Crypto futures and spot exchange BitMEX said on Tuesday that due to market conditions, Ethereum based BMEX altcoin He said he was postponing the listing.
Launch of BMEX Altcoin Delayed Due to Bad Market Conditions
Cryptocurrency The stock exchange used the following statements in its statement:
“We have made the decision to delay the listing of BMEX Token on our spot exchange. The reason is quite simple. Although we are ready to list BMEX, the current market conditions are not ideal and we want to list this token in an environment that will best reward you who own it.”
Crypto markets have taken a hit over the past few months due to systemic risks from the crypto sector and inflation concerns in the global economy. Bitcoin, the largest cryptocurrency by market cap, is down more than 70% from its historical high, while its overall market cap is down more than 55% from its mid-November peak.
Related Content: Sale Alert to Bitcoin and Altcoin Investors from Former BitMEX Founder!
BitMEX distributed its first local token, 1.5 million BMEX, to users earlier this year in order to stimulate individual investor interest in the increasingly competitive crypto exchange market. As reported, the coins were distributed indexed to the activities of the users on the exchange.
This Ethereum-based coin is tied to a five-year usage contract and will have a maximum supply of 450 million. The altcoin will be used to reward new and old BitMEX users and allow them to receive discounts on transaction fees.
In Tuesday’s post, BitMEX said it has sent “millions of tokens to hundreds and thousands of users” and that the tokens are already staked to receive fee reductions, withdrawal refunds and other benefits.
The exchange stated that with the prolongation of the listing, users will have the opportunity to earn more BMEX, but some users expressed their discomfort with the decision on Twitter.
*Not investment advice.