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Bitmex Boss on the Spot Over Alleged Ethereum Price Tampering

Compared to other cryptos, Bitmex lacks ethereum futures. 


 

Did Bitmex Tamper With Ethereum Price?

There was outrage from ethereum lovers after Bitmex boss Arthur Hayes seemed to incite clients to short the second largest crypto. Arthur allegedly made the call through Bitmex official account. Stakeholders have interpreted the call differently with many accusing Bitmex of tampering with the price of ethereum.

Hayes further took his call to Twitter where he announced that 50x leverage swap was active. He urged clients to trade with bitcoin alone but not with ethereum or the dollar. In a newsletter sent to subscribers, Hayes further stated that ethereum was a double-digit that was colourful.

Hayes sentiments is a clear indication that Bitmex is unfriendly to ethereum. At the moment, the platform is dealing with $3 billion as trading volumes of ethereum compared to the dollar. However, many experts are doubting the figure.

For clients, betting on eth/usd is not an option. They will only have to use bitcoin. Bitmex has no ethereum futures. A look at the platform shows that they have EOS, bitcoin and other futures.

A closer look at the spread for the buy and sell orders shows that now stands out. It is not clear whether the platform trades against its own clients.

Bitmex is unregulated and lacks any form of accountability with no identifications needs. However, for US clients, they can only exchange on the platform with prior identification. Hayes who is currently residing in the US is an American citizen.

By any chance Bitmex discovers that a client gave wrong location details, the exchange has the power to shut down their accounts with immediate effects. In case the account had any open positions, they are then liquidated immediately.

New Alternative for Bitmex

Chances are high that the majority of clients on the platform who claim to be from the US reside in America. Bitmex trading volumes are on the rise after shut down of OKCoin and Huobi last year.

Following the closure, OKCoin reemerged as OKEx same as Huobi. At the moment KEx lacks artificial spread and notable liquidity compared to Bitmex.  OKEx also offers ethereum futures the same as bitcoin and other coins, unlike Bitmex. OKEx is now emerging to be another choice compared to Bitmex.


2 years ago

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