OKEx Suspension of Crypto Withdrawals is not the Reason for Bitcoin Price Upward Trend

November 24, 2020

defi min

Bitcoin’s price has been drastically up since the well-known trade, OKEx declared the suspension of all its cryptocurrency withdrawal service on its exchange. Although, while some relate the two together, but many market specialists do not see a strong reason to relate the bitcoin’s price rally with OKEx withdrawal suspension.


While the cost of bitcoin picked up essentially since the market auction in March, the latest bullish run started similarly as OKEx said it suspended all crypto withdrawals since one of its key holders has been withdrawn.


As per the chief executive officer of CryptoQuant, Ki-Young Ju, the withdrawal suspension on OKEx has had a very minute impact on bitcoin’s price rally since the last month. However, others have to a great extent couldn’t help contradicting such conflicts, saying the supply of bitcoin influenced by OKEx’s withdrawal suspension is moderately little. 


As indicated by information source Skew, The Malta-based crypto trade actually remains the No. 1 situation for bitcoin futures open interest, as of now worth $1.22 billion. Bitcoin’s volume from miners to OKEx has in like manner dropped to pretty much zero since the news came out, as data from Glassnode show.


The muted bitcoin move volume from miners to OKEx, whose clients are generally Chinese, is in accordance with the argument that the value surge is incomplete due to drying up in supply. Miners in China are battling to transform their bitcoin into money due to an administration crackdown on Chinese trades. 


After mining pools have halted sending BTC to OKEx, their latest minted crypto instead flowed to Huobi and Binance, both of which are popularly utilized in China. OKEx, Binance, and Huobi in total received almost 46% of BTC sent to trades from mining pools in the last 1 year, as per the data from Chainalysis indicated on November 12.


Image Courtesy : Pixabay


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