BitMEX token crashes 90% as exchange announces shutdown

BitMEX’s BMEX token plunged about 90% after the exchange announced plans to shut down, ending nearly 12 years in business as its Bitcoin futures market share shrank.

BitMEX’s utility token lost almost all of its value after the exchange announced Thursday it would wind down operations.

The BitMEX (BMEX) token plunged 90% to as low as $0.002 from $0.06, according to CoinGecko data. It traded at $0.0063 at the time of writing.

The token, which had traded near $0.06 in recent weeks, began falling at around 7:00 am UTC, roughly an hour before BitMEX announced the shutdown on X.

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