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PayPal and Intuit QuickBooks were approved by the Small Business Administration to take part in the Paycheck Protection Program. The emergency government loans are meant to help small businesses survive the economic slowdown caused by the coronavirus outbreak.
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“Bitcoin can only fulfill its purpose if its value is not destabilized by failing infrastructure problems. The fact that one single platform, BitMEX, can move the price of BTC from 1 to almost 0 is a massive problem for Bitcoin. Now more than ever, there is a need for better market infrastructure.”
Kiffmeister’s Fintech Daily Digest 04/12/2020
What I don't know is whether BitMex is an exchange or a portal that allows participants to mine bitcoins as well as engage in other transactions. I have read about exchanges that suffer huge losses without impacting the value of Bitcoin so much. Why would BitMex so important to the Bitcoin ecosystem that its problem can cause the plunge of Bitcoin by such a large margin?
BitMex is the biggest crypto exchange by trading volume. It’s not a mining portal.