KuCoin utility token KCS has been in a sluggish situation in the previous few days, as the main cryptocurrency alternate faces a flood of insolvency rumors.
Tuesday’s CoinMarketCap statistics reveals that the worth of KSC has decreased by 17.35 % over the earlier week, buying and selling at $8.74 on the time of writing.
Based on 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 planet, with a 24-hour buying and selling quantity of $927 million. KCS is the forty ninth most precious 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 stored weakening this month regardless of its founder’s assurances that the cryptocurrency alternate won’t halt withdrawals within the method of a lot of its rivals.
KCS has misplaced 14 % of its worth up to now this month, as traders have been frightened by adjustments in world macroeconomic circumstances and by weak point within the stability 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 whole market cap at $897 billion on the each day chart | Supply: TradingView.com
KuCoin Is Nice, 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 on.
No “immense endure” from any “coin collapse”, no plan to halt withdrawal, every little thing on KuCoin is working properly.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu mentioned:
“No ‘immense endure’ from any ‘coin collapse’, no plan to halt withdrawal, every little thing on KuCoin is working properly,” including that the corporate reserves the proper 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 line with market consultants, the related FUD (concern, uncertainty, and doubt) has had an impact on KCS.
Till uncertainties round KuCoin’s stability sheet is resolved, it’s doable that KSC might not be capable of provoke a powerful comeback, even when the broader crypto trade can.
Featured picture from FundsNet, chart from TradingView.com