Crypto Analysis: BitMEX maintenance pumps Bitcoin price

BitMEX maintenance pumps Bitcoin price? Seems like it! Almost all of the top 100 cryptocurrencies have recorded gains in the last 24 hours, with some of them hitting significant highs.

22 August, AtoZ Markets Cryptocurrency markets have unexpectedly spiked on August 21. The data available online indicates that the top 100 coins have recorded some significant gains. In addition to that, the total market capitalization of cryptocurrency market has spiked more than $12 million in just an hour, hitting $222.8 million before sliding to $216 million at the time of writing. 

Crypto Market is on the Rise

The leading cryptocurrency, Bitcoin, has been changing hands at around $6,400 $6,500 before experiencing a steep rise to around $6,970. Now, the cryptocurrency pioneer trades at $6,656, still at around 3% up on the day. Bitcoin, in fact, is also trading almost 6% growth on the week, while the monthly records show a 10% decline in value. 

Almost all of the top ten cryptocurrencies have experienced a major growth during the price spike, with each of them rising by about 4 to 9 percent. EOS has appeared as the biggest winner, as the coin has risen 8.7 percent to trade at $5.19. Now, the EOS price stands at $5.05. 

Among the top 20 coins, VeChain (VET) has experienced the most significant growth on 24 hours, trading up 18.67% at $0.15. 

BitMEX maintenance pumps Bitcoin price

As some of the industry insiders have pointed out, the sharp spike across cryptocurrency markets has been triggered just as leveraged crypto trading platform BitMEX announced its plans to suspend trading for scheduled maintenance at 1:00 AM UTC. The platform is not listed on CoinMarketCap’s BTC price and volume averages since, according to the website, “[t]he BTC/USD market on BitMEX is a derivatives market NOT actually spot trading Bitcoin. As a result, it has been excluded from the price and volume averages of Bitcoin.”

However, BitMEX presents itself as a “Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin.” The platform enjoys daily trade volumes of $3.76 billion. 

7Marketz co-founder Yagub Rahimov has shared his views regarding the recent developments in the crypto market in his latest video. Enjoy!

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