BitTREX spills Bitcoin and credit users with Bitcoin

Bitcoin Mercantile Exchange (BitMEX), based in Hong Kong, has announced that it will sell all the bitcoin balances of its customers and distribute the product in the form of bitcoin.

BitMEX for Dump Airdropped BCH

The stock market - which offers BTC / USD swaps but is better known for its futures market - made the announcement on Wednesday, saying that because Bitcoin Cash was created by a "contentious fork", it will not allow users who received BCH at the time of the August 1st fork to withdraw the coins to their personal wallets:
"BitMEX does not agree with the ranges of litigation, and does not accept how Bitcoin Cash was forked, or the lack of preparation or notice before the fork, we consider it to be dangerous action that imposes unacceptable costs on end users and businesses. "

BitMEX did not look fondly at attempts to get away from the main bitcoin blockchain. The exchange has also taken a stand against the SegWit2x rigid fork, which has since been canceled. Before the cancellation of the fork, the exchange had stated that it did not intend to support the SegWit2x coin trading on its platform, and that it did not intend to distribute coins dropped to customers.

However, noting that bitcoin cash "still has value and popular demand" more than three months after the range, BitMEX has decided to credit users with the value of their BCH by selling bitcoin coins and then depositing the product in the BTC exchange of users. portfolios. The OTC LocalBitcoins trading platform followed a similar path in September.

Notably, BitMEX also announced that it has added bitcoin futures to its popular derivatives exchange, allowing users to bet on the future value of cryptocurrency that claims to fulfill the true vision of bitcoin.

Liquidation events could depress Bitcoin spot price

The BitMEX sale could have a significant impact on the bitcoin spot price. BitMEX is the highest volume cryptocurrency exchange, with daily volumes consistently reaching the $ 1 billion mark. As a result, the landfill could exert strong downward pressure on the bitcoin rally, which raised the room above $ 1,200.

Several other liquidation events are also on the horizon. Grayscale Investments recently announced its intention to sell the bitcoin money held by its Bitcoin Investment Trust (OTC: GBTC) - a fund that currently holds more than $ 1 billion in assets - and to distribute a dividend to its shareholders. Several other services - notably Bitcoin Exchange Coinbase - have not yet made BCH parts available to users.

Nevertheless, bitcoin money advocates may find a glimmer of hope in the announcement because, although the sale is likely to depress the price of the coin in the near term, it is a tacit validation that bitcoin money has proven its viability.