BitMEX Research: 2018’s Crypto Rollercoaster Ride
The research department of leading exchange BitMEX posted a video reflecting their new “cryptocurrency pricing model” — a novel depiction of an investor’s rollercoaster ride.
With a daily trade volume of nearly $1.5 billion, the Seychelles-registered outfit is the largest Bitcoin-to-USD exchange in the world.
Posted on the Twitter feed of BitMEX Research, the 24-second clip displays a Lego roller coaster with a sign reading “HODL” overarching the track, just prior to the plunge. Invariably a nudge towards to the research body’s “price projections for 2019”, the passengers (presumably investors) rise again after the descent.
BitMEX Research constructs a new cryptocurrency pricing model. It includes price projections for 2019.
Available exclusively on the BitMEX Research desk.https://t.co/FwnEliZIGH
— BitMEX Research (@BitMEXResearch) July 16, 2018
While punters may view the video as noting bullish sentiment, BitMEX Research’s official stance would be to have no position. Typical findings are published in what the group describes as “unbiased, evidence-backed reports”, or noted on the BitMEX Research Twitter.
Previously, the outfit reported that Bitcoin’s price may be correlated with traditional assets — and not, in fact, immune to turmoil in markets such as the S&P 500 stock market index. In conclusion, BitMEX’s March 2018 ‘Bitcoin Price Correlation’ report states:
“It appears that Bitcoin has been a reasonably non-correlated asset class throughout its history. During the recent rally to a valuation of hundreds of billions of dollars, however, correlations — and, crucially, correlations to risk-on assets — started to increase.”
All questions of sentiment aside, the jaunt appears to have been met largely in good heart by investors. Facing a correction of nearly 79% from Litecoin’s January 2018 all-time-high, the coin’s creator Charlie Lee tweeted in response:
One of the most well researched and accurate price prediction of Bitcoin and Litecoin. Kudos! 👏 https://t.co/YC8mVKQAdu
— Charlie Lee [LTC⚡] (@SatoshiLite) July 16, 2018