Derivatives Crypto Exchange BitMEX Delays Launch of its BMEX Token, Here’s Why
Tuesday, July 12, Derivatives cryptocurrency trade BitMEX introduced that it’ll 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 circumstances. Explaining the explanation behind it, BitMEX stated:
Though we’re able to record BMEX, the current market circumstances aren’t perfect, and we need to record the token in an surroundings that offers it the most effective probability to reward you, its holders. For such an vital launch, timing is simply as vital as another issue.
Moreover, BitMEX additionally stated that they’ve sturdy “grassroots help” for its BMEX tokens. Over the previous couple of months, BitMEX has additionally airdropped tens of millions of tokens to 1000’s of customers for buying and selling.
Moreover, 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.
Crusing Via the Bear Market
Each different cryptocurrency trade at the moment has been struggling as a result of intense bearish sentiment out there. BitMEX too has been dealing with the warmth, nevertheless, has been managing to date to beat the challenges.
Whereas high cryptocurrency exchanges like Coinbase and others have determined to chop workers, BitMEX is now decreasing its workers. Commenting on its current stand, BitMEX said:
Bear markets aren’t simple; now we have seen our share through the years and stayed sturdy, even with Bitcoin at a lot decrease ranges. As we glance to the long run, itemizing BMEX on our spot trade stays our high precedence and we hope to have a good time this milestone with you quickly.
The cryptocurrency market as soon as once more turned bearish on late Monday. The broader crypto market cap slipped beneath $900 billion whereas the BTC has slipped beneath $20,000 ranges. Some Wall Avenue buyers expect one other 50% value correction to $10,000 for Bitcoin.
