Welcome to another edition of Qume Market Mondays!
In the preceding weeks, the Coronavirus has wiped off nearly 1/3rd of the global market cap, shaking investor confidence and triggering panic across the world.
With global indices taking a nosedive, Bitcoin too fell from $9,000 to $3,900 but since has bounced back to key support levels, holding the $6,500+ mark for a week.
In the last month, Bitcoin has registered high volatility unlike anything seen in the last 5 years. The market has been bearish ever since the sell-off and it failed to break the resistance at $7,500, receding back to $6,700 levels.
For most of April, derivative perpetuals have traded at discounts with negative funding rates.
High trading volumes registered with rebound signals further recovery in BTC price.
Traders ditching BitMEX
BitMEX has seen a high rate of withdrawals of BTC funds by traders over the last couple of weeks. It has registered almost 40% decrease in the exchange’s BTC holdings.
Traders seem to be moving to better alternatives as BitMEX’s reputation has suffered major blows recently. From the recent DDoS attacks leading to large forced liquidations to a class action lawsuit, traders are finally making the switch.
Trading on a regulated and ethical crypto derivatives exchange such as Qume, guarantees users manipulation-free trading experience.
We invite all traders who are making the switch to trade at the world’s fastest crypto derivatives exchange — Qume