KuCoin utility token KCS has been in a sluggish situation in the previous few days, as the most important cryptocurrency alternate 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 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 alternate on the earth, with a 24-hour buying and selling quantity of $927 million. KCS is the forty ninth most precious digital asset in accordance 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 alternate is not going to halt withdrawals within the method of lots of its opponents.
KCS has misplaced 14 % of its worth to date this month, as buyers 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 alternate’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 Could, KCS has misplaced greater than half of its worth and is down greater than 60 % from its December 2017 document ranges.
Crypto complete market cap at $897 billion on the every day chart | Supply: TradingView.com
KuCoin Is Superb, 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.
Pay attention to 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, the whole lot on KuCoin is working effectively.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu mentioned:
“No ‘immense endure’ from any ‘coin collapse’, no plan to halt withdrawal, the whole lot on KuCoin is working effectively,” including that the corporate reserves the suitable to hold out authorized actions in opposition to these spreading false rumors.
In Could of final 12 months, the corporate secured $150 million in new money throughout a funding spherical that valued the alternate at $10 billion.
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In Could of final 12 months, the corporate secured $150 million in new money throughout a funding spherical that valued the alternate at $10 billion. KuCoin launched into a hiring binge and added new options to its website, sources mentioned.
Nonetheless, in accordance with 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 potential that KSC might not be capable of provoke a robust comeback, even when the broader crypto trade can.
Featured picture from FundsNet, chart from TradingView.com
