Cryptocurrency exchange Gate.io has dispelled rumors about its well-being, which had contributed to a connected coin’s decline, saying its “operations are going soundly.”
In a blog post published Wednesday, the site, which has been around for nearly a decade and was in the top 20 globally for crypto trading volume in the previous twenty-four hours, said that “there is no has no problems with our operations or rumored withdrawals. Twitter posts warned that issues at Multichain, a decentralized 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 CEO.
According to statistics provided by CoinMarketCap, the value of GateToken, a utility token offered by Gate.io that lowers the cost of trading fees, saw a drop of up to 8% in the past twenty-four hours before recovering. part of its soil. During the previous day, the trading volume on Gate.io reached over $515 million.
A number of crypto firms were taken aback by the loss of $1.5 trillion in 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 generally nervous about the stability of trading platforms, a concern that has contributed to a reduction in liquidity.