Ripple is currently more controversial than it has been for a long time. This is exactly the right time for BitMEX to add a variant to Ripple Futures.
BitMEX with reaction to growing futures market
BitMEX is probably now well known to investors around the globe who trade in currencies such as Bitcoin or Ethereum or even regularly expand their portfolio by making additional purchases. In the past we reported, among other things, on the economic developments of the in-house Bitmex insurance fund. At the end of 2018 the operator also took a stand on accusations that it was speculating against its own clientele. Such rumours are a burden on the relationship of trust with customers. In the current case, however, it is a positive report. And this relates to one of Bitcoin’s major competitors, Ripple.
Futures area gaining in importance overall
The Ripple Token XRP is again mentioned in connection with BitMEX in the gradually growing product area of perpetual contracts. The name may sound like a reinvention to some traders, but experts believe it is actually nothing more than a futures variation. In short, anyone who decides to speculate in connection with Ripple (XRP) can make targeted bets on the XRP price. And this now also against the US dollar, after up to now only XRP could be traded against Bitcoin. Both long and short positions are allowed. With its expansion, the operator is also reacting, at least to a limited extent, to its competitor Binance, where Cardano (ADA) futures can be traded since this week.
Head of the exchange makes a joke of the ripple development
While so-called margin trading is available at Binance with a maximum leverage of 75, BitMEX sets a maximum leverage of 50 for speculation. Somewhat surprising about the news are the headlines that spread at about the same time, reporting on disrespectful remarks by Arthur Hayes. The CEO of the stock exchange is taking Ripple – to put it mildly – for a ride. In fact, the CEO even mentioned Ripple in one sentence with the legacies of dogs, thus showing what he thinks about the currency and the Ripple system as a whole. So it is not the case that all leading heads of the crypto industry are enthusiastic about the “Bitcoin of the banks”. In any case, the XRP rate is far from its former strength at the moment.