OKB founding team introduction:
OKX Exchange is one of the oldest exchanges in China. Its founder, Xu Mingxing, graduated from Renmin University with a degree in physics. He was in charge of search engine technology at Yahoo China. Later, he co-founded Docin with Lin Yaocheng and served as CTO. In 2013, Xu Mingxing founded the OKcoin Bitcoin trading platform, which received a $10 million Series A financing led by Ceyuan Ventures three months after its launch. After the 94 incident in the currency circle, OKcoin became the world's leading Chinese digital exchange OKEX.
In March 2018, OKX founder Xu Mingxing said in an employee group that his exchange was ready to donate to the country at any time.
OKCoin is currently priced at $46.24, down 15.07% in the past 24 hours.
OKB is really strong, Dr. Xu is online! If you don't agree, come to OK Clinic and try it. You will be finished if I don't give you a shot. It's a direct cut, let's take a look at yesterday's data!
From the above picture, we can see that the price of OKB fell rapidly from around US$51 to US$25.1. Judging from the K-line trend, it should be that there was a problem with the market maker robot inside OKX that caused the price to continue to fall. Later, their internal staff discovered the problem and pulled the price back to around US$46.
Some people were lucky enough to make money by placing current price orders, but most of the open contracts and pledged loan positions were reduced to zero.
Data shows that within one hour yesterday, the cryptocurrency market had a total contract liquidation of $110 million (long orders had a liquidation of $108 million). Among them, Bitcoin liquidation was $24.8141 million, and ETH liquidation was $24.4625 million. (Direct explosion)
2. OKX: Full compensation for losses caused by abnormal liquidation
OKX Chinese said that due to the overall market downturn on January 23, OKB price fluctuations caused a sharp drop in the price of the currency. The process triggered the liquidation of multiple large leveraged positions, pledged loans, leveraged transactions and cross-currency transactions. The final price briefly fell to 25.1USDT and has now returned to normal. We deeply apologize for the losses and impacts caused by this and have formulated the following solutions: 1/ The platform will fully compensate users for the additional losses caused by abnormal liquidation, including pledged loans/leveraged transactions/cross-currency transactions. The specific compensation plan will be announced within 72 hours. 2/ We will further optimize the spot leverage gradient gear and pledged lending risk control rules, liquidation mechanism, etc. to avoid similar problems from happening again.
I don’t believe that the Needle King would apologize deeply, but I don’t believe that he would compensate me in full even more!
3. Five iron laws of the cryptocurrency world
1. Follow market trends and do not participate in uncertain market conditions.
2. Avoid frequent trading and wait patiently for the perfect opportunity.
3. Don’t be superstitious about technical indicators and be wary of their lag.
4. After buying, forget the cost price and operate according to market trends.
5. Participate with funds that you can afford to lose and avoid borrowing to invest.
4. What should I do if the contract is liquidated?
I feel sad and angry at the same time. I always advise people to stay away from contracts, stay away from contracts, stay away from contracts, but there are still people who think they are better. I still say that the end of the contract is liquidation! There is no other possibility!
To those friends whose positions were liquidated yesterday, I would like to say that you should admit your losses, stop losses in time, and don’t get deeper and deeper into trouble. If you stop in time, your losses will be limited. If you still want to make up for your losses, then the amount of your losses will be unknown!
The bull market will definitely come. Ambush high-quality spot + first-level projects in advance, hold them in your hands, and when the big bull market comes, make up for the loss of the contract. Speculating in bi is originally a very happy thing. Many people are exhausted because of the contract, which is completely unnecessary. Only with a good mentality can you hold on, and only by holding on can you make money. This is a positive cycle.
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