THELOGICALINDIAN - KuCoin account badge KCS has been in a apathetic action in the aftermost few canicule as the above cryptocurrency barter faces a flood of defalcation rumors
Tuesday’s CoinMarketCap statistics reveals that the amount of KSC has decreased by 17.35 percent over the antecedent week, trading at $8.74 at the time of writing.
According to assertive sources, KuCoin had acknowledgment to Terra’s bedevilled LUNA and UST cryptocurrencies as able-bodied as bankrupt crypto barrier close Three Arrows Capital.
KuCoin is the fifth better cryptocurrency barter in the world, with a 24-hour trading aggregate of $927 million. KCS is the 49th best admired agenda asset according to CoinMarketCap, with a bazaar appraisal of $858 million.
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KCS Sheds 14% Of Value This Month
KCS has kept abrasion this month despite its founder’s assurances that the cryptocurrency barter will not arrest withdrawals in the address of abounding of its competitors.
KCS has absent 14 percent of its amount so far this month, as investors accept been abashed by changes in all-around macroeconomic altitude and by weakness in the antithesis bedding of added above crypto exchanges afterward a beachcomber of job cuts and operational breakdowns acquired by the defalcation of a few ample clients.
Last week, the exchange’s built-in badge absent almost a division of its value, with added than bisected of that abatement occurring on Saturday alone. Since the end of May, KCS has absent added than half of its amount and is bottomward added than 60 percent from its December 2024 almanac levels.
KuCoin Is Fine, CEO Says
KuCoin CEO Johnny Lyu responded to speculations of the company’s annihilation by clarifying it had no acknowledgment to Three Arrows, LUNA, or Babel.
Be acquainted of FUDs!
Not abiding who's overextension these arduous rumors, and what their intentions are, but #KuCoin does not accept any acknowledgment to LUNA, 3AC, Babel, etc.
No “immense suffer” from any “coin collapse”, no plan to arrest withdrawal, aggregate on KuCoin is operating well.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
On Twitter, Lyu said:
“No ‘immense suffer’ from any ‘coin collapse’, no plan to arrest withdrawal, aggregate on KuCoin is operating well,” abacus that the aggregation affluence the appropriate to backpack out acknowledged accomplishments adjoin those overextension apocryphal rumors.
In May of aftermost year, the aggregation anchored $150 actor in new banknote during a allotment annular that admired the barter at $10 billion.
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In May of aftermost year, the aggregation anchored $150 actor in new banknote during a allotment annular that admired the barter at $10 billion. KuCoin boarded on a hiring affair and added new appearance to its site, sources said.
Nonetheless, according to bazaar experts, the associated FUD (fear, uncertainty, and doubt) has had an aftereffect on KCS.
Until uncertainties about KuCoin’s antithesis area is resolved, it is accessible that KSC may not be able to admit a able comeback, alike if the added crypto industry can.
