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KuCoin is not stopping withdrawals, says CEO Johnny Lyu

Popular cryptocurrency exchange KuCoin CEO Johnny Lyu took to Twitter to slam rumours stating an incoming ban on withdrawal due to the company’s insolvency difficulties. The executive reassured users that KuCoin is not experiencing a “coin crash” and has no exposure to recently fallen tokens.

The rumour started as a warning by a subcommunity in crypto twitter that told investors to remove all funds from the exchange before it imposes a ban on withdrawal due to it facing liquidity issues amid the suffering caused by high exposure to tokens like LUNA. This was promoted by prominent crypto twitter figures including @KongBTC and blockchain investigator @otteroooo. 

Calling these rumours unvetted an attempt to instigate fear, uncertainty, and doubt, Lyu explained that KuCoin has no stakes in LUNA, 3AC, Babel or any other recently collapsed token: 

“No ‘immense suffer’ from any ‘coin collapse’, no plan to halt withdrawal, everything on KuCoin is operating well”

Threatening the rumour mongers with legal action, the CEO pointed out that KuCoin completed a $150M fundraising round in May 2022 where its valuation was placed at $10B. Its strong position can also be understood by its increase in activity in the bear market and the launch of new features, he said.

Lyu further established KuCoin’s well-being by drawing attention to the fact that it is one of the few crypto companies to continue hiring for multiple positions despite the recent hiring freeze in major exchanges like Coinbase. He called upon investors to rely on their own judgement and trust the company’s commitment to transparency amid such FUD.

The CEO also confirmed that KuCoin will soon be sharing the company’s 2022 H1 review report with detailed information about its operations, shutting down any doubts about its insolvency.

The rumours about KuCoin come amid talk of coordinated attacks by hedge funds looking to short Tether in order to cause further panic after the LUNA collapse.  

The post KuCoin is not stopping withdrawals, says CEO Johnny Lyu appeared first on CoinJournal.

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FTX token price outlook after BlockFi acquisition deal

  • FTT holds steady at a $24 support level.

  • FTX exchange to acquire BlockFi for $240 million.

  • The Crypto sector faces bearish pressure amid macro-economic factors.

As the cryptocurrency sector faces bearish pressure, FTT and other tokens native to crypto exchanges have remained resilient. FTT has only lost 9.6% in the past month since trading at $27, as per data from CoinMarketCap. 

Comparatively, bitcoin has plunged 36% in the bearish market, which is attributed to macroeconomic factors. The hike of interest rates by the US Federal Reserve and the political turmoil in Europe has shifted attention to the less risky assets.

FTT token is currently trading at $24.4 after a 0.65% gain in the past day but remains down 8.98% in the last week. Overall, the token is trading at 69% below its all-time high of $76.4.

FTX gets option to acquire BlockFi for $240 million

FTX has signed a deal with the option to acquire the embattled crypto lender BlockFi for $240 million in a move to benefit from the bearish crypto space. The deal also includes extending the lender a $400 million revolving credit facility. Although the announcement is yet to impact the value of the FTT token, investors are expecting to benefit from the long-term gains from the expansion.

FTX has also been keen on its geographical expansion. The exchange was licensed in the first quarter to operate a virtual asset exchange and clearing house services in the UAE. Aside, The firm’s European subsidiary was awarded a license to offer services to institutional investors.

FTT holds steady at $24 support

Source: Tradingview 

From the daily technical outlook above, FTT is consolidating at the $24 support level after dropping below $35. The token has been on a steady decline since reaching a high of $51 towards the end of March. The RSI is at 42, affirming that the token has not entered the oversold zone, and further downward momentum could be seen. With the token at a key support level, a drop below it will open further weakness, and the FTT can trade lower.

Summary

As macro-economic factors continue to hold down the various crypto assets, FTT will remain largely bearish before a trend reversal. If the token goes below the current support level of $24, it could open further downward pressure. A buy entry is only recommended if the price clears above the current level with the confirmation of a bullish price signal.

The post FTX token price outlook after BlockFi acquisition deal appeared first on CoinJournal.