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The OKEx Saga: All You Need To Know 24 Hours Later

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  • The drama around OKEx started on Friday when news broke that the popular exchange had suspended all withdrawals from the platform. 
  • Almost immediately, the cryptocurrency market reacted with price drops. Bitcoin lost about $350 in a few hours. 
  • Shortly after, reports emerged that OKEx co-founder Xu Mingxing was taken by police officers over a week ago and hadn’t returned to work yet. 
  • CryptoPotato reached out to OKEx for comments, and a company spokeswoman asserted that Mingxing is not affiliated with the exchange anymore. As such, they couldn’t comment on any alleged developments.
  • OKEx CEO Jay Hao reassured users that all funds on the exchange are safe. Furthermore, Hao noted that all other activities besides withdrawals were still operational. Those included trading, derivatives, staking, and deposits.
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  • The cryptocurrency monitoring resource Whale Alert found a few transactions tracking hundreds of millions of dollars in BTC supposedly transferred from OKEx to Binance. 
  • However, OKEx published another update hours ago refuting the claims. It reads that the company’s wallet team “has confirmed that the origin wallet addresses in said transactions do not belong to OKEx.”
  • The chief economist of the blockchain analytics company Chainalysis reaffirmed OKEx’s statement. He called the Whale Alert claims “mislabeled” as they were not transfers from OKEx to Binance. 
  • In its latest statement, OKEx apologized for any inconvenience to its users and said that “we will resume digital asset withdrawals as soon as we’ve determined that all security requirements have been met.”
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Source: https://cryptopotato.com/the-okex-saga-what-you-need-to-know-24-hours-later/

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Up or down? These Bitcoin price levels hint at the next move from $13K

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Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout.

Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD for safety once again.

The $13,500-14,000 area confirming resistance for Bitcoin

BTC/USD 2-day chart. Source: TradingView

The 2-day chart shows an apparent resistance at the $13,500-14,000 area as a rejection is seen in this area. The $13,500-14,000 area is the final big hurdle until a potential new all-time high can be hit. Many investors and traders are eying this area as crucial.

The chart also shows a clear support zone ready to be tested in the coming period. This zone is marked between $11,600-12,200. If that area holds for support, new range-bound construction can be established to start a healthy accumulation period.

DXY bouncing upwards, causing BTC price to drop

U.S. Dollar Currency Index 1-day chart. Source: TradingView

As the fear surrounding potential full lockdowns returning across Europe, the flight towards safety is also starting up.

The first wave was there in March 2020, when the flight toward the U.S. Dollar was seen as markets crashed. Through that, the U.S. Dollar Currency Index (DXY) found a bottom and bounced upward from the 92.50 points level. Currently, it’s close to 94 points, through which the recent bounce of the DXY index triggered weakness across the other markets.

Bitcoin retraced heavily in recent days, but even Silver showed a 6% correction in just a day.

U.S. Dollar Currency Index 1-day chart. Source: TradingView

As the data shows, the correlation between Bitcoin and the DXY index became inverse since the March crash. This is also similar to the movements of Gold.

But what can be derived from this data is that the likelihood of further corrections for Bitcoin are increasing amid the legacy markets’ weakness and social unrest surrounding the potential lockdowns.

A correction wouldn’t necessarily be unhealthy for the Bitcoin market at this point as that may lead to further accumulation.

The majority of the investors definitely want to see a straight line towards $200,000, but that’s simply not happening. At best, Bitcoin is at the start of a new cycle, through which the boring sideways part will keep recurring. Once all levels are tested, parabolic movements can occur in price discovery.

Bulls must reclaim $13.3K

BTC/USDT 2-hour chart. Source: TradingView

A familiar concept is a breakout above the previous resistance for liquidity. After this, an immediate drop back into the range occurs. This is called a fakeout and is often seen in the markets to take liquidity.

As the chart shows, a clear resistance zone is established at $13,250-13,400 and should be broken to sustain further upward momentum. If the resistance zone can’t be cleared, the downside becomes more likely.

The levels beneath the current prices are $12,700-12,850 and $11,600-11,800 as higher timeframe zones to watch for potential support.

The latter “hell’s candle” scenario is only expected if the support zone between $12,700-12,850 is lost. However, such a drop would warrant massive selloffs across all crypto markets with altcoins taking the biggest losses from such a correction on Bitcoin.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/up-or-down-these-bitcoin-price-levels-hint-at-the-next-move-from-13k

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Huobi Beefs Up Venture Arm With Former DragonFly Partner Leading DeFi Investments

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“When I left DragonFly earlier this year, Huobi was also ramping up its internationalization efforts and its corporate investment practice,” Pack told CoinDesk in an interview. “I thought Huobi has the potential to be one of the most impactful companies in crypto. When I was approached by my old friends there to help them, I thought it was a no-brainer.”

Pack’s new role at Huobi will largely focus on expanding Huobi’s stakes in DeFi projects in Western countries, after Huobi’s newly launched venture investment arm began pouring money into DeFi projects in Asia. He told CoinDesk he and Huobi are willing to spend up to “tens of millions of dollars” funds to support new DeFi projects.

In his previous role at DragonFly, Pack was an early-stage investor of many significant crypto projects including DeFi protocols MakerDAO and Compound Finance. He left the crypto investment firm in April, citing “a difference in vision on the direction of the firm,” though he stayed on as a part-time venture partner. 

Huobi, along with other centralized crypto exchange giants, is rushing to reposition itself as an integral part of the exploding DeFi sector. Those semi-decentralized, blockchain-based lending and trading platforms have accumulated more than $10 billion in total value locked, most of which has occurred since the start of the second half of 2020.

Unlike Binance, the world’s largest crypto exchange by trading volumes, which has built a public decentralized blockchain to help support DeFi projects, the company behind the Huobi exchange has been focused more on incubating DeFi projects by funding, research and leveraging its established user base.

“Today there are two things: ‘CeFi’ [centralized finance] and ‘DeFi,’ in crypto parlance,” Pack said. “In the next 10 years, I think they will merge … and you will see companies that have wallets – Huobi already has a large wallet – do decentralized exchanges and decentralized versions of everything they offer. And you will see decentralized finance grow and mirror many of the aspects of centralized finance exchanges as well.”

“Huobi is one of the largest entities so it is in a perfect position to help this merging happen,” he added.

While current DeFi projects are still mostly centered around lending protocols and stablecoins, Pack said the particular type of DeFi projects he will initially look at are those that build synthetic assets on blockchains.

“The most interesting thing next that we are going to see are things in particular like synthetic assets, the ability to make a derivative or a synthetic version of anything: a stock, a bond, an entire fixed income space,” Pack said, “and then more products that support security, like insurance products, that makes it more trustworthy to enter into DeFi.”

Pack went quiet after he left Dragonfly Capital earlier this year. According to Pack, Huobi’s strong presence in Asia is also part of the reason why he decided to join.

“The most users and the most business model information and infrastructures are in Asia,” he said. “And yet, by far, the most interesting technology and the new frontier things are happening in the West. And I’ve always tried to be a bridge between those two areas.”

Source: https://www.coindesk.com/dragonfly-pack-huobi-defi-investments

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Ripple Move to UK or Singapore Possible After Garlinghouse Praises Both Regulatory Authorities

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Ripple CEO Brad Garlinghouse pays tribute to the UK’s Financial Conduct Authority, as well as the Monetary Authority of Singapore.

In a tweet, Garlinghouse spoke highly of the way each regulatory authority oversees their respective territories. Going further, Garlinghouse said it’s no wonder that both the UK and Singapore have burgeoning crypto industries.

Ripple To Leave The U.S.?

The comments come as a follow on from Ripple’s threat to leave the U.S. over the lack of regulatory clarity.

News of this first gained widespread attention at the start of October, when Ripple CTO Chris Larsen voiced his increasing frustrations over the U.S.’s hostile stance towards the crypto industry.

Much of this frustration comes from, what Larsen perceives as, a regulatory body that favors Bitcoin and Ethereum. But, more than that, he said the upshot to all of this sees the U.S. far behind China in the “tech cold war“.

“Instead of pivoting to encourage U.S. innovation to keep up, they’ve done the opposite. They gave Bitcoin and Ethereum a pass, proof-of-work systems that benefit China, weirdly. But everything else is still in limbo, or worse, kind of regulated through enforcement.”

As a result, some observers have slammed Ripple over their threat to leave the U.S. But Garlinghouse was quick to defend the firm by deflecting blame on the Securities and Exchange Commission.

He then went on to say that “fleeing” the U.S. is not something he wants to do. However, given the state of the U.S. crypto landscape, he is forced to consider setting up elsewhere.

Some have suggested Ripple is “fleeing” the US, let me unequivocally say this is absolutely not the case. We’re a proud US-based company, and would like to stay here but a lack of regulatory clarity and level playing field is forcing us to evaluate other jurisdictions.

Fractured And Inconsistent Crypto Framework

To illustrate his point, Garlinghouse spoke about the lack of a single national crypto framework in the U.S.

The lack of a single national regulatory framework is putting US innovation and US companies at a significant disadvantage. All we’re asking for is a level playing field – if we need to move to another country to get that, then that’s the path we will have to take.

He added that eight different US regulatory bodies each hold a different view on the legal standing of crypto. And without a unified approach, conducting crypto business in the U.S. is a guessing game.

As well as the UK and Singapore, rumors have surfaced that Ripple is also considering Switzerland and Japan as possible destinations for a relocation.

XRP is currently trading in an ascending channel; breaking the $0.2550 level could see the start of a strong rally. Today, the price of XRP is down 3% to $0.2458.

Ripple XRP daily chart

Source: XRPUSDT on Tradingview.com

Source: https://www.newsbtc.com/news/ripple/ripple-move-to-uk-or-singapore-possible-after-garlinghouse-praises-both-regulatory-authorities/

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