RBI Burned $8 Billion in One Week — Is Your Rupee Safe?
The rupee bounced to 95.20 but RBI's forex reserves took a brutal $8.1 billion hit in a single week — here is what every Indian investor needs to understand right now.
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Bitflyer Takes Over FTX Japan Post-Bankruptcy
Abstract：BitFlyer Holdings announced on June 20 that it would be acquiring and rebranding FTX Japan. Post-acquisition, FTX Japan will shift its focus from running a crypto exchange to providing institutional-grade crypto custody services.
FTX Japan is reportedly set to be acquired by the Japanese cryptocurrency exchange BitFlyer, as announced by Japan's public broadcasting service.
NHK reported on Thursday that BitFlyer plans to spend several billion yen to purchase all shares of FTX Japan, thereby gaining full control of the company.
BitFlyer Holdings announced on June 20 that it would be acquiring and rebranding FTX Japan. Post-acquisition, FTX Japan will shift its focus from running a crypto exchange to providing institutional-grade crypto custody services. Initially, it will be renamed New Custody Company until a final name is decided.
BitFlyer stated that the acquired platform plans to offer services related to crypto exchange-traded funds (ETFs), which have not yet been introduced in Japan. These services will be designed to meet the needs of financial institutions such as trust banks, pending the establishment of the necessary legal framework and tax regulations for crypto asset spot ETFs in Japan.
Moreover, the New Custody Company will manage the transfer of FTX Japan customer accounts to BitFlyer, contingent on customer consent.
According to Nikkei, the acquisition cost BitFlyer several billion yen, amounting to tens of millions of dollars. FTX Japan, originally known as Liquid, was purchased and rebranded by Sam Bankman-Fried's FTX in early 2022, shortly before FTX's collapse in November 2022.
Following FTX's failure, FTX Japan maintained that its customers' assets were separate from FTX's bankruptcy proceedings. As a result, FTX Japan resumed withdrawals and reimbursed its customers in February 2023.
In 2022, FTX was actively acquiring crypto companies, including the $1.4 billion acquisition of the crypto brokerage firm Voyager Digital in October. In April 2024, a U.S. judge authorized FTX's debtors to enter a $450 million settlement with bankrupt Voyager.
This development follows Sam Bankman-Fried's recent sentencing to 25 years in prison in the United States after being convicted on seven felony charges.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Further Reading
CMC MARKETS Analysis Report
CMC MARKETS presents a mixed picture for forex traders, earning a moderate overall rating of 6.4 out of 10 based on 228 reviews and a "Use with Caution" designation. The broker demonstrates notable strengths that have resonated with the majority of its client base, particularly its user-friendly interface that simplifies the trading experience, responsive customer support that addresses initial inquiries effectively, and a solid reputation for safety that provides some reassurance to traders. These positive attributes are reflected in the sentiment distribution, where 150 reviews were positive compared to just 47 negative ones, suggesting that many traders have had satisfactory experiences with the platform. However, the 20.6% negative rate cannot be ignored, as it highlights recurring concerns that potential clients should carefully consider.
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What? The Rupee’s Fall from 90 to 95 Remains the Fastest Five-Point Decline in a Decade!
No, we are not kidding! The rupee has indeed hit this low, from 90 to 95 against the US dollar, the fastest in nearly a decade, highlighting the slump due to rising crude oil prices and global uncertainty from the series of adverse events related to the geopolitical conflict in the Middle East. It just took five months for the rupee to weaken from 90 to 95, the sharpest five-point depreciation since the 2013 taper tantrum. During this period, the rupee declined from 60 to 65 within a month amid concerns over India’s current account deficit and large capital outflows.
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Top Trends in India’s Forex, Gold and Stock Markets Today
While it was a flat day for India’s benchmark stock indices (Sensex & Nifty), there was a sort of recovery for the rupee in the foreign exchange market on May 21, 2026. Giving investors more reasons to enjoy was another bull run for gold, which is touching the 16K threshold for 10 grams. Taking three markets combined, the overall sentiment remains mixed for investors. Here is how the day panned out for investors across these markets.
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