OKEx halted all cryptocurrency withdrawals Friday morning after losing contact with one of its key holders. The exchange suspended all withdrawal access at 11:00am Hong Kong Time, citing an ongoing in
OKEx halted all cryptocurrency withdrawals Friday morning after losing contact with one of its key holders. The exchange suspended all withdrawal access at 11:00am Hong Kong Time, citing an ongoing investigation involving this person. That individual is cooperating with local authorities, OKEx said, but the exchange can no longer reach them. "We have been out of touch with the concerned private key holder," the exchange wrote. "As such, the associated authorization could not be completed."
Bitcoin fell in response. The cryptocurrency dropped by 3% on the news, sliding to $11,200 on most venues. Bitcoin had been trading above $11,500 before the announcement.
OKEx assured its users that customer funds remained secure and that the suspension affected only withdrawals. All other platform activity, including trading and deposits, continued uninterrupted.
OKEx ranks among five major exchanges controlling about 10% of Bitcoin's total supply. OKEx announced the withdrawal suspension less than two weeks after federal authorities charged the operators of derivatives platform BitMEX.
Bitcoin fell below both its 10-day and 50-day moving averages on hourly charts. The pair traded near $11,221 as of writing, staying below both moving averages. The RSI momentum indicator showed deterioration on the daily timeframe, signaling further downside.
The 100 simple moving average at $10,800 marks the next major support level. Bitcoin had tested this area multiple times during its climb from the $10,200 lows. Current resistance sits between $11,150 and $11,350, and Bitcoin must hold this zone to avoid sliding toward $10,800.
Through 2020, Bitcoin spent 30% of trading days above $10,000 and 15% above $11,000. These levels remain significant for tracking the cryptocurrency's annual performance.
