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 choice to delay the launch comes citing unfavorable market circumstances. Explaining the rationale behind it, BitMEX mentioned:
Though we’re able to record BMEX, the current market circumstances usually are not perfect, and we wish to record the token in an atmosphere that offers it one of the best likelihood to reward you, its holders. For such an necessary launch, timing is simply as necessary as every other issue.
Moreover, BitMEX additionally mentioned that they’ve sturdy “grassroots help” for its BMEX tokens. Over the previous couple of months, BitMEX has additionally airdropped thousands and thousands of tokens to hundreds of customers for buying and selling.
Apart from, 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 By means of the Bear Market
Each different cryptocurrency alternate at present has been struggling as a result of intense bearish sentiment out there. BitMEX too has been going through the warmth, nonetheless, has been managing up to now to beat the challenges.
Whereas prime 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 usually are not straightforward; we now have seen our share over time and stayed sturdy, even with Bitcoin at a lot decrease ranges. As we glance to the longer term, itemizing BMEX on our spot alternate stays our prime 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 Avenue traders predict one other 50% worth correction to $10,000 for Bitcoin.
The offered content material might embrace the non-public 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.