OKCoin Effect - Bitcoin Crashed Over $600 from ATH Of $3000

It was all running smooth. And then OKCoin, one of the largest bitcoin exchange started liquidating bitcoin-USD pairs. The result of it reflected across the world, across alt coins including ethereum.  OKCoin is a Bitcoin company in China with core product lines of a Bitcoin exchange, and a mobile consumer payment and lending app. OKCoin Exchange China operates CNY/BTC spot pair with margin trading from its Beijing entity, while OKCoin International operates USD/BTC spot pair with margin trading and BTC/USD futures from its Singapore entity.

OKCoin liquidated quarterly, bi-weekly and weekly contracts at various levels, from $3000 till $2500. I am not sure the selling is whole over. They may be waiting for a pull back to trigger the next gun.


Continuous Selling

WHAT THE CHART WAS SAYING?

The bitcoin-usd chart was showing bearing divergence, which is considered as a sign of correction.So the correction was basically a combination of technical nature and the effect of Okcoin liquidation. Kindly follow me on this blog and tradingview for more updates.

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