OKEx Token Price Tumbles Added 20% in Wake of Suspended Withdrawals
OKB is trading just above $4, down from nearly $6 before the news.
Oct 17, 2020 at 6:21 p.m. UTCUpdated Mar 2, 2023 at 10:32 p.m. UTC
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OKB, the native exchange token for OKEx, has lost nearly an additional 20% of its market value Saturday, bringing its total drop to roughly 30% since the second-largest cryptocurrency derivatives exchange suspended withdrawals early Friday morning due to a keyholder being “out of touch.”
STORY CONTINUES BELOW
- OKB traded hands just around $5.90 before the news. At last check, the token is now priced at roughly $4.10.
- The continued drop of OKEx’s native token indicates that the fears of many traders have yet to be assuaged.
- Nearly all cryptocurrencies dipped on the OKEx news first reported by CoinDesk, with bitcoin dipping nearly 3%. Other exchange tokens followed, with Binance’s BNB, FTX’s FTT, and Huobi’s HT all dropping between 4% and 6%.
- UNI, the recently launched native token for leading decentralized exchange Uniswap, spiked nearly 10% on the news of suspended withdrawals from OKEx, although most of those gains had been reversed by Saturday morning.
- OKB is the fifth-largest centralized exchange token with an approximately $250 million market capitalization, according to OnChainFX.
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