Bitmex Sentiment: Open Interest

Contents

BitMEX will impose trading restrictions ...

BitMEX will impose trading restrictions to combat volatility
CONTENT

  • BitMEX Tightens Cryptocurrency Trading Conditions

  • The exchange refers to the need to maintain fair market conditions

  • Restrictions come after a scandal around BitMEX management

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Cryptocurrency exchange will impose restrictions on placing orders to combat uneven buying and selling of cryptocurrency assets

Crypto exchange BitMEX will impose restrictions on cryptocurrency trading to combat uneven order placements. The exchange announced this in its blog.

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Starting from February 16, the exchange will impose restrictions on the size of orders for sale and purchase.

BitMEX will impose trading restrictions ...

In particular, users will no longer be able to place orders that differ from the market price by 5%. BitMEX says the decision was made to “ensure a fair and orderly trading environment.”.

Thus, the exchange intends to get rid of the so-called “thumb problem” when traders with large capital mistakenly (or not) place incorrect orders..

BitMEX changes its reputation

The exchange said that the innovations will benefit market participants by insuring them against sudden market conditions.

“Although this type of error is rare, it can cause sudden, sharp price fluctuations …” – said in BitMEX.

However, users doubt that with the innovation, the exchange will make the market more “fair”.

BitMEX will impose trading restrictions ...

In particular, users cite high commissions and slow decision making.

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BitMEX has often been accused of market manipulation due to large-scale order liquidations. In March 2020, when Bitcoin dropped to an annual low, the exchange was also caught in a dump. Then the head of the FTX exchange Sam Bankman Fried said that BitMEX intentionally lowered the price of bitcoin to $ 3,700, provoking a fall in cryptocurrency on other sites.

The restrictions on the exchange come after the BitMEX management left the company due to accusations from the American regulator. As a reminder, the Commodity Futures Trading Commission accused the company of violating anti-money laundering measures.

Almost immediately after the accusations, the site’s clients withdrew more than 50 thousand bitcoins (at the current rate of ~ $ 1.7 billion).

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