Bitcoin’s Struggles Continue at $11,300 On OKEx Withdrawals Suspension (Market Watch)

Bitcoin continues to struggle and has dropped by another 1% to about $11,300. The alternative coins bleed out and have wiped out most of the recent gains.

These developments could be attributed to news that the popular exchange OKEx has seized withdrawals and is cooperating with a “public security bureau in investigations where required.”

Bitcoin Loses Another 1%

As reported a few days ago, the primary cryptocurrency marked a 5-week high of about $11,700. Since then, though, Bitcoin has been slowly decreasing in value.

The past 24 hours seemed rather promising. BTC registered an intraday high of approximately $11,600 a few hours ago. However, the bears took charge and drove the assets to a new daily low of $11,250.

The steep price drop came approximately at the time when the popular digital asset exchange OKEx announced seizing withdrawals.

Bitcoin has pushed upwards in the following hours and currently stands above $11,300. Nevertheless, the 24-hour scale data reveals that BTC is in the red with a minor drop.

It’s worth noting that despite the price decreases, Bitcoin has stayed above the first significant support at $11,200. Should BTC break below it, the following support lines are at $11,150, $11,050, and $11,930.

If Bitcoin reverses and heads north, it would need to overcome the resistance at $11,450 before potentially challenging $11,600 and $11,800.

 TradingViewBTCUSD. Source: TradingView

Altcoins Drop In Value

Most alternative coins have it worse than BTC. Ethereum jumped to $385 a few days back but now struggles with staying above $370. On a 24-hour scale, ETH has dipped by 1.5%. Ripple has issues maintaining its price level over $0.24 after dropping by 2.5% in a day.

Polkadot (-4.5%) and Litecoin (-4.4%) have lost the most value from the top ten coins. DOT now trades beneath $4, while LTC is at $47.

Bitcoin Cash (-1.5%), Binance Coin (-1.5%), Chainlink (-2%), and Cardano (-2.2%) are also in the red.

 quantifycryptoCryptocurrency Market Overview. Source: quantifycrypto

The double-digit price decrease club has several representatives. Arweave leads this adverse trend with a 24% drop. OKB follows with a 14% decline after OKEx’s statement mentioned above.

Reserve Rights (-13%), NEAR Protocol (-12.5%), CyberVein (-11%), HedgeTrade (-10.5%), Aave (-10.5%), and NXM (-10%) follow.

After the mainnet launch and listings on several prominent exchanges, including Binance, Gemini, Kraken, and Huobi, Filecoin has skyrocketed by over 100% to $62.

ABBC Coin is another impressive gainer with a 23% increase. On a weekly scale, ABBC’s performance is even more notable – 102% up.

The post Bitcoin’s Struggles Continue at $11,300 On OKEx Withdrawals Suspension (Market Watch) appeared first on CryptoPotato.

Publication date: 
10/16/2020 - 09:44
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