Good Morning Bitcoin: Withdrawals Pausing OKx Hours

good morning! We have included the latest news for you. Start your day with a bitcoin breakfast.

Recordings have been held up for hours at OKX due to problems at Alibaba

It was not possible to withdraw bitcoins from OKX for several hours yesterday due to problems at Alibaba. OKX uses Alibaba’s cloud servers and those layers were out of service. Withdrawals and deposits were not possible on the exchange.

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Alibaba points out The error has been discovered and the company’s engineers are working on a solution. OKX announces via Twitter that the funds are of course safe on the platform. For a moment, there was fear that OKX would become the successor to FTX.

After all, it is usually not a good sign if an exchange platform stops registering. However, there is now an apparent fault with an external service provider, so it is very likely that it is not the result of financial problems with OKX itself.

Jerome Powell does not expect a recession for the United States

If it were up to Federal Reserve Chairman Jerome Powell, things are not so bad with the so-called recession in the United States. In the outlook for the economy for the coming months, the Fed is clearly not in the recessionary camp. Chairman Powell expects the country to maintain even “reasonable” growth.

“I don’t think this counts as a recession,” Powell said of the growth of the US economy and the increase in unemployment, which the central bank chief believes is not so bad. We still can’t talk about a great outlook for the US economy.

The economy is expected to grow by half a percent next year and unemployment will increase by 1.6 million people through December 2023. The recession may be better than expected next year or there will be no recession at all, but that chance seems small.

Sam Bankman-Fried is ready to deliver

Sam Bankman Fried (SBF) will no longer challenge extradition to the United States in a court in the Bahamas. The former head of cryptocurrency exchange FTX is now in jail on the island for four days. that reports Reuters based on sources close to the case.

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The 30-year-old American is accused of using hundreds of millions of dollars to pay off debts and speculating through his crypto hedge fund Alameda Research LLC. Other allegations include money laundering and illegal financing of political campaigns. SBF has been a major donor to the Democratic Party and current President Joe Biden.