OKEx Token Collapses As Hope Renews For COVID Vaccine: Report

The OKEx token collapses as the market turned green in new hopes for the COVID vaccine and Stellar’s XLM moved wildly to the upside reacting to the news of another stimulus package. In our latest crypto news, we take a closer look at the price analysis.

OKEx struggles to recover after the Chinese authorities launched an investigation against the company while Bitcoin remains steady and Stellar moved upwards wildly. The stock markets are up after the renewed hope of a Covid vaccine and another US stimulus package. Over the weekend, the crypto exchange OKEx struggled to regain footing. It is headquartered in Malta but it was most active in China. The exchange suspended withdrawals late last week after Chinese authorities called for an investigation. The platform’s suspension led to a 2.5% drop in the Bitcoin price.

Things have gone worse since then as the founder of OKEx Xu Mingxing was taken away by police for questioning. The OKEx token collapses more over the weekend, only recovering by 5% in the past 24 hours. With no date set to start the withdrawals again, the customers of the exchange will have to get used to this ambiguity. On the crypto markets, however, the price increased slightly over the past day. Bitcoin and Ethereum saw little gains while the vast majority of the top 20 coins by market cap moved up or down by less than 2%. Crypto.com token lost about 15% over the weekend as it slashed the rewards program for staking the tokens by 70%. However, the exchange passed five million users at the same time.

Stellar HODLers had reasons to rejoice as well as the XLM token increased by 10% and increased by 4% in the past day thanks to Circle and its stablecoin which announced integration on the platform. The stock market had a fun time as well as the Asian markets increased in the hopes of a COVID vaccine and the US Stimulus package. The pharmaceutical giant Pfizer announced that they are waiting for authorization from regulators to get the vaccine on the market as soon as possible if the trials go well.

The European markets were trading in the green as well in early hours trading today. There’s a potential risk on the horizon as the EU is expecting to be given the green light this week to impose tariffs on $4 billion of US Imports in a dispute over the aircraft subsidies as the World Trade Organization document showed. The EU won the right to retaliate in the dispute with the United States over subsidies to planemaker Boeing and could deepen the record trade spat which has prompted Washington to slap duties on all EU Goods. With the US election upcoming, the sentiment among market watchers suggests you should “hold on to your hat.”