Mass liquidation on OKX ,as price flashes lower

The second largest crypto exchange,OKX,faces a sharp plunge on the price of its native token ,OKB .

Amidst facing a scam allegation by ice network, Okx faces a bigger issue.

As seen on the market chart,OKB token experienced a 50% drop in price ,from a market price of $52 to as low as $25 .

LIVE CRYPTO RATES FOR TODAY

Name Price24H (%)
Bitcoin(BTC)
$69,272.55
3.33%
Ethereum(ETH)
$3,619.62
2.61%
XRP(XRP)
$0.490696
1.71%
Cardano(ADA)
$0.436213
2.38%
Bitcoin Cash(BCH)
$459.67
3.62%
Litecoin(LTC)
$78.25
0.75%
Monero(XMR)
$175.92
0.31%
IOTA(IOTA)
$0.206493
4.45%
NEM(XEM)
$0.037671
-3.83%
Dash(DASH)
$26.48
3.33%

The sharp decline also affected the market capitalisation of the token ,as it dropped from $3.0 billion to $2.7 billion ,Which according to coinmarket cap,its a 10% decrease in cap.

This cascade has also left Okx in position of the fourth largest exchange from second.

After posing lot of risk on OKB investors,OKX team came out to give the public the cause of the price plunge.

As stated by OKX,its was caused by massive liquidation and the market trend as at that time.

Initially ,The token price was going in hand with the market trend ,not untilĀ  When OKX price dropped to $48 ,which triggered liquidation on a lot of large leverage positions

“With 10b cap token , only 10m $ selling dump 50% , can we trust you long time?” Investors ponder.

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See also  Cryptocurrency Market
Updated: January 25, 2024 — 11:08 pm

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