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Is Shorting Bitcoin (BTC) on BitMEX Hurting The Entire Crypto Market?

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The crypto exchange known as BitMEX has on two occasions traded over 1 Million Bitcoin (BTC) in a single day. The first time BitMEX made this milestone was on the 25th of July and they made the announcement via Twitter as follows:

This feat was again repeated on the 8th of August when the exchange once again traded over 1 Million BTC in a single day. This was after the SEC delayed their decision on a Bitcoin ETF. A screenshot of the daily volume on that day can be found below.

BitMEX 1 Million BTC trade volume. Source, coinmarketcap.com

The CEO and Co-founder of BitMEX, Arthur Hayes had this to say with regards to the 1 Million BTC milestone when it was reached for the second time:

“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing. In continuously engaging with, and truly listening to, the needs our customers, we’ve recognized an overwhelming demand for innovative financial products that give the crypto market greater versatility.”

So how is BitMEX doing 1 Million BTC trades in a day

Further dissecting Mr. Hayes last comment above, we find that the exchange has been offering innovative financial products that give the crypto market greater versatility. This includes products that short Bitcoin. Shorting involves the betting on the fact the price of an asset will continue to decline in a bear market. Rather than trading on an up-trend, you short your position and hope it continues to decline, thus profiting from it.

Further researching on the two dates that BitMEX experienced the 1 Million BTC trades (July 25th and 8th of August), we find that Bitcoin was going through phases of decline in the markets. Therefore, the big question is, is BitMEX to blame for the declining value of Bitcoin or are savvy traders making good use of their shorting capability?

The latter is a more plausible reason as to why BitMEX is trading such a high amount of BTC in a single day. What possibly happens during periods of Bitcoin decline, the majority of the crypto-communities communicate via Telegram and they all head to BitMEX to short Bitcoin en masse. There are plenty of chat groups and channels that advice traders on when it is the best time to short BTC.

Therefore, BitMEX is only providing versatile investment products that hinge on the decline of digital assets. Perhaps it is time we all learned how to short our favorite coins during periods of turmoil so we can also benefit.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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