The KYN Capital Group Inc (OTCMKTS:KYNC) stock was among the notable losers on Monday as it slumped by 17% following a selloff. The latest selloff extended its losses over the course of the past week to as much as 30%.
While the decline in the stock is notable, it is also necessary for investors to keep in mind that there was no news about the company in recent days that might have triggered such a decline. The last notable even with regards to the company was the presentation of Koinfoldpay from KYN back on June 4.
Koinfoldpay is a payment gateway that facilitates crypto payments and is meant for use by merchants. Any business that decides to use Koinfoldpay as a payment gateway will be able to accept payments in some of the leading cryptocurrencies like Litecoin, Bitcoin, Ethereum and Bitcoin Cash.
Considering the fact that cryptocurrencies have become increasingly popular among thousands of people all over the world, it is a product that could find its fair share of takers as businesses look to serve a wider clientele. It should be noted that the payment gateway is meant for online payments. Despite the fall in the stock, it could be interesting to track if the KYN stock can make a recovery.
Market Reaction:
On Monday, KYNC stock fell by 16.67% to $0.0100 with more than 77.59 million shares, compared to its average volume of 165.20 million shares. The stock has moved within a range of $0.0098 – 0.0132 after opening the trade at $0.0132. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0210.
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