FTX Exchange Resumes Ethereum and Polygon Withdrawals Amid Liquidity Challenges

FTX Exchange Resumes Withdrawals for Ethereum and Polygon

FTX has resumed withdrawals for Ethereum (ETH) and Polygon (MATIC) after a brief pause due to liquidity challenges. The exchange announced that users can now withdraw MATIC as ERC-20 tokens, advising those who had already initiated withdrawals to cancel and re-request them in the correct format.

FTX International Halts Withdrawals Due to Liquidity Crunch

On November 10, FTX International announced a temporary halt on withdrawals, citing a liquidity crunch. The exchange stated it was following guidance from the Japanese Financial Services Agency (JFSA) and would operate in "close-only mode" for its Japanese platform.

FTX US Remains Unaffected

FTX CEO Sam Bankman-Fried clarified that the liquidity issues were specific to FTX International and did not impact FTX US. He emphasized that FTX US remains fully liquid, with all users able to withdraw their funds without restrictions, barring gas fees.

FTT Token Faces Uncertain Future

The FTT token, FTX's native cryptocurrency, has seen its value plummet by 80% after Binance sold its FTT holdings, wiping out $2 billion in value. As of press time, FTT is trading at $3.65. Analysts predict a challenging road ahead for the token, with significant resistance levels to overcome.

Price Predictions for FTT Token

The FTT token faces an uphill battle, with resistance levels requiring significant bullish momentum to reach. If bearish trends dominate, the token may drop to support levels near $1.9 or $2.4. Investors are advised to exercise caution and conduct thorough research before making any decisions.

This update highlights FTX's efforts to stabilize its operations amid financial turmoil while emphasizing the risks associated with its native token.