News - Bittrex Global suspends trading

By Sam Fröling

Bittrex Global suspends trading

In May, the US subsidiary announced its bankruptcy. Bittrex Global must now cease all trading activities, though customer funds are still safe.

Bittrex Global is ceasing operations. The crypto exchange announced this in a press release. Accordingly, all trading activities will be deactivated as of Dec. 4, 2023. "As of this date, clients will only be able to withdraw assets as part of the settlement process," he said. it continues.

Bittrex recommends recordings

All funds and tokens are safe. Still, Bittrex recommends that "all customers withdraw their funds as soon as possible." The crypto exchange advises against making new deposits. "If you make a deposit, your funds may be permanently lost as a result of the transfer attempt," Bittrex warns. The crypto exchange, which was founded in 2014, gives no reason. It remains unclear whether the closure is related to the bankruptcy of its U.S. subsidiary.

Following firings and allegations by the SEC, Bittrex USA asked filed Chapter 11 bankruptcy in May. Currently, mainly large cryptocurrencies are traded on Bittrex above their actual price levels.

Market expert Stefan Lübeck assesses the situation: "There are many and mostly old cryptocurrencies on Bittrex that are only available on a few other, often exotic exchanges. Investors are likely to sell these cryptocurrencies and move to larger assets such as Bitcoin or Ethereum to eventually take the money off the exchange. Due to the low trading volume on Bittrex, these shifts currently lead to price differences compared to competing exchanges such as Binance and other exchanges." Low trading volumes promote such price differences, Lübeck explained.

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