KuCoin utility token KCS has been in a sluggish situation in the previous few days, as the key 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 response to 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 planet, with a 24-hour buying and selling quantity of $927 million. KCS is the forty ninth most respected digital asset in keeping with CoinMarketCap, with a market valuation of $858 million.
Prompt Studying | Solana (SOL) Caught Under $33 In Previous Days As Bearish Strain Nonetheless Intact
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 opponents.
KCS has misplaced 14 p.c of its worth up to now this month, as traders have been frightened by adjustments 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 massive 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 Could, KCS has misplaced greater than half of its worth and is down greater than 60 p.c from its December 2017 document ranges.
Crypto whole market cap at $897 billion on the every 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, every thing on KuCoin is working nicely.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu stated:
“No ‘immense undergo’ from any ‘coin collapse’, no plan to halt withdrawal, every thing on KuCoin is working nicely,” including that the corporate reserves the precise 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 trade at $10 billion.
Prompt Studying | Litecoin (LTC) Drops Under $50 After Constant Bearish Squeeze
In Could 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, in keeping with market specialists, the related FUD (concern, 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 be capable to provoke a robust comeback, even when the broader crypto trade can.
Featured picture from FundsNet, chart from TradingView.com