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The OKEx Cryptocurrency Exchange Crusader Backs Down a Series of Bitcoin Term Transactions in Response an “irregular” sale has been located on the trading platform.
The Hong Kong-based stock exchange announced Friday that it would cancel the deals this morning between 4:47 and 6:30 am Hong Kong time (HKT) when the Bitcoin futures contracts inexplicably dropped to $ 4,755 on OKEx then same as the average Bitcoin world price remained closer to $ 7,000.
After stopping trading futures @OKEx_ made the right move to cancel the trades – all that is in the red box has not occurred / has been canceled pic.twitter.com/ JrU59u2hUM
– BTCVIX (@BTCVIX) March 30, 2018
Noting that prices on OKEx varied considerably from other exchanges during this period, users claimed that market manipulation should be at stake. Some even pointed to the exchange itself. .
Irregular transactions had led many futures traders to obtain a margin, liquidating their holdings. A trader – who reportedly lost more than 11 million yuan (~ 1.8 million dollars) during the liquidation – stood in front of the offices of the OKEX and threatened to commit suicide.
“In order to protect the interests of customers, after careful discussion, OKEx will cancel weekly, weekly and quarterly contract data for all currencies,” the company said in its statement, adding that the rollback was expected to be held at 15:30 HKT Friday.
But although this specific sale was isolated at OKEx, the broad market has seen a steady downward trend that has accelerated its pace in recent days.
At the time of writing, the Bitcoin course was trading at $ 6,897 on Bitfinex and dropped to $ 6,614 during the intraday trading session. Bitcoin’s market capitalization is more than $ 117 billion, compared to a peak of more than $ 325 billion in December.
A variety of large-cap altcoins – including Ether, Ripple, and Bitcoin Cash – are trading at their all-time lows and even though Bitcoin is holding slightly above its 2018 floor, it’s likely to plummet below if the downtrend continues much further.
OKEx, meanwhile, currently ranks fourth among the most popular cryptocurrency exchanges, with a daily trading volume of about $ 1.3 billion.
Image from Shutterstock to photo
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