KuCoin (KCS) Price Crumbles Following Insolvency Rumors
KuCoin utility token KCS has been in a sluggish condition in the last few days, as the major cryptocurrency exchange faces a flood of insolvency rumors. Tuesday’s CoinMarketCap statistics reveals that the price of KSC has decreased by 17.35 percent over the previous week, trading at $8.74 at the time of writing. According to certain sources, KuCoin had exposure to Terra’s doomed LUNA and UST cryptocurrencies as well as insolvent crypto hedge firm Three Arrows Capital. KuCoin is the fifth largest cryptocurrency exchange in the world, with a 24-hour trading volume of $927....
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Rumors linked KuCoin’s intent to stop withdrawals with the Terra (LUNA) and the 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange. Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was however quick to dismiss the unvetted rumors before they picked up steam.Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their....
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Insolvency rumors regarding Coinbase, the largest US-based crypto exchange, going insolvent are currently circulating in the virtual stratosphere. Are they true? It’s not clear yet. What is clear though is that rumors like these are not good to the overall health of the broader crypto market. What the crypto space needs today is news like new companies launching, hiring […]
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