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- Recent crypto bloodbath has impacted many cryptocurrency exchanges and other related projects negatively.
- A crypto derivatives exchange has made an announcement that folks will not be able to withdraw their crypto assets for a while.
- As this article was being written, the crypto market had a total market cap of $942.3 Million, with Bitcoin dominating the market.
Another Crypto Exchange Affected By Crypto Havoc
CoinFLEX, a cryptocurrency derivatives exchange made an announcement via its blog post that the clients will not be able to withdraw their assets from the exchange for a while now.
The action was needed due to the current market scenario which appears to be moving towards a Crypto Winter, and an uncertainty associated with an anonymous counterparty.
In the blog post, CoinFLEX addressed the community and said that current market conditions and a constant uncertainty involving a specific counterparty have forced them to shut down the withdrawals from the crypto exchange.
The post further goes on to say that they will resume the withdrawals as soon as they get into a better position, and promised to update the community regarding the situation.
Additionally, they also announced that trading of FLEX coins will be stopped for a shorter time span.
They made it clear in the post that the counterparty is not 3AC or any other lending organization.
The blog post finally concluded that the withdrawals are expected to be resumed on 30th june.
How Has the Crypto Market Affected Others?
Amid this crypto market havoc, many exchanges are suffering a lot. Many crypto exchanges announced that they will be cutting off their personnel as they are not able to cope up with the current situation.
While some exchanges are still optimistic regarding the crypto market, and are constantly adding folks to their personnel. Among them is the Sam Bankman-Fried owned FTX, who announced that they will continue hiring.
Many folks who have made investments in Bitcoin and other prominent coins or tokens have suffered a massive damage, making them fly from the market, which is causing the value of crypto to plunge.
It is uncertain when the cryptocurrency market will make a comeback, but the crypto history has shown that it has some potential, as the market has recovered from difficult conditions many times.
However, various factors matter in the recovery of the market, we can just speculate and see how this all will play out.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
