Clients of FTX have been experiencing difficulties on all fronts since the company declared bankruptcy on November 11th. The Japanese branch of the crypto exchange is making every effort to treat its consumers fairly, though. Whether or not this discovery would have a wider influence is the real question, as it might potentially alter the price of bitcoin.
One of the 130 companies that filed for bankruptcy on November 11 as a result of the exchange’s failure was FTX Japan. The lawsuit was necessary because Binance’s sale of its FTT assets caused FTX to have a $8 billion liquidity problem.
Since the exchange stated that it is getting ready to begin customer withdrawals, FTX Japan has distinguished itself from its sister companies. According to an anonymous official who spoke with NHK, FTX Japan uses the same system as its parent business, which is still stopped, therefore withdrawals are still on hold.
Customers will be able to withdraw cash utilizing a system developed by FTX Japan. When Japan’s Financial Services Agency (FSA) compelled the exchange to suspend operations on November 10, the company had roughly 19.6 billion yen ($138 million) in cash and deposits on hand.
Positive events like the FTX Japan-related news cited could provide the cryptocurrency market some positive momentum. If the price of Bitcoin maintains the same leverage, it may reverse course and head back to $16,607, which serves as the first obstacle before reaching $17,081. The immediate pressure may be reduced if BTC were to recoup $17,801.
