Buy $GGsFTX Clarifies Difficulty In Bitcoin Transactions Amid FTX-Binance War
Crypto exchange FTX’s founder Sam Bankman-Fried earlier ensured users that deposits and withdrawals are working fine, clarifying rumors surrounding illiquidity. As users faced difficulty removing their Bitcoin holdings from the crypto exchange, FTX revealed that the matching engine is working smoothly. Moreover, Bitcoin (BTC) withdrawals are facing difficulty due to limited throughput on nodes. Stablecoins redemptions will be affected until banks open.
FTX Facing Bitcoin and Stablecoins Liquidity Issues
Crypto exchange FTX in a series of tweets on November 7 revealed that all processes including the matching engine are working smoothly. However, Bitcoin withdrawals on FTX are facing difficulties as node is throughput limited. The crypto exchange is switching to process Bitcoin withdrawals from both ends to help speed up the process.
“BTC withdrawals: churning through them; node is throughput limited. We’re switching it to process from both ends, which should help speed it up.”
FTX users complained of Bitcoin transactions being stuck for the last 5-10 hours. The FUD surrounding FTX and Alameda liquidation continues to rise as people compare it to the earlier liquidity crisis.
Moreover, the crypto exchange has also notified users about the difficulty in stablecoins redemptions. It said stablecoins creations and redemptions might be slower until banks open that clears wire transfers. FTX holds reserves in banks and converts to stablecoins as required.
The FTT liquidations and stopped withdrawals begin to have a significant impact on the crypto market. The FTX Token (FTT) price is currently trading at $22.50, down nearly 5% in the last 24 hours.
Binance Dumping FTT Tokens
Binance CEO “CZ” on November 6 announced dumping all FTX Token (FTT) holdings over the next few months. In fact, Binance exited FTX equity last year and received $2.1 billion in FTT and BUSD. The firm has already transferred $584 million worth of tokens, causing the FTT price to fall over 10%.
Meanwhile, several transactions related to Alameda continue to surface on Twitter. According to data, Alameda transferred 26,600 ETH and Blockfolio transferred 13,555 ETH to FTX as the crypto exchange ETH holdings declined massively.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto News: Bitcoin Sell-Off Fears Rise as War Threatens Iran’s BTC Mining Operations
- U.S.–Iran War: Monday Crypto Crash Odds Rise As Pundits Predict Oil Price Spike
- US-Iran War: Reports Confirm Bombings In UAE, Bahrain and Kuwait As Crypto Market Makes Recovery
- XRP Price Dips on US-Iran Conflict, But Capitulation Signals March Rebound
- Crypto Market at Risk as U.S.–Iran War Threatens Inflation With Oil Price Surge
- Gold Price Prediction 2026: Analysts Expect Gold to Reach $6,300 This Year
- Circle (CRCL) Stock Price Prediction as Today is the CLARITY Act Deadline
- Analysts Predict Where XRP Price Could Close This Week – March 2026
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
