21:06Trader: Bitcoin in a Precarious Position Following OKEx-Induced Selloff
Bitcoin’s price action has been incredibly lackluster throughout the past few days and weeks
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 of $11,360. This is around the price at which it has been trading over the past few days and weeks.
This instantly caused a selloff that sent it reeling down to $11,200.
Analyst: BTC in a Precarious Position Following OKEx-Induced Selloff
While speaking about Bitcoin’s present outlook, one analyst observed that Bitcoin is now in a somewhat precarious position as it continues struggling to gain any momentum.
He said that he is holding off on taking any positions until the situation is resolved.
The coming few days should provide greater insight into how this situation will play out and what impact it may have on the aggregated crypto market.
|Total comments: 0|