Just in case you were not aware of this, OKEx halted withdrawals indefinitely on October 16th after one of the exchange’s key holders went out of touch, as Coindesk reports.
They disappeared because they were held by authorities in order to assist an investigation.
There were some analysts who associated BTC’s recent massive rise to 35-month highs above $19k with a supply shortage in part due to OKEx’s suspension of crypto withdrawals.
This is partly due to the reason that the rally began following the OKEx decision from back on October 16.
“The “perfect” timing of OKEx’s suspension and the price rally could be purely coincidental,” Ryan Watkins, BTC analyst at Messari, told CoinDesk.
Bitcoin fell nearly $3,000 on Thursday, soon before OKEx was due to restart withdrawals. CoinDesk notes that it’s not clear if the two events may be linked.
About 2,822 BTC was moved from the OKEx exchange within 15 minutes of withdrawals restarting.
— CoinDesk Markets (@CoinDeskMarkets) November 26, 2020
Now, Bitcoin seems to have stopped from its massive fall. At the moment of writing this article, BTC is trading in the red, and the king coin is priced at
I’d like to take a moment to thank everyone who sold their #Bitcoin to me this morning
— Alistair Milne (@alistairmilne) November 26, 2020
Adam Back hopped in the comments and said: “People don’t understand bitcoin can’t go straight up. Along the way weak hand day traders, momentum trades and short term speculators are shaken out, long term investors with strong hands seize the Bitcoin and cold store, a new price base is formed from the dip FOMO and repeat.”
“It feels more and more like we’re hitting a Bitcoin tipping point,” said John Kramer, a trader at crypto trading firm GSR.
He continued and explained, “In fact, a cooldown is to be expected.