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Bitcoin [BTC] Price Drops 3% in 30 minutes on OKEx Withdrawals Suspension



Bitcoin price drops after OKEx news

The price of Bitcoin [BTC] dropped almost 3% in 30 minutes soon after the OKEx news. OKEx today announces a temporary suspension of digital assets/cryptocurrencies withdrawal on its exchange.

OKEx is one of the world’s largest cryptocurrency exchange that’s why the impact of the news on the price of Bitcoin was high. Withdrawals of cryptocurrencies are suspended from October 16, 2020, at 11:00 (Hong Kong Time).

As per the report, “One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder.”

“As such, the associated authorization could not be completed. Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.”

Just before the news BTC/USD was trading at around $11,505 USD on OKEx. But soon after the news got published by OKEx the price of BTC starts dropping and soon within minutes it dropped around 3%.

Bitcoin price drops after OKEx news
BTC/USDT Price Chart by TradingView

However, at Press time Bitcoin was trading at $11,259.96 USD with a price drop of -0.93% from the past 24h. The market cap of BTC is $208,518,327,807 USD and 24h volume is $28,832,165,977 USD. The dominance of Bitcoin among the crypto market is 59.0%.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.