Bitcoin maintains important level
The No.1 crypto currencies may rebel against the bear attack, although the negative headlines around the Major Exchange OKEx are causing turmoil in the crypto space. A stable S&P 500 could play into the cards of the market leader at the weekend start. At the same time, the BTC Dominance Index is approaching the important 60% mark. As a result, the alternative assets have their hands tied. We take a look at the current market situation in crypto space.
Bitcoin price on Friday
At the time of writing, the BTC is quoted at USD 11303, a daily loss of 1.73%. According to this the bears can crack the support area at 11400 USD. Subsequently, this trend line mutates into a new resistance. Although it is going down on Friday, the Bitcoin survives heavy setbacks.
OKEx stops withdrawals
Once again, reports of a major exchange are shaking up the crypto space. When the OKEx stock exchange stopped the payouts in the morning, many investors felt like they were in a bad movie. In a statement OKEx explains the incident as follow:
“Dear valued customers,
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. In order to act in the best interests of customers and deliver exceptional longtime customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals as of [October 16, 2020 at 11:00 (Hong Kong Time)]. We assure that OKEx’s other functions remain normal and stable and the security of your assets at OKEx will not affected.“
After the KuCoin hack and the BitMex indictment, the payment stop provides another moment of horror within a few days. Again and again, the crypto space suffers from scam attacks, stock market hacks or Ponzi systems. The calls for regulation are noticeable. For many investors, the reports have a deterrent and unsettling effect.
Bitcoin remains relatively unimpressed
The Bitcoin seems to cope well with the messages at first. Also on Friday the No.1 crypto currency keeps itself over the 11300 USD mark. At the same time investors are increasingly focusing on “digital gold”. This is illustrated by a BTC Dominance Index in Höhr of 59 %.
Altcoins with losses
For most of the Altcoins, the weekend start is downhill. Ethereum (- 3.05 %) has to say goodbye to the important USD 400 mark for the time being and Ripple (- 3.06 %) is losing important market share in the battle for the podium. Further down the line, coins such as Polkadot (- 5.47 %), Privacy Coin Monero (- 6.37 %) and Filecoin (- 26.16 %) are hit particularly hard.