US Tightened Stocks Caused a Rise of 1 Billion: Altcoins Brought a Fall!

The allegations against the US-based crypto exchange platform KuCoin led to a 1 billion dollar rise. The US Department of Justice issuing charges to KuCoin for insider trading and money laundering on March 26th, led to a worldwide stock rise in the platform. Data from the on-chain platform Arkham Intelligence and Nansen revealed that KuCoin has lost 1 billion dollars in crypto from the platform in the last 24 hours. The assets managed by the exchange plunged by 20% after the aforementioned lawsuit. Nansen, in a recent Twitter post, indicated that over 15% of their assets were taken off after the lawsuit. Arkham’s data revealed that Bitcoin’s assets on the platform experienced a drop from 6 billion dollars to almost 4.8 billion dollars in the span of a day. The amount looks slightly higher due to price fluctuations. Fall in Altcoins The lawsuit news led to a minor setback in […]

US Tightened Stocks Caused a Rise of 1 Billion: Altcoins Brought a Fall!

The allegations against the US-based crypto exchange platform KuCoin led to a 1 billion dollar rise.

The US Department of Justice issuing charges to KuCoin for insider trading and money laundering on March 26th, led to a worldwide stock rise in the platform.

Data from the on-chain platform Arkham Intelligence and Nansen revealed that KuCoin has lost 1 billion dollars in crypto from the platform in the last 24 hours. The assets managed by the exchange plunged by 20% after the aforementioned lawsuit.

Nansen, in a recent Twitter post, indicated that over 15% of their assets were taken off after the lawsuit.

Arkham’s data revealed that Bitcoin’s assets on the platform experienced a drop from 6 billion dollars to almost 4.8 billion dollars in the span of a day. The amount looks slightly higher due to price fluctuations.

Fall in Altcoins

The lawsuit news led to a minor setback in altcoins over speculation that the withdrawal may have triggered the fall. According to CoinGecko data, altcoins experienced an average drop of 1% to 3%.

Smaller market value altcoins saw losses of up to 7%.

Related article:  CFTC Files Lawsuit Against KuCoin: Classifies Ethereum and an Altcoin as a Commodity!

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