BitMart Joins Crypto Exchange Shutdown Wave Amid Market Downturn
Another crypto exchange has announced its shutdown amid a market downturn. BitMart said it plans to gradually suspend exchange operations due to financial difficulties, market conditions, and strategic direction. This decision was made public on July 27.
The move comes as the digital-asset sector faces increasing challenges, with several projects shutting down or announcing closures this year. According to StarPlatinum, a digital-asset influencer, 66 projects have either ended operations or plan to do so in 2026. These include exchanges like BitMEX and Dango.
The shutdowns reflect the weakness in the market and selective venture investment. In the first quarter of this year, blockchain and digital-asset startups raised $4 billion, down 50% from the previous quarter. Funding is being concentrated in projects with clearer revenue potential, such as tokenized real-world assets (RWA) and stablecoins.
BitMart's native token BMX saw a significant decline after the announcement, falling 20.67% from a day earlier and about 80% from a week earlier. The token was trading at $0.06389 on July 27.