The recent happenings in the crypto industry have bared its limitations; a good number of exchanges have been hugely affected, they are either seen exiting certain regions, filing for bankruptcy or outrightly halting operations. This indicates that the crypto market is still in an uncertain state, and highly necessarily demands investors to realise the risks involved before signing up.
On outright halting of operations, another one bites the dust—Bittrex Global, once one of the top crypto exchanges in the United States, has announced that it will be shutting down its operations effective on December 4.
Although a sad ending for what used to be a top exchange, this is not to be mistaken as the end of the crypto industry. The crypto industry has pulled through worse happenings in the past, and has proven to be immune to hard times. The uglier abrupt closure of FTX is still fresh in several investors’ memory, however the industry has long moved on. For what has been one of the fastest growing industries in the past decade and constantly transforming, shake-ups are inevitable.
Let’s hear your thoughts as an affected Bittrex user who’s unsure where to migrate to. You can also share your thoughts if you’re just observing.
You see, this Bittrex incident happened when crypto market is trying to recover from a long retracement, today, BTC is already down over 2% coz this is a hard hit on the entire market tho we still have other exchanges in operation, the news has already created fear in our minds.
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In all this, its a relief that users on the exchange are still able to access all their funds. Obviously, it hasn't been easy keeping up with regulations globally. Thats why i commend bitget and other exchanges who are still standing tall and flourishing amidst all the regulatory challenges going on. I hope Bittrex users finds a new home in other reputable exchanges.
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This are actually bad times but I believe there are other Crypto Exchanges could continue the journey with users, say Bitget among others.
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