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

Tuesday, July 12, Derivatives cryptocurrency exchange BitMEX announced that it will not proceed sooner with the launch of its native cryptocurrency BMEX. Thus, BitMEX will postpone the listing of BMEX tokens on its spot exchange.

The decision to delay the launch comes citing unfavorable market conditions. Explaining the reason behind it, BitMEX said:

Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders. For such an important launch, timing is just as important as any other factor.

Furthermore, BitMEX also said that they have strong “grassroots support” for its BMEX tokens. Over the last few months, BitMEX has also airdropped millions of tokens to thousands of users for trading.

Besides, several users are already enjoying the utility of BMEX by staking the tokens to receive withdrawal refunds, fee discounts, and other perks.

Sailing Through the Bear Market

Every other cryptocurrency exchange currently has been struggling due to the intense bearish sentiment in the market. BitMEX too has been facing the heat, however, has been managing so far to overcome the challenges.

While top cryptocurrency exchanges like Coinbase and others have decided to cut staff, BitMEX is now reducing its staff. Commenting on its recent stand, BitMEX said:

Bear markets are not easy; we have seen our share over the years and stayed strong, even with Bitcoin at much lower levels. As we look to the future, listing BMEX on our spot exchange remains our top priority and we hope to celebrate this milestone with you soon.

The cryptocurrency market once again turned bearish on late Monday. The broader crypto market cap slipped under $900 billion while the BTC has slipped under $20,000 levels. Some Wall Street investors are expecting another 50% price correction to $10,000 for Bitcoin.