BitMEX's BMEX token plummeted nearly 90% after the exchange announced its shutdown, marking the end of nearly 12 years in business.
The utility token lost almost all of its value after BitMEX said it would wind down operations. According to CoinGecko data, BMEX traded at $0.0063 at the time of writing, down from a high of $0.06.
BitMEX's share of the Bitcoin futures market had shrunk to around 0.08%, with roughly $84 million in daily trading volume, said CryptoQuant CEO Ki Young Ju. He described BitMEX as 'a great exchange that helped shape the industry.'