Bitcoin exchange OKEx waits for the key service while the hash rate takes off and Stack Funds tries to be clairvoyant. The market update.
Bitcoin (BTC) price snuck above the resistance at $ 11,500 in the early hours of the morning, but has since lost over $ 200 in value. On a daily basis, the largest cryptocurrency is buckling 0.4 percent and is trading at $ 11,296 at the time of going to press. The trigger for the abrupt change of course was most likely inconsistencies in the OKEx bitcoin exchange.
Drama at Bitcoin Exchange OKEx
Confusion about OKEx: Like the Bitcoin exchange today announced, withdrawals are currently not possible via the Exchange. The reason is that a private key holder “cooperates with a public security authority”. Since the exchange currently has no contact with the person concerned, no transactions can currently be authorized.
The stock exchange has so far been covered for more detailed information. The customer’s deposits are safe, the exchange assures in the letter:
In order to act in the best interests of customers and provide exceptional, long-term customer service, we have decided to withdraw digital asset / cryptocurrency withdrawals via [16. Oktober 2020 um 11:00 Uhr (Hongkong Zeit)] suspend. We assure that the other functions of OKEx will remain normal and stable and that the security of your assets at OKEx will not be compromised.
As soon as the person can authorize transactions again, withdrawals can be made again. We apologize for the inconvenience and will keep you informed of the latest developments in this matter.
The OKEx exchange, based in the financial oasis of Malta, is a heavyweight in the Bitcoin exchange landscape and, along with Huobi and Binance, is one of the three largest crypto trading centers in the Chinese market. In derivatives trading, the trading volume on the exchange is loud Coingecko ahead of Binance in first place. However, the recent squabbles could redistribute the market shares.
Hash rate at all time high
ASICs are in full swing in 2020. Since the post-halving slump in May, the Bitcoin Hash Rate from one to the next all-time high. On October 14th, the time had finally come again: With over 144 terahash per second, the total computing power in the Bitcoin network set a new record.
The network is therefore more secure than ever. The breeding ground for the continuous increase in hash rate is the Bitcoin price development. The mining profitability increases with the BTC rate. Since the same applies in the opposite direction, the kink is explained in the course of halving the block rewards through the Bitcoin halving.
Despite the price correction above the $ 11,000 mark, the profit margin in Bitcoin mining remains modest. Loud F2Pool Bitcoin miners earn an average of $ 4.68 a day with an Antminer S19 Pro, currently the most powerful mining hardware. Ether miners, on the other hand, get $ 13.94 with a GTX TitanV 8 cards. This also explains why the crypto-badgers the Miners Rolling Inventory von Bytetree are currently selling more Bitcoin than they are mining.
Bitcoin under value?
According to the current Stack Funds Market Report Bitcoin is still trading below its value. Stack Funds relies on the MVRV (market value to realized value) ratio in reaching this conclusion. The MVRV ratio is a key figure that relates the market value to the realized value. Accordingly, the trend shows “a similar course to that of the 2017 bull run, with a steady growth tendency that has tested an identical support trend line several times”.
In view of the support (blue line), “a significant break of 2.0” is to be expected in the near future. As a result, the top value from 2019 of 2.5 should be tested again, “which will bring the Bitcoin price above the 15,000 US dollar mark”.
The upward trend is consequently due not least to the increasing demand on the part of large companies and institutional investors who are flushing fresh capital into the crypto market.
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