Bitcoin Slips on Dollar Surge as BitMEX Shuts Down After Eleven Years

Bitcoin fell roughly 2.7% on September 24 to trade near $84,061, pulled lower by a surging U.S. dollar index that briefly hit 101.231, its highest reading since July 29. The greenback has climbed 2.5% since its September 9 low of 98.755, driven by rising bets that the Federal Reserve will continue hiking interest rates. Bitcoin's drop below the $85,000 support level dragged the broader market with it, with Ethereum sliding to $2,683 and XRP falling 7.5%, while total crypto market liquidations reached $513M according to CoinGlass data.

The sell-off follows a dramatic mid-month reversal in which spot ETF inflows swung from mid-September redemptions to more than $2B in creations on September 18, 21, and 22, briefly pushing Bitcoin back above $87,000. That rebound pulled the total crypto market back toward the $3 trillion mark, reversing a slide that had taken Bitcoin into the mid-$70,000s earlier in the month. Bitcoin dominance held near 57%, suggesting the rebound remained Bitcoin-led rather than a confirmed altcoin rotation.

BitMEX Closes Its Doors After a Decade of Derivatives Trading

In a separate milestone, CoinDesk reported that BitMEX, the perpetual-contracts exchange co-founded by Arthur Hayes, officially shut down on September 23, ending 11 years of operation. The exchange stopped accepting trading and deposits but said users can still log in and withdraw funds as its wind-down continues. BitMEX was once among the most dominant crypto derivatives venues in the world before a series of legal and regulatory challenges eroded its market share over recent years.

Meanwhile, CME Group announced plans to list Bitcoin Cash and Uniswap futures on October 19, pending regulatory approval, a move that analysts say could impact trading volumes and market sentiment across both assets. Bitcoin Cash had already surged 28% in the days preceding the announcement as traders positioned ahead of the listing. The dual additions underscore how regulated derivatives infrastructure continues to expand even as spot prices face near-term headwinds from a hawkish Fed and a strong dollar.