KuCoin utility token KCS has been in a sluggish situation in the previous few days, as the foremost cryptocurrency trade faces a flood of insolvency rumors.
Tuesday’s CoinMarketCap statistics reveals that the value of KSC has decreased by 17.35 % over the earlier week, buying and selling at $8.74 on the time of writing.
In keeping 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 trade on the earth, 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 trade won’t halt withdrawals within the method of lots of its rivals.
KCS has misplaced 14 % of its worth up to now this month, as traders have been frightened by adjustments in international macroeconomic situations and by weak point within the steadiness sheets of different main crypto exchanges following a wave of job cuts and operational breakdowns attributable to the insolvency of some giant shoppers.
Final week, the trade’s native token misplaced roughly 1 / 4 of its worth, with greater than half of that decline occurring on Saturday alone. For the reason that finish of Might, KCS has misplaced greater than half of its worth and is down greater than 60 % from its December 2017 report ranges.
Crypto whole market cap at $897 billion on the day by day chart | Supply: TradingView.com
KuCoin Is Fantastic, 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!
Undecided who’s spreading these sheer rumors, and what their intentions are, however #KuCoin doesn’t have any publicity to LUNA, 3AC, Babel, and many others.
No “immense undergo” from any “coin collapse”, no plan to halt withdrawal, all the pieces on KuCoin is working effectively.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu stated:
“No ‘immense undergo’ from any ‘coin collapse’, no plan to halt withdrawal, all the pieces on KuCoin is working effectively,” including that the corporate reserves the appropriate to hold out authorized actions towards these spreading false rumors.
In Might of final 12 months, the corporate secured $150 million in new money throughout a funding spherical that valued the trade at $10 billion.
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In Might of final 12 months, the corporate secured $150 million in new money throughout a funding spherical that valued the trade at $10 billion. KuCoin launched into a hiring binge and added new options to its website, sources stated.
Nonetheless, based on market specialists, the related FUD (worry, 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 be capable to provoke a powerful comeback, even when the broader crypto trade can.
Featured picture from FundsNet, chart from TradingView.com