The BitMEX CEO Arthur Hayes has just called bitcoin cash a s**tcoin on his Twitter profile, as the latest cryptocurrency to get under his radar. Let’s find out more in the following bitcoin cash news.
Spoos and #bitcoin tanking at the same time. What a shame, take that JPOW wampum and put it to good use. pic.twitter.com/NlSLT5lKoh
— Arthur Hayes (@CryptoHayes) June 15, 2020
The BitMEX CEO Arthur Hayes, as the leader of one of the biggest derivatives exchanges out there, once again slammed a cryptocurrency calling it a shitcoin, and this time it was Bitcoin Cash. In an announcement from a week ago, BitMEX revealed that it is going to launch a new BCH/USD perpetual swap contract with a 25x leverage and the contract went live today. According to the announcement:
“This is the fourth quanto contract to be launched on our platform and follows the successful introduction of the ETHUSD quanto futures contract on May 05th, 2020, and the XRPUSD swap contract on February 05th, 2020. Together, these three new quanto contracts represent further diversification of trading opportunities for users as we continue to expand our innovative product range.”
The contract had a maker fee of -0.025% and a taker fee of 0.075% which requires a base initial margin of 4$ with a 2% maintenance. The contract has a fixed BTC multiplier no matter the USD bitcoin cash price. This means that traders can long or short the BCH/USD rate without even touching the BCH or USD as the margin is posted in XBT. The CEO of the exchange, Hayes, is well known for slamming cryptocurrencies and he also added:
“BCHUSD perp is now live. Which shitcoin should BitMEXdotcom list next?”
This is not the first time that Hayes refers to a cryptocurrency that is not Bitcoin, a shitcoin. Back in 2018, the CEO of the platform even called Ether a double-digit shitcoin referring to the parabolic market increase in 2017. He said that the “real profit in 2017 was made by Ether holders, shitcoin projects and promoters.” He also commented that the seed capital for most of the crypto hedge funds emanated from the outsized returns on holdings of Ether and other token projects. He also commented on the latest bitcoin drop in price by mentioning that there is a growing correlation between the legacy markets and Bitcoin as a number one cryptocurrency.
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