The leverage crypto currency exchange BitMEX increased the amount of insurance in the insurance fund by more than 1450 BTC yesterday. With the last addition, the insurance fund of the platform accumulated 18,200 BTC.
As the popular crypto-money enthusiast WhalePanda also shared on Twitter, the insurance fund of BitMEX recently added 1450 BTCs, and most of these BTCs will soon be linked to the fund. After this move, the platform is expected to rise in price.
Yesterday, the crypto money market was painted red. BTC fell below $ 3,500 and ETH fell below $ 100. However, today there was some relief and Bitcoin reached $ 4,000 again.
The last serious development in the market was the addition of 1450 BTC to the insurance fund of the crypto money exchange BitMEX.
Bull case for #Bitcoin: Soon most $BTC will be locked up in the @BitMEXdotcom insurance fund.
1450 BTC got added today.
Essentially, Bitmex makes its insurance fund as it uses leverage derivatives in contrast to the exchanges in which it is only traded.
If the price volatility in the market is too high, a large number of liquidation operations can take place at the same time. In this case, if the market does not have sufficient liquidity to cover it, these transactions cannot be completed. Bitmex uses the insurance fund to complete these transactions.
2450 BTC in single day multiple
The amount in the insurance fund of BitMEX was increasing every day, but these increases were usually less than 100 BTC per day. The addition of more than 1450 BTC yesterday was remarkable in this respect.
Previously, Bitmex’s name has been cautious about the Bitcoin price manipulation.
A Twitter user wrote:
Imi I don’t know what I feel about the market maker offering a 100-fold leverage and having a huge supply percentage. It seems likely to manipulate it.
Another crypto-money enthusiast also commented:
Considering that the funds belong to them, if they choose to close it today, they will receive the funds themselves. “
The platform meets 35% of the total Bitcoin transaction volume, which is about $ 4 billion.
Recently Bitmex CEO Arthur Hayes said that the Bitcoin bear market could continue this way for at least another year and test $ 3,000.