Why Bitcoin price abruptly dropped 3% in 30 minutes on OKEx freeze

OKEx, one of the world’s biggest cryptocurrency exchanges, announced a temporary suspension of withdrawals on Oct. 16. Upon the news, the price of Bitcoin (BTC) abruptly plunged 3% in 30 minutes across major exchanges.

The nervousness in the market comes from the reason behind the withdrawal suspension and the potential implications it carries. 

The 15-minute price chart of Bitcoin. Source: TradingView.com

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