Bitcoin [BTC] Price Drops 3% in 30 minutes on OKEx Withdrawals Suspension

The price of Bitcoin [BTC] dropped almost 3% in 30 minutes soon after the OKEx news. OKEx today announces a temporary suspension of digital assets/cryptocurrencies withdrawal on its exchange.

OKEx is one of the world’s largest cryptocurrency exchange that’s why the impact of the news on the price of Bitcoin was high. Withdrawals of cryptocurrencies are suspended from October 16, 2020, at 11:00 (Hong Kong Time).

As per the report, “One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder.”

“As such, the associated authorization could not be completed. Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.”

Just before the news BTC/USD was trading at around $11,505 USD on OKEx. But soon after the news got published by OKEx the price of BTC starts dropping and soon within minutes it dropped around 3%.

However, at Press time Bitcoin was trading at $11,259.96 USD with a price drop of -0.93% from the past 24h. The market cap of BTC is $208,518,327,807 USD and 24h volume is $28,832,165,977 USD. The dominance of Bitcoin among the crypto market is 59.0%.