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europeans trade bitcoin futures most on bitmex

Europeans Trade Bitcoin Futures the Most on BitMEX: Data

Christine Vasileva
by Christine Vasileva
5 years ago
·
Posted in Trading, Bitcoin, Bitcoin Businesses, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the past month, European business hours became extremely active for bitcoin futures trading on BitMEX futures. 


European Traders Pick Up the Slack on BitMEX

New data shows European bitcoin traders became active in the past month, making up the bulk of volumes on the BitMEX  XBT/USD perpetual contract.

European hours have been the most active in the last month.

Here hourly volumes in UTC time for BitMEX's XBTUSD contract

Morning you get Asia + Europe and afternoon Europe + US. Will be hard to disrupt time zones! pic.twitter.com/gbhAJ7XrSE

— skew (@skewdotcom) December 15, 2019

Activity is still relatively lower in comparison to peak trading periods. But Europe has stood out as one of the hotter crypto spaces in the past year. More favorable banking services, as well as growing wealth and a tech sector, have grown European interest in crypto trading.

In 2019, trading BTC positions also picked up ahead of “hodling” behavior, inviting a new type of speculative buyers. BitMEX remains one of the most active bitcoin markets, adding to the prevalence of futures for BTC price discovery.

The Euro itself has a 1.45% share of bitcoin trading on the spot markets, as US dollar positions are still seen as the leading pair.

EU Still Restricts Bitcoin and Crypto Companies

But Europe is not entirely a free-for-all when it comes to bitcoin and crypto usage. Tight KYC regulations are already in place, and even stricter monitoring may be enforced in the coming months. This has led to BottlePay, a crypto payment service, deciding to close due to highly restrictive AML legislation.

https://twitter.com/bottlepay/status/1205527116789559296

Companies based in Europe would be forced to apply the new standard of anti-money-laundering regulations as of January 10, 2020, which would put a burden on smaller companies. Even LocalBitcoins has upped its requirements to comply with its Finnish registration and EU laws.

At the same time, trading on BitMEX is still accessible to international traders. Crypto-to-crypto exchanges also excluded US traders due to strict rules, but so far manage to service European accounts. Still, the crypto space fluctuates, and it is possible some companies don’t survive.

It is difficult to estimate what sparked European interest in BTC futures trading. Polls reveal that crypto traders are still a small class of investors from the EU, and cash usage far surpasses interest in fintech or crypto assets.

At the same time, the new President of the European Central Bank Christine Lagarde has spoken in favor of adopting a digital currency approach. Lagarde, former head of the IMF, has stated ECB must “stay ahead of the curve” by creating a stablecoin.

What do you think about European traders affecting bitcoin price? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter: @skewdotcom, @bottlepay

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christine Vasileva

Christine Vasileva

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Christine Vasileva is a financial news and business writer, tracking the latest developments in fintech and the effect of blockchain and crypto-assets on global business and finance.

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