Last night, bitcoin fell 3% in 30 minutes and continues in the industry 2% less than its previous closure.
According to CoinDesk, “the market was frightened by the announcement that the OKEx cryptocurrency exchange had suspended withdrawals because founder Mingxing” Star “Xu would have been stopped”.
“The executive is the holder of a key of his own necessary to authorize withdrawals, and this has become highly unlikely since it was disconnected,” he wrote the exchange in a factord made early Friday morning. Chinese leaders said the factor was a non-public issue, not an exchange, and that they do not deserve ongoing activities.
At the time of writing, OKEx suspended withdrawals indefinitely, which continues to weigh on bitcoin. By CryptoQuant, OKEx 0’s performance after withdrawals were suspended, prompting the BTC$ to fall particularly after the announcement.
Despite the news, a steady current entered the market, allowing bitcoin to regain lost ground.
The sudden drop and negative news seem to have left the basics of bitcoin, i. e. bullish, unconstitted. By Glassnode, the days of the portions destroyed, that is, a measure of economic activity that adds more weight to the portions that have been spent for a long time. , have been replaced in the last 24 hours and remain well below the significant settlement levels of the past.
In addition, the sale further drives a booming decentralized financial sector (DeFi). Uniswap, the largest decentralized exchange in volume, governance token, UNI $, fell with $BTC last night, but has since clearly recovered.
The hope that the false steps of centralized exchanges will be a boon to decentralized industry continues to manifest itself in practice. According to Nansen, the number of active addresses for UNI$ has increased considerably since its launch less than a month ago, adding notable investors such as Alameda Research and Three Arrows Capital with around 394,000 tokens between them.
The virtual assets area has been riddled with false steps in the central exchange, with OKEx being the most recent event; however, bitcoin holders have gradually taken their fortunes, which has noticed that the bitcoin retained in the inventory exchange has fallen since March.
In addition, this unfortunate history continues to pave the way for larger and safer decentralized solutions, as evidenced through Uniswap and UNI$.
Disclosure: owns Bitcoin, Ethereum, Solana and Thorchain.
Chris is the founder of Valiendero Digital Assets, a data-driven cryptographic coverage fund, and editor of The Weekly Jab Newsletter.
His Carnegie graduate won
Chris is the founder of Valiendero Digital Assets, a data-driven cryptographic coverage fund, and editor of The Weekly Jab Newsletter.
He earned his graduate degree from Carnegie Mellon University’s Tepper School of Business, where he studied analysis.
He is the author of extensive articles and study reports for primary blockchain media such as Forbes, CoinDesk and Brave New Coin, which have been distributed worldwide.