An appreciated researcher is of the opinion that BitMEX is the reason behind bitcoin price spiking up for up to an hour, then get back to usual. Interestingly, this allegedly occurs every day, around mid-morning New York time.
A supposed Bitcoin engineer dubbed, 0xb10c argues that if the crypto derivatives exchange used further competent technologies while broadcasting transactions, users may perhaps save as much as around 1.7 BTC (worth over fifteen thousand USD at the time of reporting) in fees every day, or about seven percent of entire day-to-day fees paid.
In a recent report, 0xb10c mentioned,
“The daily broadcast has a significant impact on the Bitcoin network and user fees.”
0xb10c further mentions that as BitMEX broadcasts thousands of transactions simultaneously every day, it gives rise to a fee upsurge every day.
0xb10c writes a series of posts about understandings he picked up as he assembled the Bitcoin Transaction Monitor, which is a data tool for exploring transactions on the Bitcoin network in a comprehensive manner. 0xb10c further mentioned that while users perceptibly desire lesser fees, higher fees toughen the Bitcoin blockchain’s security, particularly when block rewards reduce every 4 years.
What do you think of BitMEX as a crypto derivative exchange and its role in giving a wind to Bitcoin prices as mentioned above? Let us know in the comments below!