Bittrex closure: The crypto industry has survived worse days

[Incarts]

The last one year has bared the difficulties of the crypto industry; a good number of CEXs have faced challenges, often exiting certain regions, filing for bankruptcy or outrightly cease operations. This reminds us that the crypto industry is still in an unstable state, and crucially demands investors to be aware of the risks involved before delving in.

On outright closure of operations, another one bites the dust—Bittrex Global, once one of the leading crypto exchanges in the United States, has announced that it will be closing its operations effective on December 4.

Although a sad ending for what had once been a top exchange, this is not to be mistaken as the end of the crypto industry, afterall the industry has proven to be immune to whatever hard times thrown at it. The uglier abrupt shutdown of FTX is still fresh in several investors’ memory, the crypto industry of course demonstrated its unwavering nature and moved on.

The crypto industry has been one of the fastest growing industries in the past decade and is constantly evolving, shake-ups like this are inevitable. The industry has seen worse days and pulled through, this too will pass by.

Kindly share your thoughts as an affected Bittrex user who’s still unsure where to migrate to. You can also share your thoughts as an observer.

 

[Ikyereve]

The closure comes a few months after Bittrex Global CEO Oliver Linch assured us that "if we want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for us." The exchange was once one of the largest exchanges in the U.S before its market share crumbled to below 1% in 2021, this is a sad news but not the end of crypto anyways, we will still be trading on other exchanges like Bitget.

 

[BashirJasper]

The last one year has bared the difficulties of the crypto industry; a good number of CEXs have faced challenges, often exiting certain regions, filing for bankruptcy or outrightly cease operations. This reminds us that the crypto industry is still in an unstable state, and crucially demands investors to be aware of the risks involved before delving in.

On outright closure of operations, another one bites the dust—Bittrex Global, once one of the leading crypto exchanges in the United States, has announced that it will be closing its operations effective on December 4.

Although a sad ending for what had once been a top exchange, this is not to be mistaken as the end of the crypto industry, afterall the industry has proven to be immune to whatever hard times thrown at it. The uglier abrupt shutdown of FTX is still fresh in several investors’ memory, the crypto industry of course demonstrated its unwavering nature and moved on.

The crypto industry has been one of the fastest growing industries in the past decade and is constantly evolving, shake-ups like this are inevitable. The industry has seen worse days and pulled through, this too will pass by.

Kindly share your thoughts as an affected Bittrex user who’s still unsure where to migrate to. You can also share your thoughts as an observer.

Most exchanges that closes now is mostly an issue of liquidity deficiency and lack of transparency in operation. Anyways, my sympathy goes to all Bittrex users and that's why it's important to always trade on exchanges with continuous investment in their ecosystem like Bitget and Binance

 

[Raymondblue]

I knew it will come to this after the US arm of the exchange filed for bankruptcy in May after the security and exchange commission (SEC) sued them for operating a security exchange without the right approval. I think the effect of the bear market is biting hard of exchanges that depend solely on trading fees. This is a wake up call for exchanges to diversify and also invest in their ecosystem.

 

[Maxicreed]

The last one year has bared the difficulties of the crypto industry; a good number of CEXs have faced challenges, often exiting certain regions, filing for bankruptcy or outrightly cease operations. This reminds us that the crypto industry is still in an unstable state, and crucially demands investors to be aware of the risks involved before delving in.

On outright closure of operations, another one bites the dust—Bittrex Global, once one of the leading crypto exchanges in the United States, has announced that it will be closing its operations effective on December 4.

Although a sad ending for what had once been a top exchange, this is not to be mistaken as the end of the crypto industry, afterall the industry has proven to be immune to whatever hard times thrown at it. The uglier abrupt shutdown of FTX is still fresh in several investors’ memory, the crypto industry of course demonstrated its unwavering nature and moved on.

The crypto industry has been one of the fastest growing industries in the past decade and is constantly evolving, shake-ups like this are inevitable. The industry has seen worse days and pulled through, this too will pass by.

Kindly share your thoughts as an affected Bittrex user who’s still unsure where to migrate to. You can also share your thoughts as an observer.

It's indeed another sad moment for crypto enthusiast. Bittrex is one of the OGs in the industry but regulatory policies have done the damage. It's not the end and I hope they come back better while we look for a better alternative to continue our trading journey.

Crypto is a moving train and nothing would stop us

 

[Captainsaudi]

I knew it will come to this after the US arm of the exchange filed for bankruptcy in May after the security and exchange commission (SEC) sued them for operating a security exchange without the right approval. I think the effect of the bear market is biting hard of exchanges that depend solely on trading fees. This is a wake up call for exchanges to diversify and also invest in their ecosystem.

Exchanges that depend on trading fee without investing in their ecosystem is like a time bomb which is bound to explode once triggered. The crypto space is evolving and only exchange that invest massively in their ecosystem will withstand the wave current. Users are advised to take this into consideration before using an exchange. Compliance to regulation is another yardstick to consider and this is why i mostly appreciate Bitget effort in this space.

 

[I am Praise]

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.

 

[BashirJasper]

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.

Well, there's always a way forward in life especially when there are plethora of secure and reputable exchanges out there providing even better trading services like some already mentioned here.

 

[Cryptomonk]

The closure of Bittrex Global serves as a reminder of the evolving and sometimes tumultuous nature of the crypto industry, urging users to prioritize research and security in their choices.

 

[Zeddicus]

The closure comes a few months after Bittrex Global CEO Oliver Linch assured us that "if we want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for us." The exchange was once one of the largest exchanges in the U.S before its market share crumbled to below 1% in 2021, this is a sad news but not the end of crypto anyways, we will still be trading on other exchanges like Bitget.

Yeah for sure if there are other Exchanges with good reputation, I think users will definitely opt for it.

 

[ImamShaheb]

The closure of Bittrex Global serves as a reminder of the evolving and sometimes tumultuous nature of the crypto industry, urging users to prioritize research and security in their choices.

To be honest,it might be the wake up call of newbies of Crypto. Others have learned lessons from FTX scenario, that's why Bitget have already done what they should have do to gain users trust.

 

[ImamShaheb]

Yeah for sure if there are other Exchanges with good reputation, I think users will definitely opt for it.

Due diligence is important.... That's where Bitget comes first,not even Nance because of the mess of CZ!