Ethereum & Polygon [MATIC] withdrawals get green signal on FTX.US

Sahana Kiran
Source – Unsplash

The collapse of the prominent crypto exchange FTX took a toll on the entire market. Several assets dropped down to their yearly lows. In addition to this, withdrawals for all assets on FTX as well as FTX.US were suspended. Therefore, FTX users not only had to deal with the volatile market but also fear losing funds. On a brighter note, FTX’s US wing affirmed that withdrawals for Ethereum [ETH] and Polygon [MATIC] would be made available soon.

MATIC holders, however, were required to cancel any withdrawals that were pending. Following this, they would have to put out a fresh withdrawal request as ERC20 MATIC.

The latest news comes after the FTX.US website suggested that trading “may be halted” in a couple of days.

Ethereum, at press time, was faring significantly better than its counterparts. Following an 8 percent daily rise, the altcoin was trading for $1,273.39. However, it should be noted that it surged from a low of $1,175.51 to a high of $1,341.79.

Polygon was seen moving forward without feeling the heat of the FTX collapse. MATIC recorded a daily surge of 14.33 percent and was trading for $1.08. The asset’s integration into social media giant Instagram could have saved the asset from being dragged down.

Here’s how much Ethereum was liquidated

Ethereum was leading the total liquidation list almost every day this week. However, over the last 24 hours, $67.26 million worth of ETH was liquidated. The last hour witnessed a whopping $1.52 million worth of ETH being liquidated. Just today, $1.11 million long positions were liquidated on FTX.

About $963K worth of shorts were liquidated on the exchange,


FTX continued to face the wrath of regulators across the globe. With user funds at stake, fear and uncertainty continue to haunt the community.