HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Price Just Dove $300 After OKEx Froze Withdrawals: Here’s Why

Bitcoin 2020/10/16 07:09 by Nick Chong

Bitcoin has rapidly corrected lower in the past hour. In the span of thirty minutes earlier this hour, the leading cryptocurrency slid from $11,520 to a low near $11,200. Bitcoin has since recovered to $11,275 as buyers have stepped in at those pivotal lows, an important region of technical support.

The cryptocurrency is down 2% in the past 24 hours after this correction. Altcoins are underperforming the leading digital asset, with Ethereum losing 3% as other altcoins fall even more.

Chart of BTC's price action over the past few hours. Source: BTCUSD from TradingView.com

The move lower comes after it was revealed that OKEx, a leading cryptocurrency exchange processing billions in volume, had frozen withdrawals.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Top Crypto Exchange OKEx Freezes Withdrawals

Announced just an hour ago, leading crypto-asset exchange OKEx has frozen withdrawal of all cryptocurrencies, from Bitcoin to the altcoins it supports.

In an announcement published to the company ZenDesk, OKEx stated that “one of our private key holders is currently cooperating with a public security bureau.” The company has not been able to contact the holder, currently unnamed, and thus are unable to send out withdrawals securely.

The top Bitcoin exchange says that this is in line with their terms of service, which states that they can interrupt services “at any time or without prior notice.”

The exchange is still operational, meaning those that have coins still in wallets can trade as they please.

The market dropped seemingly because some fear this may be a sign of increased regulation of cryptocurrencies.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Millions Liquidated on Bitcoin Futures Exchanges

This move lower liquidated many on leading Bitcoin futures exchanges.

Skew.com, a crypto derivatives tracker, reports that $6 million worth of Bitcoin longs has been liquidated in the past hour alone. This metric only pertains to BitMEX, suggesting that millions more were liquidated across other platforms.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Price Just Dove $250 After OKEx Freezes Withdrawals

0 Like(s)



You should also read...

Altcoins 22/05/20 18:00 by Tony Spilotro
It’s Official: Tether Flippens XRP After Recent Crypto Crash
Things just keep getting worse for the crypto asset known as XRP. After an extremely poor performance over the last two years, the latest crash across crypto has caused the stablecoin Tether market ca...
Read More
Altcoins 19/06/20 22:00 by Tony Spilotro
Bitcoin Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season
A bearish chart formation has appeared on Bitcoin dominance that could lead to another leg down and rebound in altcoin/BTC pairs. However, the 58% level could remain a barrier, keeping a full-blown al...
Read More
Bitcoin 27/06/20 22:16 by Nick Chong
$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
After weeks of consolidation, Bitcoin decisively broke below $9,000 just minutes ago. The cryptocurrency dipped as low as $8,840 on leading spot exchanges and slightly lower on margin-enabled exchange...
Read More
Altcoins 29/06/20 22:00 by Tony Spilotro
These Altcoins Set a New ATH While Bitcoin And Ethereum Tank
Last week, Bitcoin price fell from a high of $9,800 to a low of $8,900. Ethereum fell over 10% from $248 to $215. But while these top crypto assets tanked, several small-cap altcoins not only surged b...
Read More
Bitcoin 29/07/20 03:00 by Tony Spilotro
Analyst: Bitcoin’s 20% Surge Ruptured DeFi Boom, Projects Dive 20% or More
While Bitcoin was trading sideways, small-cap altcoins, decentralized oracles, and DeFi tokens were the stand out crypto market performers for several months. However, as the first-ever cryptocurrency...
Read More