BitMEX is maintaining respectable liquidity and open interest but the exchange could still face a total client exodus.
For BitMEX, 2020 has been quite a rough year and from the look of things it’s only set to get worse.
The popular derivatives exchange is no longer as relevant and impactful on crypto market price action as it was 2 years ago, but a significant short-term price correlation among top exchanges has been proven repeatedly.
A well-documented case occurred in May 2019, when a large sell order on Bitstamp caused a cascading $250 million liquidation on BitMEX.
The following month, a Coinbase exchange outage triggered a $1,400 Bitcoin (BTC) price nosedive, as reported by Cointelegraph.