For the long haul? When Bitcoin nosedived, institutions held fast
Institutional investors know crypto assets are volatile: “They’re making a generational bet and are not deterred by a few weeks of volatility.” Mid-May’s price plunge was one of crypto’s wildest pullbacks in recent years, a tumble that eliminated nearly $1 trillion from crypto’s market value. The industry had soared to new heights a month earlier, with Bitcoin (BTC) reaching almost $64,000, driven in good part by institutional investors. Now that some calm has returned to the market, bears are asking: How did institutions behave during the recent collapse? Did they jump ship or hold firm....
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Just recently, after the exchange paused cryptocurrency withdrawals, the trading platform Okex finally enabled digital currency withdrawals last Wednesday. Since then, the exchange seems to be experiencing an exodus of funds leaving, as onchain data shows Okex’s crypto-asset reserves like bitcoin, ethereum and tether have depleted considerably during the last ten days. Over the years a number of exchanges have had issues and have worried customers by stopping deposits and withdrawals for a period of time. Okex joined the list of exchanges that have halted withdrawals, as the....