Bitcoin Price Drops $1,000 as OKEx Set to Restart Withdrawals

Jafrin  |  Nov 26, 2020

Bitcoin price fell more than $1,000 causing the cryptocurrency’s price to its sharpest decline in almost three weeks. The valuation of the cryptocurrency is currently below $17,900, quite a low fall down since Nov. 17, 2020. The recent price action of Bitcoin coincides with OKEx restarting its withdrawal after one-month stagnancy. Reports also indicate that BTC inflows to exchanges might signal a price correction for the cryptocurrency.

Bitcoin Price Drops Down By $1,000

Bitcoin was perhaps gearing towards its all-time high above $20,000 before sliding to its recent dip. The Nov. 26 dip indicates that there have been successive rejections above the $19,500 price levels.

Data from analytics firm CryptoQuant suggest that there has been a significant flow of Bitcoin to cryptocurrency exchanges. Perhaps traders are positioning their crypto coins for cashing out their profits amid the bullish rise of the cryptocurrency.

Besides, the $1,000 price drop, data also shows that the cryptocurrency also caught up with future traders. Crypto derivatives aggregator, Datamish highlights that the price drop caused a liquidation of over $ 81 million in BTC longs on BitMEX.

Bitcoin Drops as the OKEx Set to Restart Its Withdrawal Service

Meanwhile, the OKEx cryptocurrency exchange is set to restart its withdrawal of cryptocurrency trading by 8 AM (UTC). Reportedly the crypto exchange platform is holding about $3.4 billion worth of bitcoins that have been stuck on the platform since the suspension of the temporary withdrawal in October.

For unrestricted withdrawals, OKEx will however carry out security checks for the smooth operation of its hot wallets while ensuring secured fund transfer. This indicates that the cryptocurrency is expecting a long list of withdrawals when the service is resumed.

On Oct. 16, the crypto exchange platform was forced to suspend all account withdrawals when an unnamed holder of the keys to the cryptocurrency assets was detained by police regarding an investigation case.

Reportedly, the key holder was the founder of OKCoin and CEO of OK Group Mingxing “Star” Xu, based on sources from the crypto firm.

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