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As the exploits of the Wallstreetbets Reddit group demonstrates, we are in an era where technology is enabling those outside the inner circle of Wall Street to do battle with financial titans. In the case of Wallstreetbets, it was retail investors banding together to put a short squeeze on hedge funds.
In crypto, Bitfinex is democratizing access to sophisticated algorithmic trading tools and data that has historically been the exclusive preserve of traders at investment funds sitting behind Bloomberg terminals. For example, a maths or engineering Ph.D. living in obscurity in a Moscow basement can now use his or her talents to develop complex mathematical algorithms to execute highly sophisticated trading strategies in crypto markets.
Traders on Bitfinex are using algorithmic trading programs to deploy High-Frequency Trading (HFT) strategies such as statistical arbitrage and volatility arbitrage. Furthermore, traders are deploying algorithms on the exchange’s Honey Framework to exploit rapid price fluctuations in bitcoin, Ethereum, and other leading cryptocurrencies. The Honey Framework functions as a powerful tool that spans across the programming languages NodeJS and Python, enabling users to create custom order types or event-driven automated trading strategies. The framework, which integrates natively into the Bitfinex trading platform, also enables traders to backtest market data in order to better inform algorithmic trading strategies.
These traders are also exchanging ideas and strategies on Bitfinex Pulse, a social network tailored to meet the needs of professional crypto traders.
