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KuCoin utility token KCS has been in a sluggish situation in the previous couple of 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 p.c over the earlier week, buying and selling at $8.74 on the time of writing.
In accordance 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 this planet, with a 24-hour buying and selling quantity of $927 million. KCS is the forty ninth most respected digital asset in line with 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 p.c of its worth thus far this month, as traders have been frightened by modifications in world macroeconomic circumstances and by weak spot within the stability sheets of different main crypto exchanges following a wave of job cuts and operational breakdowns brought on by the insolvency of some giant purchasers.
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. 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 file ranges.
Crypto whole market cap at $897 billion on the each day chart | Supply: TradingView.com
KuCoin Is Tremendous, 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 many others.
No “immense undergo” 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 mentioned:
“No ‘immense undergo’ from any ‘coin collapse’, no plan to halt withdrawal, every little thing on KuCoin is working effectively,” including that the corporate reserves the appropriate to hold out authorized actions in opposition to 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 web site, sources mentioned.
Nonetheless, in line with market specialists, the related FUD (worry, uncertainty, and doubt) has had an impact on KCS.
Till uncertainties round KuCoin’s stability sheet is resolved, it’s potential that KSC could not have the ability to provoke a powerful comeback, even when the broader crypto business can.
Featured picture from FundsNet, chart from TradingView.com
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