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FollowingThe bear market has deepened further, and there has been an exclusive closure announcement in the cryptocurrency field.
Recently, well-known cryptocurrency exchanges BitMEX and BitMart have announced closures one after another, marking the further deepening of the bear market in the cryptocurrency field. The news came as crypto market conditions continued to deteriorate, causing prices for many DeFi projects to fall.
The bear market is getting worse. Two established centralized exchanges are closing: BitMart Exchange and BitMEX. If you have funds on these platforms, please withdraw them as soon as possible. We first saw the DeFi platform shut down, and now even some centralized exchanges are closing down. This is turning into one of the toughest bear markets.
BitMEX decided to close its trading services after a strategic evaluation
BitMEX and BitMart have officially announced the closure of their respective trading services. Specifically, BitMEX, a subsidiary of HDR Global Trading Limited, confirmed that it will cease operations on September 23 this year. When talking about this decision, the platform stated that it was the result of a strategic evaluation.
The company is known for launching perpetual contracts with 100 times leverage, a product that has redefined the trading landscape and attracted a large number of investors into the cryptocurrency derivatives market. Despite its more than 11-year history, the exchange acknowledges that current market realities make its existing business unsustainable.
BitMart suspended service in a deep bear market and was eventually shut down soon
Similar to BitMEX, BitMart is shutting down trading services. Starting from July 26, the platform will no longer process new deposits, trade orders and registrations. After that, until August 26, the platform will stop all trading operations. Eventually, the platform will be completely shut down on January 31 next year.
At that time, BitMart will stop all remaining services. The decision was made after careful evaluation of broader operating conditions, strategic direction and market environment. These simultaneous closures indicate that the current cryptocurrency bear market continues to deepen and shows a large-scale contraction trend. Overall, the cryptocurrency community is bracing for more turmoil, and many fear similar platform closures will follow.
