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

On Tuesday, July 12, the derivative cryptocurrency exchange BitMEX announced that it would not be able to launch the native cryptocurrency BMEX any faster. Therefore, BitMEX will postpone the list of BMEX tokens on that spot exchange.

The decision to postpone the launch is made because of unfavorable market conditions. Explaining the reason behind it, BitMEX said:

We are ready to list BMEX, but the current market conditions are not ideal and we would like to list our tokens in an environment that gives us the best chance of rewarding you as a holder. Timing is just as important as any other factor in such an important launch.

BitMEX also states that it has strong “grassroots support” for BMEX tokens. Over the past few months, BitMEX has airdropped millions of tokens to thousands of users for trading.

What’s more, some users are already enjoying the usefulness of BMEX by betting tokens and receiving withdrawal refunds, fee discounts, and other perks.

Sailing at the bear market

All other crypto exchanges are currently struggling due to the intense bearish sentiment of the market. BitMEX is also facing a fever, but so far we are managing to overcome the challenges.

While top crypto exchanges such as Coinbase have decided to reduce staff, BitMEX is currently reducing its staff.Comment on the recent stand, BitMEX Said:

The bear market is not easy. We have seen our share over the years and remained strong, even at much lower levels of Bitcoin. Looking to the future, listing BMEX on the spot exchange remains a top priority and we hope to celebrate this milestone soon.

The crypto market became bearish again at the end of Monday. The broader crypto market capitalization was below $ 900 billion, while BTC was below $ 20,000.Some Wall Street investors Expectations An additional 50% price adjustment to $ 10,000 for Bitcoin.

Boushan is a FinTech enthusiast and has a great talent for understanding financial markets. His interest in economics and finance draws his attention to the new emerging blockchain technology and cryptocurrency markets. He is continually in the learning process and remains motivated by sharing the knowledge he has acquired. In his free time he reads thriller novels and sometimes explores his cooking skills.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.