FX Trading Suspension on Coinbase from Aug 15
Coinbase will suspend Function X (FX) trading on August 15 at 2 PM ET. The FX trading suspension follows the Function X team pausing its underlying smart contract on the exchange. Coinbase will halt FX deposits, withdrawals, and trades until the contract is unpaused. Traders should expect reduced liquidity for FX and adjust their positions accordingly. The pause highlights how smart contract issues can disrupt crypto trading and affect market liquidity. Market participants must watch for contract reactivation updates from both Coinbase and the Function X team to resume normal FX trading.
Bearish
The FX trading suspension is likely to exert bearish pressure on the FX token in the short term. Halting deposits, withdrawals, and trades reduces liquidity and may trigger sell orders when trading resumes, driving price volatility. Traders might lose confidence until the smart contract is unpaused and audited. In the long term, the FX token’s recovery depends on the Function X team’s ability to secure and restart the contract promptly. Swift resolution and clear communication could restore trust, but repeated contract pauses could undermine market confidence and prolong price weakness.