BitMart's platform token BMX plummeted over 53% in 24 hours after the announcement of the platform's shutdown.

BlockBeats News, July 26th, according to Coingecko data, BitMart's platform token BMX plummeted over 53% in the past 24 hours, now trading at $0.0805, with a market cap falling to $27.2 million.

Earlier, BitMart announced a phased suspension of its trading services. Starting from 09:30 on July 26th, BitMart will gradually stop new user registrations, cryptocurrency and fiat deposits, with contract accounts moving to liquidation-only mode, and spot trading ceasing to accept new orders. From 09:00 on August 26th, BitMart will halt all spot, contract, and other trading services, and the platform plans to officially cease trading platform operations at 23:59 on January 31, 2027.

It is worth noting that prior to BitMart's announcement of the cessation of operations, BMX experienced a sell-off around 19:35 on July 24th, with a one-hour decline of over 60%, dropping to around $0.11. BMX then rebounded to $0.142, narrowing the 24-hour decline to 53%, with a market cap of about $48 million at that time.