BitMEX, a renowned trading platform for p2p crypto-products, recently announced their largest BMEX token burn event up till now. 260,352 tokens were successfully burned on 31 March, this was a 69% increase from the prior month. The procedure of token burning is based on a certain algorithmic process that takes into account four percent of the net fee from the derivatives markets and eight percent from the spot-related markets, along with fifty percent from the trading pairs of BMEX. All the tokens were bought for an average price of 0.50 dollars on BitMEX Spot, utilizing the trading fees earned from the previous month.

The CEO of BitMEX, Arthur Hayes, recently made a bold prediction that the popular crypto token, Bitcoin, is moving toward being worth one million dollars within two to three years. While recognizing the difficulty of reaching such a high value, he still believes that the decline of the banking system could lead to more and more users turning to Bitcoin in order to secure their assets. But it's worth noting that the road to $1M could be bumpy, as the crypto market could easily be affected by the Fed's decision to cut rates or any other unforeseen events.



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