KuCoin Utility Token KCS has been in a sluggish state for the previous few days as the main cryptocurrency alternate faces a spate of chapter rumors.
Tuesday’s CoinMarketCap stats present KSC’s value down 17.35 p.c from the earlier week, trading at $8.74 on the time of writing.
Based on sure sources, KuCoin has been uncovered to doomed Terra cryptocurrencies LUNA and UST, in addition to bancrupt crypto-hedge agency Three Arrows Capital.
KuCoin is the fifth largest cryptocurrency alternate on the earth with a 24-hour trading quantity of $927 million. KCS is the forty ninth Most worthy digital asset with a market valuation of $858 million in response to CoinMarketCap.
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KCS loses 14% in value this month
KCS continued to slack this month regardless of assurances from its founder that the cryptocurrency alternate will not halt withdrawals like a lot of its friends.
KCS is down 14 p.c of its value to this point this month as buyers had been spooked by shifts in world macroeconomic situations and weak point within the stability sheets of different main crypto exchanges following a wave of job cuts and enterprise failures brought on by the chapter of some massive clients.
Final week, the alternate’s native token misplaced a couple of quarter of its value, with greater than half of that drop occurring on Saturday alone. For the reason that finish of Might, KCS has misplaced greater than half of its value and is greater than 60 p.c beneath its December 2017 report level.
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KuCoin is okay, says CEO
KuCoin CEO Johnny Lyu responded to hypothesis in regards to the firm’s demise by clarifying that it has no publicity to Three Arrows, LUNA or Babel.
Be careful for FUDs!
I am unsure who’s spreading these sheer rumors and what their intentions are, however #KuCoin has no affiliation with LUNA, 3AC, Babel and so on.
No “immense struggling” from a “coin collapse”, no plan to cease the pullback, all the things on KuCoin is working high quality.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
Lyu mentioned on Twitter:
“No ‘immense struggling’ from ‘coin collapse’, no plan to cease payout, all the things on KuCoin works high quality,” he added, including that the corporate reserves the precise to take authorized motion towards these spreading false rumours.
In Might 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 Might final 12 months, the corporate secured $150 million in new money throughout a funding spherical that valued the alternate at $10 billion. KuCoin began with a hiring frenzy, including new options to its website, sources mentioned.
Nonetheless, in response to market consultants, the related FUD (worry, uncertainty and doubt) has had an influence on KCS.
Till the uncertainties surrounding KuCoin’s stability sheet are resolved, it is attainable that KSC will not be capable of stage a powerful comeback, even when all the crypto trade can.
Featured picture from FundsNet, chart from TradingView.com