OKEx reopened fiat currency trading at 20:00 on October 21. Although it still did not support withdrawals, it once reduced the USDT selling pressure on the market.
On the night when OKEx resumed fiat currency transactions, the selling price of OTC merchants was once displayed at 6 yuan (RMB, the same below), which was still a certain gap from the 7.3 yuan of other platforms (such as Huobi). There is a huge price difference of 1-2 yuan in the purchase price, which shows that OTC merchants hope to earn USDT on OKEx at a low price in the market to earn the price difference as a profit.
Previously, news about discount trading OKU (that is, USDT within OKEx) has been circulated through WeChat groups and big V Weibo. According to individual investor Xie Peng (pseudonym), before OKEx opens legal currency transactions, an intermediary guarantee is required. “If both parties are strangers, you need an intermediary. For example, if you want to trade between A and B, A has OKU, and B has USDT on Huobi, the two parties negotiate the amount, and then find an intermediary that both parties can trust, A Transfer OKU to the OK internal address of the middleman. After receiving the OKU, the middleman asks B to transfer USDT from Huobi TRC20 to A. After A receives USDT, asks the middleman to transfer the OKU from OK to B, which completes the transaction. .”
OKEx’s reopening of fiat currency transactions means that OKEx will assume the role of the above-mentioned intermediary. So far, OKU’s transactions have surfaced.
Such spreads are constantly being smoothed out. As of press time, the spread of OKU quotes provided by OTC merchants has shrunk to less than 0.01 yuan. Previously, Master Li Tony said that as long as there is a price difference of 1 cent, there is still a profit margin for buying and selling OKU.
Old leek low price U
OKEx announced the suspension of withdrawals on the morning of October 16th, claiming that it was due to the fact that some persons in charge of private keys were cooperating with the investigation by public security authorities. At 17:06 in the afternoon of the same day, “Master Li Tony” posted a message on Sina Weibo to receive USDT at a low price, saying that he saw someone accepting OKU at 6.0 and he was willing to accept it. Master Li Tony has about 56,000 followers on Sina Weibo.
“I started to accept the withdrawal the second day after the withdrawal was suspended. I should be the first to do so, not the only one. Since this time, the OKU price that can be received on the market has basically been maintained at around 8-9%. The amount of less than 20% is very large.” In an interview with Babbitt, Master Li Tony said.
Master Li Tony told Babbitt that since OKEx suspended trading, he personally received about 180,000 OKUs at a price of 6 yuan. The others are just helping users match transactions. “I basically all trade with each other by retail investors, and the amount is not large. It is more cumbersome, the total amount is about 5 million yuan, and the credit of my big V is used as an intermediary guarantee. OKEx announced on October 21 that it would resume legal currency transactions. On the day when the information came out, it was basically impossible to receive low-priced OKUs. Everyone was watching the evening. In the situation, the panic plate has been reduced a lot because of the normal legal currency withdrawal.”
It should be pointed out that according to OKEx data, the current price of USDT sold by OTC merchants is basically stable at around 5.7 yuan/piece, which is equivalent to 10% off the selling price of OTC merchants on other platforms.
Xie Peng released the news of low-cost receipt of OKUs in the WeChat group he managed. He told Babbitt that he was only a retail investor. Since OKEx suspended the withdrawal of coins, he has eaten about 150,000 OKUs. He said that when he first started accepting OKU, the discount rate he was exposed to was 8.8. With the extension of the exchange’s suspension of withdrawals, the discount dropped to 20%.
“I don’t persuade others to buy, nor do I persuade others to sell. Everyone is an adult and has their own ideas. The market is risky. I don’t help others to receive goods, but when my friends want to buy or sell, I will help. Let’s match it up in nature. At present, the largest OKU matchmaking scale I have handled is 100,000 KOUs, and it’s done for friends.” Xie Peng said.
After receiving 150,000 OKUs, Xie Peng didn’t plan to accept them, and decided to keep the coins and watch the changes.
Preliminary selling is dominated by OTC merchants
During the process of accepting OKU, Xie Peng discovered that the first wave of people selling OKU were mainly OTC merchants.
“Aside from the platform reasons, because I don’t know the specific reasons. I personally think that some OTC merchants do not use their own funds completely and need to bear interest. Most of them will choose to transfer the risk, that is, cut meat.”
Mike (a pseudonym) is an OTC merchant. He pointed out that the above statement is possible, but it should also be noted that OTC merchants themselves have media attributes. “It may be to collect OKUs or sell OKUs according to customer needs, so as to earn the bid-ask spread. “
At present, when OKEx can resume withdrawing coins is still a problem. As time goes by, Xie Peng has come into contact with the main groups eager to sell OKUs at low prices from OTC merchants to retail investors. “Under the panic in the market, plus OK late If the announcement is late, the panic will spread further, causing further panic among retail investors. The further you go, the more retail investors will be the mainstay.”
Crisis also means opportunity. Xie Peng also panicked when the news of the suspension of withdrawals first came out, but he quickly made the decision to remove the first currency.
“If we don’t buy OKU now, it’s just like we didn’t dare to buy bottoms in 1994. This is only my own personal opinion. Because OKEx is one of the three major domestic exchanges, it is impossible not to open the withdrawal of coins forever. Yes, I’m not really panic. Maybe I will eventually become the market’s taker, but if I don’t gamble in my life, how do I know if I will win? So far, my own spare money has been invested in.”
Master Li Tonny also said that he was not worried, “I have experienced crises like this many times. New Leek has experienced less experience and is too panic. Many people are too scared to sleep, so they are busy trying to run out.”
It should be noted that the US economic stimulus plan has not yet been implemented, but the weak dollar has become the mainstream view of the investment market. USDT related transactions may need to consider exchange loss issues.
