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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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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.

OKex suspends crypto withdrawals pic.twitter.com/RjFmcITqut

— Alistair Milne (@alistairmilne) October 16, 2020

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
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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