Derivatives Crypto Exchange BitMEX Delays Launch of its BMEX Token, Here’s Why

Tuesday, July 12, Derivatives cryptocurrency trade BitMEX introduced that it’s going to not proceed sooner with the launch of its native cryptocurrency BMEX. Thus, BitMEX will postpone the itemizing of BMEX tokens on its spot trade.

The choice to delay the launch comes citing unfavorable market situations. Explaining the explanation behind it, BitMEX stated:

Although we’re able to checklist BMEX, the current market situations aren’t superb, and we need to checklist the token in an surroundings that offers it the most effective probability to reward you, its holders. For such an essential launch, timing is simply as essential as every other issue.

Furthermore, BitMEX additionally stated that they’ve robust “grassroots support” for its BMEX tokens. Over the previous couple of months, BitMEX has additionally airdropped hundreds of thousands of tokens to hundreds of customers for buying and selling.

Besides, a number of customers are already having fun with the utility of BMEX by staking the tokens to obtain withdrawal refunds, price reductions, and different perks.

Sailing Through the Bear Market

Every different cryptocurrency trade presently has been struggling because of the intense bearish sentiment available in the market. BitMEX too has been going through the warmth, nevertheless, has been managing to this point to beat the challenges.

While prime cryptocurrency exchanges like Coinbase and others have determined to chop employees, BitMEX is now lowering its employees. Commenting on its latest stand, BitMEX said:

Bear markets aren’t simple; we have now seen our share through the years and stayed robust, even with Bitcoin at a lot decrease ranges. As we glance to the long run, itemizing BMEX on our spot trade stays our prime precedence and we hope to have fun this milestone with you quickly.

The cryptocurrency market as soon as once more turned bearish on late Monday. The broader crypto market cap slipped underneath $900 billion whereas the BTC has slipped underneath $20,000 ranges. Some Wall Street traders are expecting one other 50% value correction to $10,000 for Bitcoin.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.