Statistics from CoinMarketCap today reveal that the price of KSC fell by 17,35% from the previous week, trading at $ 8,74. According to some sources, KuCoin had exposure to the cryptocurrencies LUNA and UST di Terra, now in the process of default, and to the insolvent hedge firm Three Arrows Capital.
KuCoin and the fifth largest cryptocurrency exchange in the world, with a 24-hour trading volume of $ 927 million. KCS is also the 49th most valuable digital asset according to CoinMarketCap, with a market valuation of $ 858 million.
KCS then continued to weaken despite assurances from its founder that the cryptocurrency exchange will not stop withdrawals like many of its competitors.
Recall that KCS has lost 14% of its value so far this month, as investors have been frightened by changes in global macroeconomic conditions and weak balance sheets of other major cryptocurrency exchanges following a wave of job cuts. and operational failures caused by the insolvency of some large customers.
Last week, the exchange's native token lost about a quarter of its value, and more than half of that drop occurred on Saturday alone. Since the end of May, KCS has lost more than half of its value and has fallen by more than 60% from its December 2017 record highs.
Until KuCoin's balance sheet uncertainties are resolved, it is possible that KSC may not be able to initiate a strong recovery, although the cryptocurrency sector in general may succeed.