RATE Group | Consequences of Bitcoin (BTC) and Crypto’s ‘Black Thursday’ Becoming Clear, According to Coin Metrics
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Consequences of Bitcoin (BTC) and Crypto’s ‘Black Thursday’ Becoming Clear, According to Coin Metrics

25 Apr Consequences of Bitcoin (BTC) and Crypto’s ‘Black Thursday’ Becoming Clear, According to Coin Metrics

Posted at 09:29h in Cryptocurrency News by

There’s been a shakeup in the crypto futures marketplace in the month and a half since Bitcoin and the rest of the digital asset industry crashed on March 12th.

After “Black Thursday,” BitMEX has lost a portion of its futures marketplace to Binance, reports the crypto intelligence firm Coin Metrics.

BitMEX says it suffered two distributed denial-of-service (DDoS) attacks in the midst of Bitcoin’s March crash, which caused 156 accounts to sustain losses as a result of late processing of market orders. The cryptocurrency exchange and derivatives platform has since lost market share both in volume and open interest.

That’s been a boon for Binance, which now powers around 25% of all futures volume in the crypto marketplace. Says Coin Metrics,

“This may have an on-going impact across crypto markets, especially considering BitMEX’s outsized influence on price discovery. Only time will tell if BitMEX is able to recover the lost market share,…

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