In pictures… Bitmex is accused of manipulating the price of Ethereum (ETH)
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Answer In pictures… Bitmex is accused of manipulating the price of Ethereum (ETH)
In recent days, the price of Ethereum (ETH) has fallen sharply, with some accusing ICOs of selling their remaining Ethereum in order to fund these projects, and others accusing platforms such as Bitmex, known as leveraged “Leverage”.
And a picture spread of Bitmex CEO Arthur Hayes, talking to the platform’s clients through an official account of him entering into a short deal on Ethereum.
Leverage in trading is a financial management that allows a person to open deals with a volume greater than the amount of his investment. This means that anyone with $100 can open trades with $1,000 (ten times greater than their investment amount) and it is a high-risk tool for investors.Read:What is a Bitcoin Traded Fund (ETF)?
Bitmex CEO Conversation
In the first part of the picture comes Arthur Hayes’ speech, where he mentioned that it is an opportunity to bet on the price of Ethereum (ETH) against the dollar (USD).
It is worth noting that Arthur previously tweeted in His Twitter account He stated, “The leverage of the Ethereum currency against the dollar has been launched! Now you will never have to own Ethereum or Dollars.”
The platform’s newsletter also contained the opinion of Arthur Hayes, where he reminded his clients that the Ethereum coin will reach double digits (levels below $100) and returned by repeating the same opinion in Another Tweet on his Twitter account.
Note that the trading volumes of the Ethereum currency against the dollar on the Bitmex platform amounted to three billion dollars per day.
It is noticeable by looking at the list of orders for buying and selling Ethereum currency, we notice the large differences in the platform, which suggests that the platform team itself is trading against its clients.Read:Animoca warns of fraudulent digital currency impersonating its name, available on Uniswap
Some believe that one of the reasons for manipulation is that Bitmex is an unregulated platform, and there is no oversight or accountability for its business, despite the fact that the CEO, Arthur Hayes, appears on American television on a regular basis, which makes some believe that he is based in the United States of America and does using the platform.
Looking at the terms and conditions of the Bitmex platform, it clearly indicates that trading is prohibited for residents of the United States of America, Cuba, Iran, Syria and other countries, which may make the CEO violate the terms of his platform.
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