The KYN Capital Group Inc (OTCMKTS:KYNC) stock continued to be in the dumps yesterday as investors headed for the exits and the stock slid by another 39%. The latest decline in the stock has taken its losses for the week to as much a 53%.
While the losses recorded by the KYN Capital stock have been eye popping it is also necessary to keep in mind that there has been no new about the company over the course of the past week that might have triggered such a selloff. The last major news in relation to the company was earlier on in June when the company presented its latest product Koinfoldpay.
Back on June 4, the company announced the launch of its contactless payment gateway for crypto payments named Koinfoldpay. It should be noted that the payment gateway is meant for businesses and for payments which are made online.
Koinfoldpay is going to enable businesses to receive payments in some of the world’s most popular cryptocurrencies like Litecoin, Ethereum, Bitcoin Cash and Bitcoin. Considering the fact that cryptocurrencies have become hugely popular in recent time and many people are willing to make payments using those digital assets, this is a product that could get considerable traction among businesses.
Market Reaction:
On Tuesday, KYNC stock slumped 40% to $0.0061 with more than 390.54 million shares, compared to its average volume of 166 million shares. The stock has moved within a range of $0.0056 – 0.0100 after opening the trade at $0.0095. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0210.
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