- 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