Between April 1 and July 1, 2024, there was a decline in the market value of Stablecoins and Bitcoin-ETFs. This indicated a decrease in their turnover and led to a decrease in market liquidity. Notably, the price of bitcoin fell from $71,000 to $62,000 during this time. The total market value of stable coins fell from $150.464 billion to $142.343 billion. This corresponds to a decrease of 5.39%. In particular, the market value of USDT decreased by 7.32% (from $112.745 billion to $104.489 billion). This figure for USDC increased by 0.41% (from $32.372 billion to $32.506 billion). In addition, the market value of DAI was virtually unchanged, rising from $5.348 billion to $5.349 billion.
Traditionally, investors convert funds into stable coins as a hedging strategy during periods of heightened market uncertainty. Despite the decline in the overall market value of stablecoins, the slight increase in this figure for USDC and DAI indicates that recent investors prefer these coins to USDT for risk minimization purposes.
| StableToken | March 1 | July 1 | Change % |
|---|---|---|---|
BTC-ETFS
During the second quarter, assets under management (AUM) of BTC exchange traded funds (ETFs) decreased from $5.834 billion to $5.117 billion, a decline of 12.28%. Simultaneously, the market value of BTC-ETFs also decreased from $6.209 billion to $5.39 billion, representing a 13.10% decline. BTC-ETFs serve as a meaningful entry point for institutional investors looking to access the digital gold market. The decline in BTC-ETF volume reflects the decline in confidence in the bitcoin segment, which has led to outflows of funds and increased downward pressure on bitcoin prices. Analyzing the decline in the turnover of stablecoins and the scale of BTC-ETFs together highlights their manifold effects on digital gold prices.
| March 1 | July 1 | Change % | |
|---|---|---|---|
Exchange token
During the second quarter of 2024, the price movements of various platform tokens differed markedly from those of BTC. While digital gold experienced an 11.89% drop during the period, some platform assets remained unaffected by the market downturn. BMX, BGB, MX, and GT saw notable gains in value despite BTC’s continued decline in the second quarter. BGB in particular performed strongly, rising 32.59%. KCS and OKB, on the other hand, underperformed, falling 33.63% and 38.73%, respectively. BNB showed a slight decrease (by 4.36%). GT and MX rose by 9.81% and 12.85% respectively.
BMX showed impressive results. Its price increased by 23.99% due to a number of strategic initiatives launched by BitMart in the second quarter. These include the introduction of BMX small-asset exchanges, BMX buyback and burn, and the launch of BMX on the P2P marketplace with a limited time share with zero fees. These measures have significantly increased the demand and liquidity of BMX in the market.
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New BMX opportunities and developments
The following features and events may not be available in some countries/regions. All of them are subject to special terms and conditions.
Small Asset Conversion
The launch of BMX’s small asset conversion feature in the spot market will enhance the value and utility of BMX. Currently, BMX holders can apply BMX to BitMart platform fees and enjoy a 25% discount. In addition, BMX holders from certain countries/regions can participate in events such as Launchpad, Vote Listing and Vote-to-Earn II NFT issuance.
The BitMart exchange recently introduced a new feature to convert small assets to BMX on the spot market. The option allows users to convert small balances of their coins into BMX. This significantly increases the utilization of such assets in BitMart accounts. In the context of cryptocurrency trading, tokens that remain after a transaction are often referred to as “dust”. Their volume is too small to trade them individually. The introduction of the new feature is designed to eliminate the problem of “dust” in transactions, to improve usability. BMX application options will also be expanded.
Users who have passed KYC 1 verification are allowed to exchange using the BitMart website and BitMart App, with a maximum of one conversion within 24 hours. Before exchanging an asset to BMX, one must ensure that all coins intended for this purpose have been transferred to their spot accounts. Each user has a daily conversion limit equivalent to 20 USDT to BMX. Additionally, the transfer process will be interrupted if the token price changes by 5% or more. A 2% service fee will be charged for all exchanges. The fee will be deducted from BMX after a successful conversion. Some tokens are unsuitable for exchange due to trading suspension, delisting or other reasons. Assets of less than 0.00000001 BMX are also not eligible for conversion.
BMX Redemption and Burning
The completion of the May share buyback and burn down has reduced BMX’s current supply. This further increased the value of the tokens.
On June 6, the BitMart exchange successfully held the “BMX May 2024 Buyback and Burnout” event. The event resulted in the destruction of 678,724.48 BMX tokens. This initiative, as stated in BitMart’s technical description, involves regularly using 20% of the platform’s commission revenue to redeem and burn BMX. Notably, such a process is designed to gradually reduce the total BMX supply to 500 million tokens. This will ensure a steady decrease in the number of BMXs and encourage investor interest.
Placing BMX on KuCoin means further expansion of the potential user base. On February 2, 2024, BitMart, a leading global digital asset trading platform, announced the listing of its own BMX token on KuCoin. Through this event, the liquidity and applicability of BMX will gradually increase. It will also increase the value of the token in the ecosystem.
BitMart has partnered with TonGifts to launch the Red Envelope event
BMX becomes the first ERC-20 token supported by TonGifts. Given the recent surge in popularity of the Ton ecosystem, this partnership will bring BMX significant publicity.
BitMart recently announced a strategic agreement with TonGifts, the first digital asset trading platform to partner with the Ton ecosystem’s Red Envelope social app. As a result of this partnership, BitMart Token (BMX), the platform’s native ERC-20 token, is now backed by TonGifts. The partnership is expected to drive significant traffic and increase BMX’s visibility by leveraging the growing popularity of the Ton ecosystem. TonGifts is a “red envelopes” app developed on Ton and Telegram. It aims to foster collaboration between users and community engagement, which ultimately adds value to the product. As a result of this collaboration, BMX can be sent and received in the Telegram app. This increases user experience and customer engagement with the Telegram community.
Successful launch of IEO’s first BMX subscription service
The first IEO project using BMX for subscriptions was successfully launched on BitMart. As a result, there are even more exclusive benefits for BMX holders.
On May 29, the Aperture Finance Project IEO (APTR) was launched on BitMart Launchpad. The application period ran from May 26 8:00 PM to May 29 8:00 AM (UTC). During this time, a random sampling of BMX holdings was conducted. Users were required to engage BMX to subscribe to Aperture Finance (APTR). In this case, an exchange ratio of 1 APTR was equal to 0.135 BMX.
The BMX community and the BMX Builder program were created
You can become a member of the BMX community and receive official support for the movement and up to 2000 BMX in rewards.
Requirements to apply for the BMX Builder program:
- Must be a crypto-enthusiast and a loyal BitMart user.
- Have at least 1000 followers in their community or social media pages.
- Actively participate in an industry community or groups for an extended period of time.
Benefits of BMX Builder
The benefits of participating in the campaign are several. Here they are::
- The first 20 users to complete the posting tasks will receive a reward of 100-200 BMX.
- One outstanding KOL will be selected to accrue a payout of 2,000 BMX.
BMX Value
BMX offers users seven exclusive benefits. These are:
- Higher account levels and discounts on trading fees. BMX owners can enjoy higher account levels and favorable trading fee rates. The larger the BMX, the more substantial the discount.
- High share of copy trading revenue. BMX owners are eligible to receive a greater share of copy trading profits.
- Participation in the Launchpad program. BMX can be used to participate in BitMart Launchpad, which allows holders to receive new tokens for free via airdrops.
- VIP Member Upgrade Requirements. BitMart offers a lifetime VIP membership program, and BMX ownership is one of the criteria for level upgrades.
- Voting for listings. BMX is the only token used to purchase “vote to earn”-NFT, allowing holders to participate in voting for listings. BMX’s stakes for voting for listings also earn additional rewards.
- Financial Participation. Users can place BMX bets to participate in various products offered by BitMart.
- Payment token ecosystem. BMX can be used as a token for projects in the BitMart ecosystem.
- Holding and trading commission rewards. Referrals can be invited to earn high commission fees.
Risk Warning
Using BitMart’s services is entirely at your own risk. All crypto investments, including earnings, are highly speculative in nature and involve a substantial risk of loss. Past, hypothetical or modeled results are not necessarily indicative of future results.
The value of digital currencies may rise or fall, and buying, selling, holding or trading digital currencies involves substantial risk. You should carefully consider whether trading or owning digital currencies is suitable for you based on your personal investment objectives, financial circumstances and risk tolerance. Investing involves risks and therefore should be approached with caution. BitMart does not provide any investment, legal or tax advice.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
