Bitcoin Not Budging on OKEx News, Other Exchange News Bullish
This past week, OKEx revealed that it had frozen withdrawals of Bitcoin and all other cryptocurrencies. A private key holder that manages withdrawals went offline after he began cooperating with a public security bureau.
Bitcoin proceeded to drop by 2-3% against the dollar. Many thought the asset would drop even further, but it didn’t, with the price staying resolute even into the weekend.
Analysts say that BTC’s inability to dump on this news shows that the cryptocurrency exchange FUD narrative that once captured this industry is “officially dead.”
Qiao Wang, a prominent industry analyst, commented on the matter:
As can be seen, he also made reference to other bearish news events for exchanges that barely managed to budge the price of Bitcoin.
These include, Bithumb getting raided by South Korean police at the start of September. KuCoin getting hacked for over $200 million worth of digital assets, most of which were in Ethereum and ERC-20 tokens. And lastly, BitMEX getting charged by the U.S. CFTC over derivatives violations.
Underlying Bid Supporting Price
A reason why Bitcoin may be holding up well is that there is likely an institutional bid that is supporting price action.
Crypto asset analyst “Z” noted that the cryptocurrency exchange Coinbase has been facilitating many buyers of Bitcoin over recent weeks:
This bid is supporting Bitcoin’s price, allowing it to absorb bearish news events without a massive red candle on its chart.
Photo by Dikaseva on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com "Exchange FUD" Narrative That Haunted Bitcoin May Finally Be Dead: Analyst
Originally from Bitcoinist.com https://ift.tt/31gYznn
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