What might have helped Bitfinex is that Poloniex, the number one exchange by ETH/BTC volume, was hit with massive DDoS attacks.
Cryptocurrency exchange Bitfinex only started supporting Ether trading on Monday (March 14th at noon UTC) and it has already made a big splash. Bitfinex very quickly snapped up the number two spot in terms of USD to ETH trading volume with about 25% of the total market share.
Over on the exchange of Bitcoin to Ethereum side of the business, Bitfinex also took about 5.5% market share of the overall BTC/ETH trading volume. This makes Bitfinex the fourth largest BTC/ETH trading venue behind Gatecoin.
We asked Charles Hayter, the CEO of CryptoCompare.com, if the new player is just going to take over market share or make the cake bigger: “It’s going to be a mixture of both - Bitfinex is reputable platform and by making Ether available it is going to attract new traders and encourage its present stable user base to take a bit at the market.”
Asked how much more new money entered the market yesterday, Hayter calculated it was around $5.9 million dollars from CNY, EUR and USD fiat currencies and $50 million in BTC. He added: “What's interesting too is the growing rate of fiat as a percentage of total Ether trading, which is now 14% of total ETH trading.”
Bitfinex also plans to allow shorting and margin trading on Ether as soon as it is comfortable with the book depth and availability of Ether for lending, but it says that will depend on the community’s support because Bitfinex itself is not a participant in its own markets. Considering the strong adoption of Ether trading on the platform, we could expect to see Bitfinex enable shorting and margin trading in less than a week.
Distributed Denial-of-Service
What might have helped this impressive first day showing by Bitfinex is that Poloniex, the number one exchange by ETH/BTC volume and number three by ETH/USD volume, was facing some issues. Poloniex was hit with massive DDoS attacks that hurt its performance and although these subsided eventually, the exchange had to assure its users that their funds are safe.
Asked if the DDoS attacks on Polonix were meant to help Bitfinex, Hayter said: “No idea - there'll be the usual rumor mill with accusations flying. Completely reprehensible as it is - it would make sense for an exchange to use this tactic as a means to gain market share - and this comes at a great cost to the exchange under attack in terms of the intangible loss of trust from its users. It cannot be condemned strongly enough.”
Cryptocurrency exchange Bitfinex only started supporting Ether trading on Monday (March 14th at noon UTC) and it has already made a big splash. Bitfinex very quickly snapped up the number two spot in terms of USD to ETH trading volume with about 25% of the total market share.
Over on the exchange of Bitcoin to Ethereum side of the business, Bitfinex also took about 5.5% market share of the overall BTC/ETH trading volume. This makes Bitfinex the fourth largest BTC/ETH trading venue behind Gatecoin.
We asked Charles Hayter, the CEO of CryptoCompare.com, if the new player is just going to take over market share or make the cake bigger: “It’s going to be a mixture of both - Bitfinex is reputable platform and by making Ether available it is going to attract new traders and encourage its present stable user base to take a bit at the market.”
Asked how much more new money entered the market yesterday, Hayter calculated it was around $5.9 million dollars from CNY, EUR and USD fiat currencies and $50 million in BTC. He added: “What's interesting too is the growing rate of fiat as a percentage of total Ether trading, which is now 14% of total ETH trading.”
Bitfinex also plans to allow shorting and margin trading on Ether as soon as it is comfortable with the book depth and availability of Ether for lending, but it says that will depend on the community’s support because Bitfinex itself is not a participant in its own markets. Considering the strong adoption of Ether trading on the platform, we could expect to see Bitfinex enable shorting and margin trading in less than a week.
Distributed Denial-of-Service
What might have helped this impressive first day showing by Bitfinex is that Poloniex, the number one exchange by ETH/BTC volume and number three by ETH/USD volume, was facing some issues. Poloniex was hit with massive DDoS attacks that hurt its performance and although these subsided eventually, the exchange had to assure its users that their funds are safe.
Asked if the DDoS attacks on Polonix were meant to help Bitfinex, Hayter said: “No idea - there'll be the usual rumor mill with accusations flying. Completely reprehensible as it is - it would make sense for an exchange to use this tactic as a means to gain market share - and this comes at a great cost to the exchange under attack in terms of the intangible loss of trust from its users. It cannot be condemned strongly enough.”
Strike's Expansion into Europe Accelerates Bitcoin Adoption
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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