FTX Exchange Resumes Withdrawals for Ethereum and Polygon

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• FTX exchange resumes withdrawals of Ethereum and Polygon.
• The near-bankrupt exchange decided to halt withdrawals due to a liquidity crunch.
• FTX takes an unprecedented fall and seems to have a gloomy future.

FTX exchange resumed Ethereum and Polygon withdrawals. The exchange tweeted that those who wished to withdraw MATIC, Polygon’s native token, should cancel their withdrawals and request again as ERC-20 MATIC.

FTX US withdrawals:ETH withdrawals will resume shortly, our apologies on the delayMatic – if you would like to withdraw Matic please cancel your withdrawal and request it as erc20 Matic

— FTX (@FTX_Official) November 11, 2022

On November 10, the FTX exchange informed the crypto community that it was putting a halt on withdrawals due to the liquidity crunch it was going through. The tweet FTX posted read: “We are following the guidance of the JFSA [Japanese Financial Services Agency] and will be putting http://FTX.com/JP into close-only mode.”

Meanwhile, FTX CEO Sam Bankman-Fried took to Twitter and explicitly said this issue was only with FTX International and not with FTX US.

Bankman-Fried tweeted:

This was about FTX International. FTX US, the US-based exchange that accepts Americans, was not financially impacted by this sh*tshow. It’s 100% liquid. Every user could fully withdraw (modulo gas fees etc.) Updates on its future are coming.

Subsequently, Bankman-Fried accepted it was his responsibility as the CEO of FTX to ensure the well-being of the exchange and apologized for his irresponsible behavior.

Unlike Solana, where some crypto users predict it to go bullish after the FTX bankruptcy dust settles, the FTT token seems to have a gloomy future ahead.

Once Binance CEO sold FTT to the free market, the price of FTT tokens fell by 80%, wiping out $2 billion of its value.

As shown below, if the bulls manage to push FTT tokens, then maybe FTT could target resistance level one. However, reaching resistance level one would be a stifling task with the prevailing conditions.

Moreover, if the bulls are to push FTT to resistance level two, it would require something out of the blue, but as of press time, FTT is trading at $3.65. If the bears manage to dominate, the next support level would be somewhere close to $1.9 and $2.4.

FTX token/ TetherUS, 1hr Binance on TradingView

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