KuCoin Token (KCS) Loses 12% Amidst Top Coins Bleeding
16 Novembre 2022 - 11:20AM
NEWSBTC
While trading in the red zone at press time, the KuCoin token (KCS)
has lost substantially in the last 7 days. The token had joined the
entire crypto market in its downward trend after the FTX implosion.
However, exchanges like KuCoin may benefit from the recent failure
of the FTX collapse. Johnny Lyu, CEO of KuCoin, assured
consumers after FTX’s bankruptcy that the exchange would never
misappropriate user assets and be transparent. Lyu’s call for
transparency was the main catalyst behind the token’s recent surge.
KuCoin has publicly stated that Merkle proof-of-reserves would be
available in one month. Related Reading: Chainlink Suffers 40% Loss
In Last 7 Days – Can LINK Regain $9 Mark This Week? KuCoin CEO
Believes Proof-of-Reserve Will Re-establish User Trust In
Centralized Exchanges KuCoin CEO Johnny Lyu was the first to
declare ‘Proof of Reserves’ after the FTX Token FTT/USD disaster.
Lyu stated ‘Proof of Reserves’ is a direct reaction to user concern
as they stay locked out of their cash with some exchanges
restricting withdrawals. According to the CEO, the exchange will
release its Proof of Reserve data in four weeks. He believes that
the report will assure customers that their money is secure. Lyu
also added the data would back his claims that the company has
sufficient cash to payout mass withdrawals. Lyu says the present
market situation is like a “growing disease.” He attributes it to
the precipitous drop in the value of cryptocurrencies. In the space
of a few days, the total market capitalization of cryptocurrencies
fell from $1 trillion to $873 billion. “It’s painful to watch
innocent users hurt,” he added, conceding that traders will need
time to trust crypto exchanges again. What’s The Market Outlook For
KuCoin Token (KCS) After a 0.72% decrease over the past 24 hours,
the global cryptocurrency market seems to be struggling. The global
market volume also declined by 1.35% within this period. In spite
of these improvements, the global market cap is still less than
$900 billion. This indicates that the majority of cryptocurrencies
have not yet recovered from the significant drop that occurred over
the weekend. As of writing, BTC is down over 5% while ETH
fluctuates 1.09% week-on-week. KuCoin is also down2.94% on the day.
However, its 1h chart appears bullish, and we might see the coin
trade green in the coming days. During this period, there has been
a significant price fluctuation, as the coin’s value has fluctuated
between $7.45 and $8.29. The price chart for KuCoin shows a clear
upward trend as investors rush to capitalize on its recent price
appreciation. If the token keeps going, KCS will attempt the $8.29
resistance level one more. This might see it break out to $8.75 and
maybe $9. Related Reading: FTX Hacker Becomes 35th Largest Ethereum
(ETH) Whale – Dump Incoming? With an RSI reading of 51, it is clear
that buying pressure is getting countered by the bears. However,
the price movement looks bullish, suggesting more upside potential.
However, there is still a long way to go before most tokens recoup
their weekend losses. This indicates a potential retraction that
might send KCS back down to its $7.50 support level. Featured image
from Pixabay and chart from TradingView.com
KuCoin Token (COIN:KCSUSD)
Graphique Historique de l'Action
De Juil 2024 à Août 2024
KuCoin Token (COIN:KCSUSD)
Graphique Historique de l'Action
De Août 2023 à Août 2024