Bitcoin was on course for modest weekly gains on Oct. 16 as fresh downside took the market ever closer to $11,000 support. After hitting $11,700, this week saw BTC/USD consolidate higher, but unforeseen circumstances sparked sudden selling pressure Friday.
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The value of OKEx's utility token, OKB, fell off a cliff after the shock announcement (Photo: C Sephton)OKEx suspends crypto withdrawals as private key holder co-operates in investigation
Crypto markets were spooked by the middle-of-the-night announcement—with OKEx’s utility token OKB falling more than 15%
Stressing that its customers’ assets remain secure, the company added: “In order to act in the best interests of customers and deliver exceptional long-time customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals … We assure [you] that OKEx’s other functions remain normal and stable.”
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Markets Report: Bitcoin holds $11.4K as companies keep buying and traders eye $12K next
Stronger performance seems built to last as $11,000 support remains untested and corporate buy-ins roll in.
Data from price trackers including CoinMarketCap showed light fluctuation for BTC/USD on the day, with the past 24 hours seeing a narrow trading corridor of $160. $11,500 provided the upper bound, with the level proving to be de facto resistance throughout the week as Bitcoin tackled the path higher.
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BitMEX hires chief compliance officer following U.S. money laundering charges
Notably, the new compliance officer is expected to bring expertise on the Financial Action Task Force’s recommendations for virtual asset service providers
Global Digital Finance’s Anti-Money Laundering Working Group advisory council Malcolm Wright is now the chief compliance officer of troubled crypto derivatives exchange’s BitMEX operator.
