Yesterday, OKEx exchange suspended all crypto withdrawals.
While the news was notable for BTC on many levels, the price of Bitcoin was relatively resolute in the face of this event. In fact, from the time the news was released to the local lows in the 2 hours after it was shared, the drop that took place measured 2.5% at its worst.
Many analysts commented that if this was 2017 or 2018, the responding move for BTC would have been 10-20%.
This is a trend that many analysts have noted over recent weeks: negative news has had a decreasingly notable impact on Bitcoin’s trajectory.
Many see this as a sign of 2 things: a maturing market and an underlying bid to the BTC price that is keeping prices aloft. The latter is especially notable as it suggests that once there is positive news, the price of Bitcoin will appreciate even faster than it has. It’s worth noting that much of the recent price action is not a byproduct of news events but rather, correlations to legacy markets.
While OKEx has maintained the story it mentioned previously, there has been much speculation online as to what exactly is going on at the exchange.
Crypto market maker “I Am Nomad” is confused as to what exactly is going on, speculating that not all may be as it seems.
Company CEO Jay Hao says (via twitter) that all funds are secure on the platform. This should be a relief for users that were worried about losing BTC due to this situation.