BitMEX, BitMart, and More: Are Exchange Shutdowns a Sign the Bear Market Is Ending?

"The next cycle will be dominated by licensed exchanges and institutional capital," one analyst predicted. The cryptocurrency market has been stuck in a prolonged bear market for several months, while in the last few days, some well-known exchanges announced they will shut down operations. This sounds like concerning news that could trigger additional panic across the community, yet certain industry participants believe it may also mark the cycle’s bottom. It’s Always Darkest Before the Dawn On July 23, BitMEX disclosed that it will cease operations on September 23 this year. The exchange is a well-known name in the industry, existing since 2014 and playing a major role in shaping today’s crypto derivatives market. At its peak, it was among the biggest in the sector and is best known for introducing 100x leveraged perpetual swaps. New account registrations have already been disabled, while users are strongly encouraged to close open positions and withdraw their funds as soon as possible. Another popular exchange that will cease to exist due to the unfavorable market environment is BitMart. All trading services on the platform will be discontinued on August 26, while the official sh...