- Bitcoin’s price action has been incredibly lackluster throughout the past few days and weeks
- Bulls and bears have both reached an impasse, which comes despite there being a flurry of both bullish and bearish news
- Throughout the past few weeks, bulls have been able to dodge any sustained declines resulting from news surrounding the CFTC’s charges against the BitMEX co-founders as well as a $150m KuCoin hack
- Bullish developments surrounding companies like Square buying BTC has helped negate the impacts of these bearish events
- Another potentially impactful event that is now unfolding is the arrest of OKEx’s founder
- The exchange has now frozen withdraws, leaving 200,000 Bitcoin in limbo
Bitcoin’s price was flashing some signs of strength throughout the past couple of days, which is now being suppressed by the news surrounding the arrest of OKEx’s founder in China.
Because he had to regularly conduct withdraw authorizations, him being in police custody has caused all of the crypto locked within the platform to be locked.
In total, over 200,000 Bitcoin sits on the platform, which accounts for over 1% of the total supply of the cryptocurrency.
BTC has yet to face any harsh decline due to this news, but its price is slowly drifting lower.
One analyst is now noting that he is waiting for this situation to get resolved before taking any positions on Bitcoin.
Bitcoin Sees Tempered Downtrend as Fears Regarding OKEx Mount
At the time of writing, Bitcoin is trading down just over 1% at its current price
Related Posts
Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish
Ethereum has undergone a strong rally over the past few days amid a Bitcoin push higher. In the past seven...
Bitcoin Could Rocket if It Closes Its Monthly Candle Above This Key Level
Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action. It has been...
Filecoin (FIL) Shoots 25% Higher as Buyers Step Back In
Filecoin has undergone a strong drop since its all-time highs above $100 set on its launch date earlier this month....
Chainlink Rallies Higher as Analysts Expect Further Mid-Term Upside
Chainlink has seen one of the strongest rebounds from its recent lows across the aggregated <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined...
“Holy Cow”: Industry Reacts to Bullish Bitcoin Analysis by JP Morgan
Bitcoin has seen a strong uptick in institutional adoption over recent weeks and months amid the worst economic trends in...
Discussion about this post