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BitMEX not likely to add another cryptocurrency, CEO Arthur Hayes explains

BitMEX not likely to add another cryptocurrency, CEO Arthur Hayes explains

The cryptocurrency space has been evolving constantly over the years, with development in technology being its main focus. Arthur Hayes, the co-founder and CEO of BitMEX, joined Luke Martin, an analyst to talk about developments in the crypto-space and the future of BitMEX. The co-founder answered the much-asked question regarding the addition of another cryptocurrency to BitMEX, in the interview.

BitMEX is popular among Asian traders and there are numerous new tokens coming out; Luke quizzed Arthur about adding more tokens to BitMEX instead of the current list that has only four cryptocurrencies- bitcoin [BTC], bitcoin Cash [BCH], Litecoin [LTC], and XRP. Hayes informed that they would not be adding any cryptocurrency because derivatives required sufficient liquidity in the spot market.

Hayes said,

“So you know, in my, in my opinion, the futures market should always be tighter and trade larger than the underlying of this derivative. And that only happens if you have sufficient liquidity in the spot market.”

Hayes explained that if BitMEX listed a random coin from CoinMarketCap, the market makers would be unable to hedge the risks. Binance has a long list of coins where the market makers want to price a derivative, in such a case, it will spread too wide, which according to the CEO, is terrible for clients. He explained,

“From a client perspective, as a terrible experience, I’m treating a leveraged product that has a wider spread, then the underlying on the spot market and I’m just increasing my risk of getting liquidated. And that’s something that we don’t want to do.”

However, when BitMEX would add a new product, the market makers would be able to make ‘good type prices’ for their clients. The CEO also informed that BitMEX would never have as many coins as Binance due to the same reason.

The post BitMEX not likely to add another cryptocurrency, CEO Arthur Hayes explains appeared first on AMBCrypto.

Published at Mon, 15 Apr 2019 00:08:55 +0000

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Deutsche Boerse ‘Still Considering’ Date On Bitcoin Futures

Germany’s major exchange Deutsche Boerse says it is still “considering” bitcoin futures but is unable to say when they might launch.

Europe’s Cautionary Stance

In comments to local industry magazine WirtschaftsWoche Wednesday, a spokeswoman from the marketplace organizer said that bitcoin’s “significant exchange rate fluctuations” were among the factors needing a solution prior to a potential release.

“We’re considering bitcoin futures which investors and institutional investors can use to hedge against bitcoin or set against falling prices in the virtual currency,” the publication quotes her as saying.

BREAKING NEWS - Nasdaq To Launch Bitcoin Futures in 2018

The topic of debate for many of the world’s jurisdictions this month, bitcoin futures have been a major factor in pushing up prices over $17,000 after US lawmakers gave the green light to three such products earlier this month.

CBOE will be joined by CME Group December 18 in opening up regulated bitcoin exposure to Wall Street and other major insitutional investors.

Reactions from authorities in other countries have varied meanwhile, with Japan’s “as soon as possible” launch agenda contrasting strongly with that of South Korea, which instigated a full ban on the activity.

Within the global context, the European Union appears for now to be adopting a cautionary approach.

Buoyant CBOE Forecasts ETFs, ETNs

As WirtschaftsWoche reports, earlier indications of ratification of futures on Deutsche Boerse within “two to three months” now seem premature.

“According to Deutsche Boerse, deliberations are not yet far enough along to allow naming a timeframe,” it continues.

A major concern is price volatility, with officials keen to avoid manipulation resulting from periods of unstable rates.

Discussing what could lie in store for ‘traditional money’ participation and bitcoin following CBOE’s futures launch meanwhile, CEO Edward Tilly said ETFs could present the next stage.

“I think you’ll see some buzz around the potential for security ETFs and ETNs as a result; I think it’ll take some time, but I think you’ll see that as the next frontier,” he told Bloomberg Wednesday.

In the run-up to its own futures debut, CMEGroup has altered its initial margin requirement from 35% to up to 47%, the publication added.

What do you think about Deutsche Boerse’s approach to bitcoin futures? Let us know in the comments below!

Images courtesy of Shutterstock, twitter

The post Deutsche Boerse ‘Still Considering’ Date On Bitcoin Futures appeared first on Bitcoinist.com.

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