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

Tuesday, July 12, Derivatives cryptocurrency alternate 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 alternate.

The resolution to delay the launch comes citing unfavorable market situations. Explaining the rationale behind it, BitMEX mentioned:

Although we’re able to record BMEX, the current market situations usually are not splendid, and we wish to record the token in an setting that offers it the most effective likelihood to reward you, its holders. For such an necessary launch, timing is simply as necessary as another issue.

Furthermore, BitMEX additionally mentioned that they’ve robust “grassroots support” for its BMEX tokens. Over the previous couple of months, BitMEX has additionally airdropped thousands and thousands of tokens to 1000’s 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, payment reductions, and different perks.

Sailing Through the Bear Market

Every different cryptocurrency alternate at present has been struggling because of the intense bearish sentiment out there. BitMEX too has been dealing with the warmth, nonetheless, has been managing to this point to beat the challenges.

While high cryptocurrency exchanges like Coinbase and others have determined to chop workers, BitMEX is now lowering its workers. Commenting on its current stand, BitMEX said:

Bear markets usually are not simple; we’ve got seen our share over time and stayed robust, even with Bitcoin at a lot decrease ranges. As we glance to the long run, itemizing BMEX on our spot alternate stays our high precedence and we hope to rejoice 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 buyers 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 the 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 data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

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