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.

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.

Elon Musk Could Change the Way We Use Blockchain Forever

Inventor and technology expert, Elon Musk, is one of the world's most innovative personalities. He has contributed all sorts of infrastructure and inventions to SpaceX, Tesla, SolarCity, Hyperloop, OpenAi, Neuralink and his current initiative, The Boring Company. Elon is a visionary who aims to create the technology of the future and designs that he believes will help the human race. Some of his projects have helped to curb car emissions with Tesla electric cars, as well as aid in research for space exploration through the SpaceX company.

He is very influential and always trending, which is why he stirred up commotion when spotted carrying a book on cryptocurrencies. The book is by Julian Hosp and called "Cryptocurrencies Simply Explained". It is an easy guide to the world of cryptocurrencies, the blockchain, ICO, and more. The author himself is a cryptocurrency expert having worked in the field for years at TenX. His primary goal is to help teach at least a billion people worldwide about blockchain and cryptocurrencies by the year 2025.

Rumors among the crypto community speculate that Elon Musk is simply passing on the book to someone, while other claims he may be doing research into blockchain in order to incorporate it into his companies in the form of digital tokens or smart contacts. Whether their speculations are right or not, Elon is certainly no stranger to online payment platforms, with his digital financial company X.com being bought by PayPal way back in 2000. He was even appointed the CEO of PayPal for a short period before leaving due to clashes of interest with the other leaders. He was one of the biggest shareholders of PayPal stock and in 2002 when the company was sold to eBay, he made a huge return with 165 million dollars.

To think Elon was reaching into Crypto territory is not far-fetched at all. He has enough experience with online payment systems and technology, so blockchain is not too far ahead of him. If he incorporates Blockchain or digital tokens into his companies or starts a cryptocurrency company of his own, those that know his history will not be surprised. Over the years, it has become public that Elon holds 0.25 of Bitcoin that was given to him as a gift many years ago. The value of this amount is roughly two thousand dollars, which is a small amount for a personality like Elon Musk.

Despite his presumed lack of interest in cryptocurrency at present, the chances are high that this tech giant will embrace blockchain in the near future. The crypto community waits in anticipation for his next project that would surely make a dent in the industry.