Crypto Exchange OKEx to Reverse ‘Irregular’ Transactions Post Bitcoin Crashes
The global cryptocurrency exchange platform OKEx has announced that it is holding back a number of Bitcoin future transactions to address and tackle the string of sporadic sell-offs that took place recently from their trading site.
The exchange has a major platform in Hong-Kong and has declared last Friday that it would undo the crypto transactions made earlier that morning around 4:47 AM to 6:30 AM (HKT). This was the specific time around which the value of Bitcoin drastically dropped to a price of 4,755 dollars on the OKEx platform. This was especially low for Bitcoin, considering other exchanges valued Bitcoin at an average price of 7,000 dollars.
Since the value of Bitcoin was remarkably lower than otherCs for this time period of the crash, there are speculations towards manipulation in the market. Some users blame the OKEx trading platform itself. The extreme fluctuation of the price, especially on this particular exchange, has led to the liquidation of many users assets as they have been margin called. There were reports of a trader having lost more than 1 million yuan or 1.8 million dollars in the process and threatening to commit suicide outside the OKEx office.
This large scale sell off is specific to only to OKEx as other markets in Hong Kong and worldwide have dropped but steadily made a comeback over the past few days. Bitcoin’s price is currently listed at 6,897 dollars on Bitfinex with a lower range drop at 6,614 dollars. Bitcoin’s market range is around 117 billion dollars, a low range from its previous $325 billion in December 2017.
Many major altcoins like Ether, Ripple, and Bitcoin Cash have also been trading at their all time lowest prices. Bitcoin is maintaining a moderately higher price than these altcoins but depends heavily on the trends of the crypto market as a whole. OKEx holds the rank as fourth most popular cryptocurrency exchange and holds a daily trading volume of 1.3 billion dollars.
The global cryptocurrency exchange platform OKEx has announced that it is holding back a number of Bitcoin future transactions to address and tackle the string of sporadic sell-offs that took place recently from their trading site.
The exchange has a major platform in Hong-Kong and has declared last Friday that it would undo the crypto transactions made earlier that morning around 4:47 AM to 6:30 AM (HKT). This was the specific time around which the value of Bitcoin drastically dropped to a price of 4,755 dollars on the OKEx platform. This was especially low for Bitcoin, considering other exchanges valued Bitcoin at an average price of 7,000 dollars.
Since the value of Bitcoin was remarkably lower than otherCs for this time period of the crash, there are speculations towards manipulation in the market. Some users blame the OKEx trading platform itself. The extreme fluctuation of the price, especially on this particular exchange, has led to the liquidation of many users assets as they have been margin called. There were reports of a trader having lost more than 1 million yuan or 1.8 million dollars in the process and threatening to commit suicide outside the OKEx office.
OKEx has officially stated that, “In order to protect the interests of customers, after a careful discussion, OKEx will roll back weekly, weekly, and quarterly contract data for all currencies”. The rollback had occurred at 3:30 PM HKT on Friday.
This large scale sell off is specific to only to OKEx as other markets in Hong Kong and worldwide have dropped but steadily made a comeback over the past few days. Bitcoin’s price is currently listed at 6,897 dollars on Bitfinex with a lower range drop at 6,614 dollars. Bitcoin’s market range is around 117 billion dollars, a low range from its previous $325 billion in December 2017.
Many major altcoins like Ether, Ripple, and Bitcoin Cash have also been trading at their all time lowest prices. Bitcoin is maintaining a moderately higher price than these altcoins but depends heavily on the trends of the crypto market as a whole. OKEx holds the rank as fourth most popular cryptocurrency exchange and holds a daily trading volume of 1.3 billion dollars.
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