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BitMEX's native token, BMEX, crashed approximately 90% following the exchange's announcement that it plans to shut down by September 2026. The move marks the end of nearly 12 years of operations for the platform, which once dominated the Bitcoin futures market but saw its market share decline over time. The sharp drop in BMEX price reflects investor reaction to the shutdown news, with the token losing most of its value in a short period. The closure underscores the competitive pressures in the crypto derivatives space, where BitMEX has faced increasing competition from rivals like Binance and Bybit. For traders, the event highlights the risks associated with exchange-specific tokens, which can be highly sensitive to platform-level developments.
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