The cryptocurrency exchange Gate.io dispelled rumours about its wellbeing, which had contributed to the decline of a connected coin, stating that its “operations are running healthily.”
In a blog post published on Wednesday, the site, which has been around for almost a decade and was listed in the top 20 globally for crypto trading volume in the preceding twenty-four hours, stated that “there are no issues with our operations or withdrawals as rumoured.” Twitter messages warned that problems at Multichain, a decentralised financial venue for moving cryptocurrency between different blockchains, could have an effect on Gate.io. Gate.io is a platform that allows users to transfer cryptocurrencies between different blockchains. It has been reported that Multichain is unable to get in touch with its chief executive.
According to statistics provided by CoinMarketCap, the value of GateToken, a utility token offered by Gate.io that reduces the cost of trading fees, experienced a drop of up to 8% over the course of the previous twenty-four hours before recovering some of its ground. Over the course of the previous day, trading volume on Gate.io reached over 515 million dollars.
A number of crypto firms were brought down by the $1.5 trillion loss in value of digital assets that occurred in the previous year, the most notable of which was the FTX exchange. As a direct consequence of this, the industry as a whole is typically on edge regarding the stability of trading venues, which is a concern that has contributed to a reduction in liquidity.
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