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OKEx Token Price Tumbles Added 20% in Wake of Suspended Withdrawals
OKB is trading just above $4, down from nearly $6 before the news.
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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.”
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- OKB traded hands just around $5.90 before the news. At last check, the token is now priced at roughly $4.10.
- OKEx CEO Jay Hao took to Twitter to reassure his clients, saying, “All your funds and assets are safe.” Also on Weibo, Hao explained the circumstances that have kept the keyholder out of touch with his company would not affect business.
- 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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Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
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- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
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