Kaspa Slumps 5.3% as CoinEx Shutdown and Macro Woes Bite

Kaspa (KAS) has dropped by about 5.3% in the last 24 hours due to a combination of factors.

The exchange-specific liquidity shock from CoinEx's shutdown is one reason, as it directly affects where and how KAS can trade.

CoinEx announced that it will cease operations on December 22, with spot trading ending on September 29. This has reduced accessible liquidity for Kaspa, which already had a weak 7-day performance of around -10%.

The broader market is also experiencing a risk-off move, driven by the US Senate's failure to advance the Digital Asset Market CLARITY Act and heavy derivatives liquidations in BTC and ETH. This has pushed crypto markets lower, making mid-caps like Kaspa particularly vulnerable.