OKB Token Price Falls Drastically - Explained. https://etherdesk.com/okb-token-price-falls-drastically-explained

OKB Token Price Falls Drastically - Explained.

2020-10-18 | Eddy Morgan

OKB Token Price Falls Drastically - Explained.

OKB, the native exchange token for OKEx, has nearly lost a further 20% of its market price yesterday, bringing its total drop to roughly 30% since the 2nd-largest cryptocurrency derivatives exchange suspended withdrawals early this Friday morning due to a keyholder being “out of touch”.

OKB traded hands just around $5.90 USD prior to the news. Eventually check, the token is now priced at roughly $4.10 USD.

CEO of OKEx ‘Jay Hao’ took to Twitter to reassure his clients, “All your funds & assets are safe.” Also on Weibo, Hao explained that the circumstances that have kept the keyholder out of touch together with his firm wouldn't affect business.

The continued drop of OKEx’s native token indicates that the fears of the many traders have yet to be assuaged.

Nearly all crypto assets dipped on the OKEx news first reported, with bitcoin dipping nearly 3%. Other exchange tokens followed, with Binance’s BNB, FTX’s FTT, as well as Huobi’s HT all dropping between 4% - 6%.

Earlier, UNI, the recently revealed native token for leading decentralized exchange Uniswap, spiked nearly 10% on the news of suspended withdrawals via OKEx, although most of these gains had been reversed by Saturday morning.

OKB is the 5th largest centralized exchange token with an approx $250 USD Mln market capitalization, consistent with OnChainFX.

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