KuCoin utility token KCS has been in a sluggish situation in the previous few days, as the most important cryptocurrency change faces a flood of insolvency rumors.
Tuesday’s CoinMarketCap statistics reveals that the worth of KSC has decreased by 17.35 p.c over the earlier week, buying and selling at $8.74 on the time of writing.
In line with sure sources, KuCoin had publicity to Terra’s doomed LUNA and UST cryptocurrencies in addition to bancrupt crypto hedge agency Three Arrows Capital.
KuCoin is the fifth largest cryptocurrency change on the planet, with a 24-hour buying and selling quantity of $927 million. KCS is the forty ninth Most worthy digital asset based on CoinMarketCap, with a market valuation of $858 million.
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KCS Sheds 14% Of Worth This Month
KCS has saved weakening this month regardless of its founder’s assurances that the cryptocurrency change won’t halt withdrawals within the method of a lot of its opponents.
KCS has misplaced 14 p.c of its worth to date this month, as traders have been frightened by adjustments in international macroeconomic situations and by weak spot within the steadiness sheets of different main crypto exchanges following a wave of job cuts and operational breakdowns brought on by the insolvency of some massive shoppers.
Final week, the change’s native token misplaced roughly 1 / 4 of its worth, with greater than half of that decline occurring on Saturday alone. Because the finish of Might, KCS has misplaced greater than half of its worth and is down greater than 60 p.c from its December 2017 report ranges.
Crypto complete market cap at $897 billion on the each day chart | Supply: TradingView.com
KuCoin Is Advantageous, CEO Says
KuCoin CEO Johnny Lyu responded to speculations of the corporate’s demise by clarifying it had no publicity to Three Arrows, LUNA, or Babel.
Concentrate on FUDs!
Unsure who’s spreading these sheer rumors, and what their intentions are, however #KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and so forth.
No “immense endure” from any “coin collapse”, no plan to halt withdrawal, every little thing on KuCoin is working effectively.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu stated:
“No ‘immense endure’ from any ‘coin collapse’, no plan to halt withdrawal, every little thing on KuCoin is working effectively,” including that the corporate reserves the proper to hold out authorized actions in opposition to these spreading false rumors.
In Might of final yr, the corporate secured $150 million in new money throughout a funding spherical that valued the change at $10 billion.
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In Might of final yr, the corporate secured $150 million in new money throughout a funding spherical that valued the change at $10 billion. KuCoin launched into a hiring binge and added new options to its website, sources stated.
Nonetheless, based on market consultants, the related FUD (concern, uncertainty, and doubt) has had an impact on KCS.
Till uncertainties round KuCoin’s steadiness sheet is resolved, it’s attainable that KSC could not have the ability to provoke a robust comeback, even when the broader crypto trade can.
Featured picture from FundsNet, chart from TradingView.com
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