The Blockchain Bulletin, Apr 17: OKX Launches U.S. Platform Amid Legal Settlement
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we provide significant developments over the last 24 hours in the crypto ecosystem. In a bold and strategic move, crypto exchange OKX has officially launched its operations in the United States, with a new centralized trading platform and powerful multi-chain Web3 wallet.
Further, the firm appointed Roshan Robert as the new CEO of the U.S. operations and set up its regional HQ in San Jose, California. This marks a milestone for OKX, particularly following a $500 million settlement with the U.S., which alleged that OKX had operated without a license. The agreement also resolved claims over Aux Cayes FinTech Co. Ltd., its affiliate company,
Meanwhile, on the market side, Bitcoin is testing a resistance level at $85,000, and breaking through it could trigger a massive liquidation chain reaction of short positions. Experts estimate that as much as $637 million in short positions could be liquidated, boosting Bitcoin’s price.
Further, the Binance Taker Buy/Sell Ratio has turned to neutrality, with a ratio of 1.008, denoting the climax of a bear market and the initiation of a bull market. Although the analysis encouraged traders, users were cautioned to be aware of market sentiment before taking the plunge.
However, considering Bitcoin’s volatile nature, Peter Schiff reignited the debate between the digital asset and gold asset. Schiff pointed out that gold had exceeded $3,300, creating a new record, while Bitcoin has shown slow progress. Labelling Bitcoin as the ‘epitome of risk assets’, Schiff pointed out gold’s resilience during market uncertainty. A closer look at the trading charts shows that Bitcoin struggled to break above the 2-day moving average (MA30) before falling back down, leaving a bearish candlestick pattern with decreased volume—a sign that the market may be preparing for a deeper pullback.
Related: KAITO Price Prediction 2025-35: Will It Hit $100 by 2035?
Meanwhile, China garnered attention for selling seized Bitcoin despite its ban on cryptocurrency trading since 2021. The court papers and transaction records show that the local Chinese governments are stealthily reselling confiscated Bitcoins through private enterprises to evade the markets. This move raises serious questions about China’s true intentions in the crypto space and whether its public anti-crypto stance is merely a façade.
On the political side, President Donald Trump’s has endorsed a ban on congressional stock trading, responding to public concerns over potential insider trading. This follows scrutiny of Rep. Marjorie Taylor Greene’s stock purchases ahead of Trump’s tariff pause. The move could revive stalled bipartisan efforts, such as Senator Josh Hawley’s bill, aimed at reshaping trust and accountability in Washington.
In a nutshell, while the OKX entry into the U.S. is a major step, the crypto market is experiencing major changes, be it the gold-Bitcoin debate or the global political environment. In the upcoming months, the crypto and traditional financial markets will be defined based on these changes.
