An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Market commentary
Good Morning!
The OKEx coin and the head of the OKEx exchange, Star Xu, are on the move. Or, to be more precise, the OKB coin (exchange token) is showing some signs of relaxation (see chart below).
The news came in through one of the best sources if you want to know what's going on behind the curtains in China: Wu Blockchain.
No official statement has yet been issued from the OKEx management team; nor has there been any news about their suspended withdrawal issue. This still worries me. Maybe Star Xu is out on bail, but that does not mean that the company OKEx has received a green light to open up again from the Chinese government. That is, at least, how I see things. Because I cannot imagine that the withdrawal issue is tied to Star Xu (as a person) needing to be around to process withdrawals.
If they reopen withdrawals, I will watch the exchange balance like a hawk. I am pretty sure there will be some essential outflows (see chart below). Most probably to Binance, FTX, and Huobi. Regarding Huobi: I had an interesting talk with another market professional. He believes that they are in a better state than OKEx is in currently. Apparently, the Huobi COO has some personal issues with the Chinese government.
Nevertheless, I will be more cautious with risk allocation to Asian exchanges until it becomes more clear as to what the Chinese regulator wants. The general Asia sentiment is clearly leaning towards a more regulated cryptocurrency trading ecosystem, which I believe is the right way forward to ensure mass adoption.
Copyright © 2020 | Crypto Broker AG | All rights reserved.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
Disclaimer
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Risk disclosure
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.
