its Dominant Position; Competition Among Binance, ByBit, & Others Heating Up

CRYPTONAIRE LYWEEK CRYPTO investment journal

Since starting the month, the price of bitcoin has weathered numerous storms.

From KuCoin’s $281 million hack, US President Donald Trump testing coronavirus positive, UK’s FCA banning crypto derivatives to FATF red-flagging hardware wallets, Europol prioritizing privacy wallets, and of course, BitMEX’ indictment, BTC held through it all.

The leading digital currency kept to $10,000 strongly, and went as high as $11,500 last week, recording a 5.24% increase.

However, the same couldn’t be said of the popular crypto derivatives platform BitMEX which saw its BTC balance decreasing by 30%.

As a matter of fact, BTC futures annualized rolling 3-month basis actually went negative on BitMEX while on FTX, it was +6.52%, +6.30% on Binance, and +5.65% on Deribit.

Although still having a 6% difference to other exchanges, it is now gradually moving upwards to 4%.

Bitcoin futures on the platform are also trading at a discount at $11,460 compared to $11,527 on Kraken, $11,582 on Deribit, $11,594 on FTX, and OKEx, and above $11,600 on both Huobi and Binance for the month of December.

Read more...

CRYPTONAIRE LYWEEK CRYPTO investment journal