Bitcoin tumbles following OKEx announcement<\/strong><\/h2>\nThe leading cryptocurrency reacted quite negatively to the news, along with the rest of the market. Last night, Bitcoin managed to reclaim the $11.5k area as support and reached a local high of $11,620. However, the digital asset was unable to move further and finally fell down after this morning\u2019s news.<\/p>\n
At the time of writing, Bitcoin trades at $11,360. The asset dumped to strong support levels at $11,200 and quickly bounced.<\/p>\n
It remains unclear how the situation will further develop, regarding both markets and exchanges. Unexpectedly, the markets did not take an extremely heavy toll and have bounced since noon. This may be a sign that the situation may not be as bad as it first appeared. However, this may also be a quick and unplanned reaction that will lead to an even larger fall in prices.<\/p>\n
Since this morning, the crypto analytics platform CryptoQuant revealed a great deal of information regarding whales and miners. The two groups have transferred a large number of Bitcoin to centralized exchanges.<\/p>\n
<\/p>\n
One message on their CryptoQuant Alerts Telegram group notes that whales have transferred 2,152 Bitcoin to the Binance exchange. In another case, the firm caught a move of 7,116 BTC to major exchanges such as Gemini, Huobi Global, and Binance. In total, this single transfer is valued at $80 million. One smaller that transferred 1,015 BTC was also caught by CryptoQuant. A similar quantity that moved to Binance was also reported shortly after.<\/p>\n
Apart from whales, miner activity grew as well. Cryptoquant reported \u2018unusual miner outflows\u2019 around 1 PM. A single mining pool called \u2018Unknown_m1\u2019 moved 545 BTC, valued at $6 million. These \u2018hidden\u2019 market movements to exchanges may indicate that a larger move might be coming. If so, the price of Bitcoin would fall even harder as whales and miners would be looking to sell their assets on exchanges.<\/p>\n
\nIf you found this article interesting, here you can find more\u00a0Blockchain and cryptocurrency news<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Another wave of news shocks the cryptocurrency market as new reports indicate that the founder and CEO of OKEx Star Xu is arrested. Moreover, it was revealed that XU was already questioned by Chinese authorities a week ago, prior to today\u2019s event. Chinese financial news platform Caixin reported the turn of events on October 16.<\/p>\n","protected":false},"author":16,"featured_media":30367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,74],"tags":[4638,5001,4974],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/30360"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=30360"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/30360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/30367"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=30360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=30360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=30360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}