Category Archives: Arthur Hayes

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BitMEX Ventures Invests in Philippines Crypto Exchange Platform

BitMEX Ventures invests in Philippines based crypto exchange platform, PDAX

BitMEX Ventures, the corporate venture arm of the crypto trading platform BitMEX, has invested in a Philippines based cryptocurrency exchange platform, PDAX (Philippines Digital Asset Exchange), as reported on 3 June 2019.

This enables PDAX to extend its service of digital assets beyond cryptocurrencies. Tokens can be used to trade commodities, real estate equities and debt securities. This will help PDAX to launch an official platform from its BETA version. The goal of the platform is to provide an open-market for cryptocurrencies and other assets to secure a digital financial market for all kinds of investment products and securities.

The CEO of PDAX, Nichel Gaba, believes that this will have a twofold effect, that is, it will increase cryptocurrency adoption and awareness among people about digital assets. He said:

“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth. With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”

Arthur Hayes, co-founder and CEO of BitMEX, believes that Filipino users contribute considerably to cryptocurrency trading. Taking this opportunity, investing in PDAX comes as a savior to accomplish the mission of providing users with a reasonable and seamless platform.

CEO of BitMEX acknowledges investment in crypto exchange, PDAX

He said:

We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippine market and provide the tools to learn more about financial markets.”


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Bitcoin’s Price Grazes $8,000 Next 2019 Milestone $10,000?

Bitcoin's Price Grazes ,000 Next 2019 Milestone ,000?

Bitcoin’s price recently pierced through USD 8,000 for the first time since July 2018, could the bulls be trailing their steps back to USD 10,000 and beyond? Especially given that the first time Bitcoin hit USD 10,000 in November 2017, it had continued in an uptrend rally from around USD 6,000 and reached the hallmark within a month, similar to recent milestones.

Source: CoinMarketCap

As Bitcoin continues in a sustained uptrend for the most part of 2019, the months of April and May happen to stand out so far with as much as 55% gain in just 30 days. Overall, year-to-date price of Bitcoin has seen an upsurge of about 113%. The cryptocurrency market has seen as much as the addition of over USD 20 billion. Bitcoin currently trades along the edge of USD 8,000 as at press time.


Source: CoinMarketCap

Perhaps both the fundamentals and the technicals are on the sides of the bull trend, helping the flagship cryptocurrency crawl out of a prolonged bear market plague. Some analysts have pinned the onset of the bull run on such events as the next Bitcoin halving, Fidelity Investment’s recent announcement of its over-the-counter Bitcoin trading service to institutions, and likely spillovers from the US-China trade wars – as Head of International Fixed Income at National Alliance Securities Andy Brenner pointed out:

“If you were in China and you wanted to diversify, it would seem logical that Bitcoin would be a short term alternative.”

Although many onlookers are weary of the parabolic development of the price actions, however, there could be no better news for cryptocurrency hodlers – perhaps a few – who held out their breath to weather the fiery winter storm.

A few industry players have explained their side of the bull trend, with different entities coming forward to claim their role in the price surge. One of such is CEO of TRON Justin Sun, who claimed his Tweet about helping the recently hacked Binance exchange with the sum of USD 40 million USDT had reversed the slight downtrend from USD 5,900 to USD 5,700 upon news of the hack.

At least BitMEX CEO and Co-Founder Arthur Hayes thinks the bulls are here to stay, suggesting Bitfinex’s USD 1 billion raise in 10 days is enough evidence. He also recently celebrated a new trading volume record of over USD 10 billion in 24 hours.

A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!!

— Arthur Hayes (@CryptoHayes) May 13, 2019

And he’s saying too bad to those who shorted: “When you mess with the bull you get the horns!!!”

Regardless of the claims, one plausible explanation to the recent price surge is that the market is seeing more buyers than sellers and hence with fewer sellers in the market and a steady increase in the demand for the asset, a price surge is a better incentive to sway sellers to let go of their Bitcoins. Would sellers cave-in or let the bulls ride a while longer?


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CEO of BitMEX Says Bitcoin Will Hit USD 50,000 By End of 2018

The Co-Founder and CEO of BitMEX, Arthur Hayes, says Bitcoin will hit USD 50,000 by the end of the year after possibly bottoming out in the USD 3,000 to USD 5,000 range. He says Bitcoin is just one positive regulatory decision away from a massive rally. That piece of positive news might be a Bitcoin exchange-traded fund (ETF) being approved by the Securities and Exchange Commission (SEC).

Arthur Hayes says a Bitcoin ETF would allow ‘real’ money to enter the Bitcoin market since institutional investors will be able to easily invest in Bitcoin on mainstream stock trading platforms, as opposed to the present day where buying Bitcoin is a completely different process than buying stocks. Cryptocurrency expert Michael Strutton has a similar forecast, saying that when the first Bitcoin ETF is approved by the SEC Bitcoin’s price will hit USD 35,000.

BitMEX is technically the largest Bitcoin exchange in the world with USD 618 billion of trading volume in the last year, and 3 times more liquidity than any other exchange. However BitMEX offers derivatives contracts that represent Bitcoin rather than trading Bitcoin itself, so BitMEX is usually not counted as the top cryptocurrency exchange since they aren’t trading actual bitcoins.

Arthur Hayes says BitMEX’s volume has tripled during the Bitcoin price decline in 2018. BitMEX offers clients up to 100X leverage, facilitating short selling, so BitMEX clients actually make more money when the market is declining. It is possible that the large and persistent amount of short selling on BitMEX could be a contributing factor to Bitcoin’s price decline.

Also, contrary to popular opinion, Arthur Hayes favors volatility, and he says the decrease in volatility as Bitcoin’s price has declined is bad for business. This is probably because BitMEX’s leveraged trading feeds on volatility. In general, it is recognized that less price volatility makes Bitcoin a better currency.

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