After 5 weeks, OKEx reactivates its operations, Bitcoin continues to fall, and Pickle Finance and Cream merge into Yearn Finance. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍‌ The price of Bitcoin (BTC) plummets after massive sell-offs in major stocks exchanges of cryptocurrencies. Bitcoin, which was above $19.400 USD on Thursday, is now hovering around $17.200 USD At press time, a drop of more than 10% in the last few hours, as shown by CoinGecko.
Data providers estimate that the sharp correction may be due to the liquidation of over $1,9 billion worth of Bitcoin futures contracts on exchanges such as Binance Futures, in addition to sales by users of OKEx, which recently resumed trading after a 5-week suspension.
Analysts and traders expect several scenarios for Bitcoin in the short term, with a possible correction to $13.000 USD or a new support level at $18.000 USD to seek its all-time high again. The correction in the price of Bitcoin is something that analysts have been estimating for a few weeks, although the possibility of the correction is not ruled out. cryptocurrency resume a new upward trend.
📍‌ When OKEx reactivated its services, users began withdrawing their cryptocurrencies from the exchange en masse, to the point that the blockchain analysis firm cryptoquant It is said to be the largest single-block outflow since May 2019.
Source: CryptoQuant
In block number 658.728 A total movement of 2.822,8 BTC can be seen, equivalent to more than 48 million dollars according to the value of the cryptocurrency at the time of this edition. The bitcoins withdrawn from OKEx were moved to other exchanges, Wallets y addresses direct custody.
📍‌ Year Finance, the yield farming protocol of decentralized finance (DeFi), announced the merger with two ecosystem protocols: pickle finance y Cream. The first of these protocols was the victim of a recent hack in which lost more than 19 million dollars of its users, which is why its developers found it necessary to merge with Yearn Finance, while Cream joins this protocol as a strategy to boost the launch of its new token: Cream V2.
This new token will allow users to access decentralized lending and leverage products, to achieve higher returns. For their part, Pickle developers are will benefit the technical expertise of Yearn developers to prevent new vulnerabilities in their protocol from leading to the loss of funds.
📍‌ A total of 15 teams made up of students from the universities of Oxford and Cambridge, located in England, United Kingdom, are competing to develop a new trading algorithm for cryptocurrencies. The goal of this talent test is to develop an algorithm that will allow students to make the most profits within the cryptocurrency markets.
The competition is sponsored by asset analysis company APEX: E3 alongside other well-known companies in the industry, such as Coinbase, FTX, SIX Digital Exchange, LMAX Digital and ConsenSys, and will end in December, with the winner keeping the profits obtained with the algorithm they develop.
📍‌ The Canadian cryptocurrency company Cypherpunk Holdings increased its Bitcoin holdings, reaching the number 9 spot among the largest bitcoin holders in the world. In a note published you can see that the company currently owns 276.479 BTC, acquiring 72.979 BTC since June 30 of this year.
The company liquidated its positions in Monero (XMR) y Ethereum (ETH) to add to their Bitcoin (BTC) holdings.
Continue reading: New Bitcoin ETN Lists on German Stock Exchange Deutsche Borse Xetra
