BitMart Shuts Down Amid Market Woes, BMX Token Plummets

Centralized crypto exchange BitMart announced on July 26 that it will shut down its trading platform, effective immediately. The decision has sent shockwaves through the market, with BitMart's native token BMX plummeting more than 55% in just 24 hours.

The token's price dropped to around $0.08 to $0.11 intraday, with some reports suggesting a decline of up to 60%. The market capitalization of BMX, which had been hovering near $100 million before the announcement, collapsed to between $30 million and $55 million in a matter of hours.

BitMart has structured its wind-down to give users one month to close positions and move their assets. Trading services will cease on August 26, with the exchange expecting to fully shut down by January 31, 2027.