Despite the fact that the entire cryptocurrency market has lost around $600 billion of its capitalization YTD, crypto trading platforms are seemingly in a very good shape. BitMEX, which is amongst the largest cryptocurrency exchanges in terms of traded volume, has reportedly moved into one of the most expensive office buildings in Hong Kong.
A Notable Progress
BitMEX, a cryptocurrency trading platform which was co-founded by former Citigroup Inc. trader Arthur Hayes, has purportedly moved into the world’s most expensive offices in Hong Kong, Bloomberg Quint reports, citing the HK Economic Times.
The building in question is the Cheung Kong Center where BitMEX has supposedly leased the entire 45th floor. The skyscraper is already home to major names in the financial industry such as the Bank of America Corp., Goldman Sachs Group Inc., Barclays PLC., and so forth.
More interestingly, though, the move marks the tremendous progress of the company which, just a year ago, was renting offices in a logistics and warehouse district at Victoria Harbor where the average price in the area was $3.18 (HK$25) per square foot. Now, their new offices cost roughly around 10 times more – HK$225 per square foot. The area of their new offices is 20,000 square feet, occupying the entire 45th floor.
Swimming Against the Current
The fact that BitMEX is able to afford to rent an office at one of the most expensive buildings goes to show that cryptocurrency exchanges are making a killing, despite the fact that the entire cryptocurrency market is going downwards.
Cryptocurrencies, in general, have had a rough year so far, as all the top 100 digital assets have declined in value since their all-time highs in late 2017 and early 2018.
Bitcoin (BTC), the largest cryptocurrency by means of market capitalization, trades at $6,440.68 at the time of writing, which marks a 3.63 percent decline in the last 24 hours. The first and foremost digital asset has plummeted over 60 percent from its ATH in January.
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