The bear market is further deepening in the crypto sector amid the exclusive closure announcements. In this respect, the notable crypto exchanges BitMEX and BitMart have recently announced their shutdown. This news comes amid worsening conditions in the crypto market. Additionally, this development has also led to the decline of many other DeFi initiatives.
BitMEX Decides to Close Trading Services After Strategic Review
BitMEX and BitMart have officially announced the shutdown of their respective trading services. In particular, HDR Global Trading Limited’s BitMEX has confirmed that it will close its activities on the 23rd of September this year. While discussing this move, the platform pointed to a strategic review.
The company is famous for introducing the 100x leverage perpetual swap. This product redefined the trading world and attracted many investors toward crypto derivatives. Irrespective of having a legacy of more than 11 years, the crypto exchange admitted that present market realities are the driving force behind the unsustainability of the ongoing operations.
BitMart Suspends Services Before Final Closure Amid Deep Bear Market
Similar to BitMEX, BitMart is also closing trading services. Therefore, new deposits, trading orders, and registrations will not be processed after the 26th of July. After that, by the 26th of August, the platform will discontinue all of its trading operations. Moving on, the final closure of the platform is set to take place on the 31st of January next year.
At that point, BitMart will cease all of its remaining services. The decision comes after the platform’s careful assessment of the wider operational conditions, strategic direction, and market environment. These simultaneous closures indicate the depth of the ongoing crypto bear market, highlighting a broad-scale contraction. Overall, the crypto community is bracing for additional turbulence, with several raising concerns over the next similar shutdowns.
