The collapse of the world's second largest cryptocurrency exchange after the liquidity crisis and filing for bankruptcy protection deeply shook the crypto markets. With the effect of the crisis, the loss seen in the crypto markets since the beginning of the year is estimated to be approximately 2 trillion dollars, while investor sentiment has decreased to the level of "extreme fear". On the other hand, the balances have changed in the competition between cryptocurrency exchanges. According to Coinmarketcap data, the user-friendly digital asset trading platform MEXC ranked first in derivatives transactions for three consecutive days. The exchange also reached a daily trading volume of $160 billion.
Sharing his evaluations on the subject, Kevin Yang, MEXC Financial Affairs Manager, said, “The fact that the exchange, which is owned by a name well known and trusted by the crypto ecosystem, filed for bankruptcy protection broke the trust of ecosystem stakeholders. At this point, investors should turn to exchanges that are transparent and strong in terms of liquidity in order to be able to trade safely. “For the three core products of spot, leveraged ETF and futures, the liquidity of MEXC’s top 50 cryptocurrencies by market cap is ranked first worldwide.”
“The crisis brought domino effect”
Reminding that 130 companies that are subsidiaries of the stock exchange were included in the said bankruptcy filing, Kevin Yang said, “In this process, we have witnessed that other exchanges that do not have solid foundations and that are tied to the local cryptocurrency of the stock exchange also stopped their operations. We have even seen a company that has been provided with bailout funds in the past months file for bankruptcy protection. This crisis created a domino effect. As MEXC, which is in the second place in the list of the Best Cryptocurrency Derivatives Exchanges in Coinmarketcap data, we continue to maintain our place in the top three with our open position of more than 2,3 trillion dollars. For four years, MEXC has served more than 170 million users in 10 countries and regions globally. As one of the world's leading crypto trading platforms, we manage to appeal to a more active investor base with our many investment products such as spot, ETF, futures and NFT indexes.”
“High trading volume means more liquidity”
Emphasizing that they offer approximately 5 million liquidity within 100 basis points of the medium price, MEXC Financial Affairs Manager Kevin Yang concluded his evaluations with the following statements: “According to Coinmarketcap data, MEXC's 24-hour trading volumes have increased by 200% in the last period. More trading volume means more liquidity. In some exchanges, the amount of liquidity is 30 million, while in the majority it is less than 10 million. MEXC Global won the award for Best Cryptocurrency Exchange in Asia in October 2021. With its uninterrupted trading experience and a global support team that can be accessed 7/24, MEXC offers its users the assurance of getting their questions answered in 30 seconds. MEXC, which always offers competitive commissions compared to its competitors, stands out in Turkey with its advantages such as 0 market maker fee in all spot trading pairs and with its community-oriented campaigns. MEXC Turkey brings the reliability and power of MEXC globally to the crypto ecosystem in Turkey.”
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