CoinDesk reports:
Chinese journalist Colin Wu, known for covering cryptocurrencies, has alerted the public to a recent price glitch affecting OKB on the OKX cryptocurrency exchange.
According to Wu, the glitch occurred within a 15-minute window yesterday, from 20:00 to 20:15 UTC+8. During this period, OKB plummeted from a peak of $40 to a low of $30, marking a 25% decline within 15 minutes.
Wu stated that following the glitch, OKB’s price recovered to normal levels. The journalist, focusing on cryptocurrencies, shared a screenshot in his post confirming these developments.
Wu also recounted a similar incident earlier this year, notably on January 23rd, where OKB’s price dropped significantly from $48 to a low of $25.1, representing a 47.7% decrease.
As of the time of publication, the cause behind the latest glitch remains undetermined. However, Wu pointed out that the January incident was triggered by an unidentified individual selling a large amount of OKB tokens. Both events follow a similar pattern of sharp declines followed by recoveries.
The second largest offshore exchange, OKX, saw OKB tokens sharply drop from $40 to $30 within a 15-minute window from 8:00 to 8:15 UTC+8, before quickly recovering to normal levels. OKB had previously dropped from $48 to $25.1 on January 23rd due to a sell-off. [Link to image]
OKB has dropped over 13% in the last 24 hours.
At the time of writing, OKB is trading at $35.28 per token on OKX, ranking as the third largest exchange by trading volume over the past 24 hours. Similar to most crypto assets in the market, OKB has experienced a decline of 13.82% within this period.
Launched in March 2018, OKB serves as a utility token for OKX, granting holders access to specific exchange functionalities including reduced trading fees.
Previous cryptocurrency-related price glitches
Meanwhile, this isn’t the first time serious price glitches have occurred on cryptocurrency exchanges. It’s worth noting that such glitches can arise from various factors, including large-scale buying or selling by cryptocurrency whales, liquidity issues, or technical malfunctions at exchanges.
Crypto Basic has reported numerous price issues involving prominent cryptocurrencies like XRP. Last month, XRP experienced a 10-minute price glitch on Kraken, briefly pushing its value to $62,032.
In March of this year, a price glitch on Coinbase caused Shiba Inu’s value to plummet from $0.000044 per token to $0.00002, marking a 55% decline.
