OKEx Token Price Tumbles Added 20% in Wake of Suspended Withdrawals

OKB and other substitute tokens share change in wake of OKEx withdrawal suspension

OKB, the native substitute token for OKEx, has misplaced as regards to an additional 20% of its market fee Saturday, bringing its entire drop to roughly 30% since the 2d-best doubtless cryptocurrency derivatives substitute suspended withdrawals early Friday morning as a result of a keyholder being “out of touch”.

  • OKB traded arms appropriate around $5.90 sooner than the news. At closing examine, the token is now priced at roughly $4.10.
  • OKEx CEO Jay Hao took to Twitter to reassure his clients, “All your funds and property are steady.” Also on Weibo, Hao defined that the situations that bag kept the keyholder out of touch along with his company wouldn’t bag an affect on substitute.
  • The persisted drop of OKEx’s native token indicates that the fears of many traders bag yet to be assuaged.
  • Nearly about all cryptocurrencies dipped on the OKEx news first reported by CoinDesk, with bitcoin dipping as regards to 3 p.c. Diverse substitute tokens followed, with Binance’s BNB, FTX’s FTT, and Huobi’s HT all shedding between 4-6 p.c.
  • Curiously, UNI, the no longer too long ago launched native token for main decentralized substitute Uniswap, spiked as regards to 10% on the news of suspended withdrawals from OKEx, though most of these beneficial properties had been reversed by Saturday morning.
  • OKB is the fifth best doubtless centralized substitute token with an roughly $250 million market capitalization, in accordance with OnChainFX.

OKB and other substitute tokens share change in wake of OKEx withdrawal suspension
Supply: TradingView, CoinDesk Review

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