An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
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.
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