BitMEX, a prominent trading forum for p2p crypto-products, has announced the accomplishment of the largest BMEX token burn event up till now. The company said that it endeavours to burn BMEX tokens every month. As per the platform, nearly 260,352 tokens got burned. This denotes a 69% elevation in the number of burned tokens in comparison with the former month.
BitMEX Says 260,350 BMEX Tokens Have Been Burned, Denoting the Biggest Monthly Burn
BitMEX also provided the details of the respective project. The platform mentioned that the amount of the BMEX tokens eligible for purchasing and burning takes into account four percent of the net fee collected from the markets offering derivatives. In addition to this, eight percent of the net fee is collected from the spot-related markets. Moreover, fifty percent of the net fee is taken from the trading pairs of BMEX including spot and derivatives markets.
While explaining the procedure, the platform stated that the net fees calculation will be carried out at the month’s end. All the burned tokens were bought on BitMEX Spot during this month. Their average price was approximately $0.50. The trading fees earned in the previous month were utilized to buy the tokens.
Hayes Says Bitcoin Will Take 2 or 3 Years to Reach the $1M Spot
A few days back, Arthur Hayes (the CEO of BitMEX) asserted that the primary crypto token Bitcoin (BTC) is moving toward the $1M figure in the upcoming 2 or 3 years. In this respect, he pointed toward the declining banking system and said that the top crypto will get more and more traction. Hayes anticipates that the Fed will soon cut rates. Nonetheless, he still thinks that there is a bumpy road to the $1M mark. According to him, the popular crypto token may witness some slumps in the meantime.
