BMEX Price Falls 90% As BitMEX Shutdown Hands Market to Binance, Hyperliquid and Rivals

BitMEX is shutting down, and its token crashed with it. The BMEX price fell nearly 90% in one day after the exchange set a September 23 closing date.

The token now trades near $0.0068, according to live data. Its whole supply is worth just $680,000.

BMEX Price Falls With Its Exchange

Exchange tokens live and die with their platform. BMEX is a clear example.

BitMEX launched it in 2022. People who staked the token paid lower trading fees and earned other perks.

Those perks only work while the exchange is open. Once BitMEX confirmed its shutdown, the token lost its point.

BMEX now trades about 98% below its price a year ago. It hit a record low near $0.0033 on Thursday, then bounced back a little.

The Competition Stands to Gain

BitMEX changed crypto trading forever. In 2016 it launched the first perpetual swap, a trade with no end date.

Traders loved it. They could keep positions open as long as they liked, with up to 100x leverage. That multiplied both profits and losses.

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