BitMEX is shutting down, and its token fell with it. The price of BMEX fell almost 90% a day after the exchange set a closing date of September 23.
The token is now trading near $0.0068, according to live data. His net worth is just $680,000.
BMEX Price Drops With Changes
Trading tokens consists of dying with their platform. BMEX is a clear example.
BitMEX launched it in 2022. People who placed the token paid a small fee to trade and earn more.
The benefits only work while the exchange is open. Once BitMEX confirmed its closurethe sign lost its meaning.
BMEX is now traded about 98% below its price a year ago. It hit a low near $0.0033 on Thursday, then bounced back a bit.
The Competition Is Standing Up For Us
BitMEX changed crypto trading forever. In 2016 it established the first permanent changesales without an end date.
Businessmen loved it. They can keep open space as much as they want, up to 100x more. This increased profits and losses.
The critics soon adopted the design. Endless now drives most crypto markets. But BitMEX was unable to maintain its initial lead.
Then the controllers caught on. US authorities handed over BitMEX in 2020. The following year they paid $100 million to CFTC price and FinCEN for weak controls.
Founder Arthur Hayes pleaded guilty a violation of US anti-money laundering laws. As BitMEX faced a downfall, its rivals rushed forward.
“BitMEX pioneered the continuous exchange and became the #1 crypto exchange in the world. Used by millions, it inspired the following exchanges – including Bybit. Regulators came to them, but the product continued. Today perps is the beating heart of crypto, it is legalized in many countries every year (EU, Dubai VARA, HK, etc.). he said Ben Zhou, co-founder and CEO of Bybit.
Today the winners are clear. Binance leads the perpetual trade by volume, with OKX and Bybit close behind. Deribit dominates crypto options.
Sports facilities are also rising rapidly. Hyperliquid leads regular trading DEX. dYdX attracts traders to fragmented markets.
BitMEX had already disappeared from almost everything. CryptoQuant CEO Ki Young Ju said he handled about $84 million in Bitcoin (BTC) futures in one day. This was about 0.08% of the market.
Now his business needs a new home. Where they will come to show who really won the market BitMEX built.
A note BMEX Price Drops 90% As BitMEX Shutdown Hands Market to Binance, Hyperliquid and Rivals appeared for the first time BeInCrypto.
