Trader: Bitcoin in a Precarious Position Following OKEx-Induced Selloff

Trader: Bitcoin in a Precarious Position Following OKEx-Induced Selloff


Bitcoin’s price action has been incredibly lackluster throughout the past few days and weeks Bulls and bears have both reached an impasse, which comes despite there being a flurry of both bullish and bearish news Throughout the past few weeks, bulls have been able to dodge any sustained declines resulting from news surrounding the CFTC’s charges against the BitMEX co-founders as well as a $150m KuCoin hack Bullish developments surrounding companies like Square buying BTC has helped negate the impacts of these bearish events Another potentially impactful event that is now unfolding is the arrest of OKEx’s founder The exchange has now frozen withdraws, leaving 200,000 Bitcoin in limbo

Bitcoin’s price was flashing some signs of strength throughout the past couple of days, which is now being suppressed by the news surrounding the arrest of OKEx’s founder in China.

Because he had to regularly conduct withdraw authorizations, him being in police custody has caused all of the crypto locked

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