BitMart’s BMX token falls over 55% in 24 hours as exchange announces full shutdown

BitMart just pulled the plug. The centralized crypto exchange announced on July 26 that it would begin an orderly wind-down of its entire trading platform, effective immediately. Its native token, BMX, responded exactly how you’d expect a platform token to respond when the platform decides to stop existing: it cratered more than 55% in 24 hours. BMX’s trading price dropped to roughly $0.08 to $0.11 intraday, with some reports putting the decline closer to 60%. The token’s market capitalization, which had been hovering near $100 million before the announcement, collapsed to somewhere in the $30 million to $55 million range in a matter of hours. The timeline of a shutdown BitMart moved fast once the decision was made. New registrations, deposits, and new orders were all suspended at 01:30 UTC on July 26. A complete cessation of all trading services is scheduled for August 26, giving users exactly one month to close positions and move their assets. The exchange expects to fully cease operations by January 31, 2027. That extended runway between the trading cutoff and final shutdown is presumably designed to handle the messy logistics of winding down a platform that has been operational...