Crypto.com's share price soars as Cardano and Tron tumble on delisting news.

Crypto.com’s share price soars as Cardano and Tron tumble on delisting news.





Cardano ADA and Tron TRX will no longer be available to US eToro customers next year, while CRO reflects that Crypto.com is “going from strength to strength”.

Bucking the general market trend this morning, the Crypto.com Coin (CRO) – the token issued by the stock Exchange of the same name – continued its ascent, gaining more than 12% overnight in Asia to hit a new all-time high of $0.9698. It has since pulled back somewhat to trade at $0.8393 at press time, but even at that lower level it still represents a 325% gain for this month alone, according to the data. from CoinMarketCap.

A look at the month the Singapore-based exchange has had suggests why: Its Cronos chain, compatible with the Ethereum virtual machine, already has more than $940 million in total value locked, according to DeFi Llama, after its launch on November 8 . See the article: Boiron SA (EPA:BOI) stock review: What you need to know about the investor mix. In addition, the exchange also secured the naming rights to Staples Center in Los Angeles from December 25 for US$700 million, as part of a larger global advertising campaign involving Hollywood actor Matt. Damon.

“Crypto.com has gotten better and better over the past few months,” Blake Cassidy, CEO of Australian micro-investment company Bamboo, told Forkast.News, adding that the company has also become one of the first cryptocurrency platforms to achieve Service Organization Control (SOC) 2 audit compliance, conducted by Deloitte, the global auditing and consulting firm. ” [L’accréditation] is impressive and demonstrates their commitment to providing their customers with a top notch product. »

“The Crypto.com app is now one of the most popular platforms in the app store and Google Play store to buy, sell and spend cryptocurrencies,” Cassidy added. “Therefore, the adoption of the token should be somewhat correlated. »

In less positive news for the former number three most popular blockchain in the world, ADA – the native token of the Cardano network – continued its downward trend after the crypto-commodities platform eToro announced that it would withdraw the token from the list of US-based users by the end of the year. In a statement explaining the delisting, which also applies to the TRON Foundation token, TRX, eToro said it was disappointed to have to make this decision, but it was necessary due to developments. of the regulatory environment, without, however, giving further details.

“It’s no surprise that projects lacking a strong real-world use case are being dropped from the list,” Cassidy said. “We have also seen this with other currencies like Ripple which have also come under regulatory scrutiny. There is little information available on the legal position of Cardano at this stage, so it is difficult to gather more information. »

The United States Securities and Exchange Commission filed a lawsuit against Ripple Labs, the issuer of the world’s seventh-largest blockchain, in December 2020, alleging that its sale of XRP was an unregistered securities offering of worth more than US$1.38 billion. Since then, US-based crypto exchanges such as Coinbase and Kraken have removed XRP from the list, although the token remains popular in Asia – especially Japan.

Bitstamp, a UK-based crypto exchange, however, recently took an opposite approach to eToro and announced late last week that it would begin listing Cardano ADA – but clarified that the listing would not would not be immediately available to its customers based in the United States and Singapore.

The price of ADA has been falling steadily since hitting an all-time high of $3.10 in early September, on the eve of Alonzo’s highly anticipated upgrade, which brought the network support for smart contracts and non-fungible tokens. It was trading down about 6% since eToro announced at US$1.65 at press time, having slipped to the sixth position by market capitalization. TRX is down more than 20% from the six-month high it hit earlier in the month and was trading at $0.099 at press time, according to CoinMarketCap.

Investors watching the sea of ​​red in crypto markets this week are often advised by experts not to despair, as markets often see reduced trading volume around major holidays such as Thanksgiving. “It certainly always has been,” Cassidy said. “In previous years, we would see a slowdown in traders’ activity in December and during Chinese New Year. »

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