The latest cryptocurrency exchange to close is Bitfront, run by Japan’s messaging app Line. Bitfront stated in a Sunday announcement that its shutdown is unrelated to recent market developments, including crashed exchanges. The Line blockchain Bitfront uses offers the crypto token Link.
“We have regrettably determined that we must shut down Bitfront in order to continue developing the Line blockchain ecosystem and Link token economy,” the notice stated. “Despite our best attempts to overcome the obstacles in this fast-changing business.”
When asked for additional comment on Tuesday, representatives for Line and Bitfront persisted. They announced a stop to new user registrations. It also disables providing crypto by December 30. Customers were also urged to withdraw their money by March 31, 2023. Bitfront stressed that the company would cease operations in the United States after that time. Its worldwide consumers would have to claim their possessions in Delaware, whereas its domestic consumers would have to do so in each of their states.
FTX Collapse Should Cause Further Fallouts in The Sector While Established Crypto Coins Take More Hits
Bitcoin and other cryptocurrencies fell Tuesday amid concerns about contagion from the FTX cloud’s collapse. BlockFi Inc. filed for bankruptcy on Monday, and Bitcoin has thus far survived the storm. The crypto lender drifted apart after the sudden collapse of Sam Bankman-Fried’s FTX and sibling company Alameda Research.
With the FTX scandal now casting a spotlight on stumbling brokerage Genesis, the crypto community anxiously awaits further consequences. The crypto future is under examination and thorough analysis.
Bitcoin chart patterns still threaten the token’s future. According to a so-called point and figure study, when the coin rises by at least 10% in a plotting session, the coin is at risk of testing support levels as low as $10,000.
This year’s losses for the top 100 cryptocurrencies have totaled more than 60%, sparking a series of meltdowns.