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 million. KCS is the 49th most valuable digital asset according to CoinMarketCap, with a market valuation of $858 million. Suggested Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact KCS Sheds 14% Of Value This Month KCS has kept weakening this month despite its founder’s assurances that the cryptocurrency exchange will not halt withdrawals in the manner of many of its competitors. KCS has lost 14 percent of its value so far this month, as investors have been frightened by changes in global macroeconomic conditions and by weakness in the balance sheets of other major crypto exchanges following a wave of job cuts and operational breakdowns caused by the insolvency of a few large clients. Last week, the exchange’s native token lost roughly a quarter of its value, with more than half of that decline oc...