Bitcoin Price Dips 3% on OKEx News, Analysts Aren’t Too Worried

The most notable cryptocurrency by market value decreased all around 3Percent in the half an hour to 04: 30 UTC, according to CoinDesk’s Bitcoin Price Index.

The move happened after OKEx announced an indefinite suspension of withdrawals due to one of its private key holders being out of contact with the exchange, reportedly because they are being held by police.

Although marketplace perception could remain temporarily weak right after the media, a cost accident seems unlikely.

“I don’t think BTC will always jump from this point; the account movement could try to find locations that happen to be located in places with better regulatory policy and stance perspective,” Denis Vinokourov, head of study at London-centered excellent brokerage service Bequant, told CoinDesk.

Vishal Shah, an options forex trader and founding father of Polychain Investment capital-supported derivatives exchange Alpha5, advised the news may set the OKEx investing area in a poor light but have very little affect on bitcoin’s track record.

Bitcoin indicates durability to larger unfavorable information in the last couple weeks.

The cryptocurrency rapidly declined by $500 on Oct. 1 right after You.S. regulators brought felony costs towards BitMEX, one of the biggest derivatives exchanges.

The slide, however, was simple-resided and costs broke into bullish territory above $11,200 within the up coming weekend.

“In my opinion, prices will recover because the latest OKEx issue is not related to hacking or shutting down the exchange,” Ki Young Ju, CEO of South Korean analytics firm CryptoQuant, told CoinDesk in a Telegram message.

According to Glassnode data, OKEx held 201,981 bitcoin in its wallets as of Thursday.

Bitcoin is vulnerable to any stock markets drops over coronavirus fears, though similar action may unfold over the next few days.

At hit time, bitcoin is beginning to change hands and wrists near $11,324, symbolizing a 1.6% fall when.