NBA superstar LeBron James is teaming up with the Crypto.com exchange to promote the development of Web 3.0 through education. In a new blog post, Crypto.com says it’s partnering with the LeBron James Family Foundation (LJFF) to provide education and access to participants of the non-profit organization’s I Promise program. James says that he wants […]
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The cryptocurrency exchange Crypto.com has announced the company has partnered with the Angel City Football Club (ACFC) as the ACFC’s official cryptocurrency and NFT partner. The deal follows a slew of sports-related partnerships Crypto.com has made this year, including acquiring the naming rights agreement to the former Staples Center home of the Los Angeles Lakers, […]
News that the iconic Staples Center in Los Angeles will be rebranded to Crypto.com Arena is sending Crypto.com’s native altcoin to new all-time highs. An anonymous source familiar with the plans told the Associated Press (AP) that the Singapore-based company is paying $700 million over 20 years to change the name of the home of […]
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Crypto.com secures naming rights to the famous Staples Center in Los Angeles for $700 million.
Crypto.com’s native cryptocurrency, CRO, hit an all-time high of $0.593 on Nov. 18 after the company won the naming rights to Los Angeles’ Staples Center.
The cryptocurrency trading platform announced Tuesday night that it had paid $700 million to the Anschutz Entertainment Group to rename Staples Center to Crypto.com for the next 20 years. In doing so, it gained links with the downtown arena’s native sports franchises, including the National Basketball Association’s Los Angeles Lakers and Clippers, and the National Hockey League’s Kings franchise.
The deal should boost Crypto.coms public awareness, and this prompted traders to raise their bids for CRO, an intermediary settlement token across various assets inside the Crypto.com ecosystem.
CRO surged by almost 27.50% a day after Crypto.com’s marketing deal and by up to another 20% the next day to reach a record high of $0.627, putting its market capitalization near $13.15 billion.
The Crypto.com token’s upside boom also had it close above its upward sloping resistance level, constituting a broad ascending channel pattern. Bears later returned to confirm the channel’s upper trendline as resistance, but bulls overpowered their attempts, causing the price to rebound higher.
As a result, CRO entered price discovery, underscoring traders’ anticipation that its name on a popular sporting arena would boost its adoption and prices in tandem.
However, sell-off risks were there as its relative strength index entered overbought territory.
As a result, CRO showed signs of correction after peaking out on Thursday, suggesting that many traders decided to lock their profits in anticipation that the CRO price rally would not extend any further.
Based on the CRO’s historical price actions, its next leg lower is eyeing the 20-day exponential moving average (20-day EMA; the green wave) — at near $0.37 — as its next downside target. The wave has previously acted as an accumulation zone for CRO bulls after price dips.
Founded in 2016, Crypto.com currently ranks as the world’s ninth-largest crypto spot exchange. In the previous 24 hours, its volumes came out to be $1.82 billion, compared to Binance’s — the top crypto exchange — $31 billion.
Related: Angelenos push back on new Crypto.com arena: 'It will always be the Staples Center'
Cypto.com also has existing sponsorship deals with the Ultimate Fighting Championship, French football club Paris Saint-Germain, and the NBA’s Philadelphia 76ers. The deals align with similar sponsorships between crypto companies and sports clubs, including BitMEX’s and Binance’s partnership with Italian Serie A clubs AC Milan and Lazio, respectively.
Meanwhile, FTX, whose native token, FTT, has surged by more than 750% this year, became the official crypto exchange brand for Major League Baseball following an announcement this year. The company also bought the naming rights for Miami Heat’s FTX Arena.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Staples Center, one of the most iconic and globally recognized sports and entertainment arenas in the world, is changing its name to Crypto.com Arena. Crypto.com has also become an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings. Staples Center’s New Name Is Crypto.com Arena AEG, the owner of Staples Center, […]
The Miami-based Nifty’s, Inc. announced the launch of the project’s website which aims to reveal a non-fungible token (NFT) social platform focused on gathering mainstream attention. The company has also revealed it raised $10 million in a seed round from well-known investors like A&T Capital, Polychain Capital, Ethereal Ventures, Liberty City Ventures, Dapper Labs, Topps, […]
