BitMEX Bites the Dust: Crypto's Boom-and-Bust Cycle Strikes Again

The crypto industry's boom-and-bust cycle has claimed another victim - BitMEX. The exchange, known for its futures trading platform, is shutting down operations following a similar pattern to other major players in the space.

Crypto's recurring market cycles have been a defining feature of the industry since its inception. It typically takes about four years for an exchange or platform to reach its peak and then crash back down again.

BitMEX, like many others before it, was built up rapidly during the 2022 crypto boom. But as prices began to fall in 2023, the exchange found itself struggling to stay afloat.