It’s a big week for OkCoin, with the crypto exchange launching in the EU.

Here’s everything we know about the launch.

OKCoin Launches in EU: The Details

On Tuesday, June 4, OKCoin posted a blog post that said it is opening up euro pairs to traders. For non-United States users, starting yesterday, the crypto exchange’s new spot trading offerings cover euro pairs with the following: Ether, Bitcoin Cash, and, of course, Bitcoin. The exchange plans to add more pairs soon; euros can be withdrawn with no fees until September 4.

“OKCoin users outside of the U.S. can now deposit and withdraw euros. Starting at 8:00 pm PT, June 4th, all OKCoin users can participate in euro spot trading for leading digital assets, such as Bitcoin, Ethereum, and Bitcoin Cash,” the blog post said.

Of course, this news is noteworthy for two reasons.

First, it means OKCoin is expanding its business. And as we know, growth is how companies stay afloat in industries that are constantly changing, seeing new players.

Secondly, Europe, according to Jovan Gavrilovic, General Manager of Europe at the crypto exchange, “is essential to the evolution of the cryptocurrency markets.” Gavrilovic added that Europe “is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach.”

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OkCoin had more to say Wednesday, as well. In the same blog post, the crypto exchange said it is opening a new office in Malta.

Takeaway

Obviously, this is a big week for the crypto exchange. Not only is Europe an important player in the crypto space that OkCoin has acquired, but it’s also offering traders with more options, which is likely to benefit the firm.

What do you think, though? Do you think OkCoin should have launched in Europe? Let us know what you think in the comments below!

Featured image: DepositPhotos © BiancoBlue

Bitcoin (BTC) is pulling lower after doubling in value following a massive surge from 2018 lows. The flagship cryptocurrency remains under immense bearish pressure after a 130% plus rally since the start of the year.

Bitcoin Price Analysis

A rally past the $8,000 mark had for the first time, in months, reinvigorated investor interest on cryptocurrencies, as it came after a harrowing plunge in 2018. A 14% plus drop has since taken the cryptocurrency back to the $7,700 level, waiting to see if short sellers have what it takes to continue piling pressure.

Given the magnitude of the drop, the cryptocurrency remains in a precarious position. Crypto investors and experts are of the opinion that the cryptocurrency could tank further should it fail to demonstrate a speedy recovery. A plunge to the $7,100–7,300 range could be in the future, according to the analysts.

The recent drop does not come as a surprise, as many expected it. Some speculate that certain Bitcoin whales decided to cash in on 2019’s massive climb, dumping their BTC when they had the chance.

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Bitcoin Sell-Off Trigger

Reports indicate that the sudden Bitcoin sell-off may be due to a so-called Bitcoin whale offloading their holdings due to an influx in supply. It has since emerged that the Bitcoin whale moved as much as 25,000 Bitcoin, worth more than $200 million, from an exchange wallet into the Coinbase crypto exchange.

The transaction is believed to have earned the mover a cool $15 million, having sold their BTC for $215 million before buying back $200 million worth of Bitcoin after the price dropped. The massive sell order is one of the triggers that fueled the downward movement, which appears to have had a ripple effect in the broader cryptocurrency sector.

According to cryptocurrency analyst, Josh Rager, Bitcoin struggling to find support above the $7,000 mark could trigger a bigger pullback. Failure to bounce back and take out the $8,200 resistance level could also give short sellers a reason to continue pushing the price lower.

Featured image: DepositPhotos © Thomaspajot