BitMEX token crashes 90% as exchange announces shutdown
Cointelegraph 2026-07-23 12:47:27
Context: BitMEX, a cryptocurrency exchange, has announced plans to shut down after nearly 12 years in business, amid a significant decline in its Bitcoin futures market share. The exchange's native token, BMEX, has plummeted in value following the announcement. The shutdown marks the end of an era for BitMEX, which was once a major player in the cryptocurrency market.
Key Facts
- BitMEX's BMEX token experienced a drastic decline of approximately 90% in value after the exchange announced its plans to shut down.
- The exchange had been in operation for nearly 12 years before announcing its closure.
- The shutdown decision comes as BitMEX's Bitcoin futures market share has significantly shrunk, contributing to the decline of the exchange's native token and overall business operations.