Bittrex shuts down, where does the industry go from here?

[Incarts]

The last one year or so has bared the limitations of the crypto industry; a good number of exchanges have faced difficulties, ending up exiting certain regions, filing for bankruptcy or flat out cease operations. This suggests that the crypto market is still in a flux state, and highly necessarily demands investors to be in the know of the risks involved before investing.

On flat out closure of operations, another one bites the dust—Bittrex Global, once one of the biggest crypto exchanges in the United States, has disclosed that it will be shutting down its operations effective on December 4. 

Albeit a poignant ending for what had been a top exchange in the past, this is not to be mistaken as the end of the crypto industry–one that has proven to be immune to whatever uncertainty thrown at it. The uglier abrupt sunset of FTX is still fresh in several investors’ memory, the crypto industry again demonstrated its robust nature and moved on.

For what has been the fastest growing industry in the past decade and constantly evolving, shake-ups are inevitable. The industry has seen worse days and came atop, this too will pass by.

Let’s hear your thoughts as an affected Bittrex user who’s probably unsure where to switch to. You can also share your thoughts if you’re just keenly observing.

Edited November 21 by Incarts

[Sureforex]

2 hours ago, Incarts said:

The last one year or so has bared the limitations of the crypto industry; a good number of exchanges have faced difficulties, ending up exiting certain regions, filing for bankruptcy or flat out cease operations. This suggests that the crypto market is still in a flux state, and highly necessarily demands investors to be in the know of the risks involved before investing.

On flat out closure of operations, another one bites the dust—Bittrex Global, once one of the biggest crypto exchanges in the United States, has disclosed that it will be shutting down its operations effective on December 4. 

Albeit a poignant ending for what had been a top exchange in the past, this is not to be mistaken as the end of the crypto industry–one that has proven to be immune to whatever uncertainty thrown at it. The uglier abrupt sunset of FTX is still fresh in several investors’ memory, the crypto industry again demonstrated its robust nature and moved on.

For what has been the fastest growing industry in the past decade and constantly evolving, shake-ups are inevitable. The industry has seen worse days and came atop, this too will pass by.

Let’s hear your thoughts as an affected Bittrex user who’s probably unsure where to switch to. You can also share your thoughts if you’re just keenly observing.

Bittrex Global announced yesterday that, it is winding down its operations,
all trading activity on the platform will cease by 4th December, asked users to withdraw their funds by the date so I believe the best thing now is too look for another exchange with good liquidity, Bitget is my option at the moment.

[BashJasper]

1 hour ago, Sureforex said:

Bittrex Global announced yesterday that, it is winding down its operations,
all trading activity on the platform will cease by 4th December, asked users to withdraw their funds by the date so I believe the best thing now is too look for another exchange with good liquidity, Bitget is my option at the moment.

I really like exchanges like binance and Bitget because of their continuous investment in their ecosystem

[Wakanda]

It's unfortunate to see that after nearly a decade of operation, top exchange like Bittrex can still shut down operation due to undisclosed reasons. I think this is a wake up call for other CEX to strengthen their ecosystem to be able to stand the test of time.

[XTRAVAGANZA]

On 21/11/2023 at 14:35, Sureforex said:

Bittrex Global announced yesterday that, it is winding down its operations,
all trading activity on the platform will cease by 4th December, asked users to withdraw their funds by the date so I believe the best thing now is too look for another exchange with good liquidity, Bitget is my option at the moment.

Sad news indeed, though unlike FTX, its a relief knowing that Bittrex users can withdraw all their funds. Bitget exchange is reputable for been compliant to regulations thus making it a good choice for users to fall back to.

[Maxicreed01]

On 21/11/2023 at 16:59, BashJasper said:

I really like exchanges like binance and Bitget because of their continuous investment in their ecosystem

The 3 Bs has always been my go-to exchange but with Bittrex gone my focus would be more on Bitget considering Binance current situation but wouldn't take them of my radar just yet

[BashJasper]

On 22/11/2023 at 17:02, XTRAVAGANZA said:

Sad news indeed, though unlike FTX, its a relief knowing that Bittrex users can withdraw all their funds. Bitget exchange is reputable for been compliant to regulations thus making it a good choice for users to fall back to.

I believe Bittrex shutting down might not be unconnected to regulatory compliance. As much as people will argue that it negates from the core principle of decentralization, I believe we can no longer fold our arms and continue tolerating the proliferation of scam and hacks in the industry hence the need for regulatory framework to protect users assets. Thankfully, we have got exchanges who have embraced this new order and that's really comforting and will attract serious-minded users in the coming days.

[gandalf03]

On 21/11/2023 at 15:35, Sureforex said:

Bittrex Global announced yesterday that, it is winding down its operations,
all trading activity on the platform will cease by 4th December, asked users to withdraw their funds by the date so I believe the best thing now is too look for another exchange with good liquidity, Bitget is my option at the moment.

Good liquidity is one good feature to look for in a reputable CEX tho we should also take cognizance of security as well which I think it's inherent in the mentioned CEX.