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KuCoin utility token KCS has been in a sluggish situation in the previous couple of days, as the key 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.
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 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 response to 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 opponents.
KCS has misplaced 14 % of its worth up to now this month, as traders have been frightened by adjustments in world macroeconomic situations 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 report ranges.
Crypto whole market cap at $897 billion on the day by day chart | Supply: TradingView.com
KuCoin Is High quality, 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 many others.
No “immense endure” from any “coin collapse”, no plan to halt withdrawal, all the things on KuCoin is working nicely.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu stated:
“No ‘immense endure’ from any ‘coin collapse’, no plan to halt withdrawal, all the things on KuCoin is working nicely,” 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 stated.
Nonetheless, in response to market consultants, the related FUD (worry, uncertainty, and doubt) has had an impact on KCS.
Till uncertainties round KuCoin’s stability sheet is resolved, it’s attainable 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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