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Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125

Metaverse, AI, and Liquid Staking Tokens Lead Year-to-Date Crypto Asset Gains Among Top 125In 2023, the leading crypto assets, such as bitcoin and ethereum, have captured decent gains. Bitcoin has increased 17.2% over the last 30 days, and ethereum has risen 9.3% in the same timeframe. However, year-to-date statistics show that bitcoin is down 38.3%, and ethereum has lost 39.3% against the U.S. dollar. The following presents a […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Onchain Researchers Discover $63M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major Exchanges

Onchain Researchers Discover M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major ExchangesOn Jan. 15, 2023, onchain researchers discovered that funds stolen during the Harmony bridge attack had been moved. The suspected thieves, who are allegedly associated with the North Korean hacking syndicate Lazarus Group, moved 41,000 ethereum, worth $63.2 million at current exchange rates. Onchain Researchers Track Stolen Ethereum From Harmony Bridge Attack and Help Major […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Crypto.com’s CRO is in trouble, but a 50% price rebound is in play

Short CRO traders were paying as much as 3% premium to long traders on Nov. 14, reflecting extreme bearishness in its futures market.

Crypto.com’s native token Cronos (CRO) is showing restraint on Nov. 14 against mounting sell-pressure building in the wake of the FTX’s dramatic collapse last week. Now, the CRO/USD pair is eyeing a watershed price recovery.

On Nov. 14, CRO’s price wobbled between profits and losses, trading around $0.069 a day after crashing to $0.05, its lowest level since April 2020 — that’s a 60% price decline from November’s peak of around $0.178.

CRO/USD weekly price chart. Source: TradingView

CRO funding rate drops to -3%

The period of CRO’s price decline occurred alongside a sharp drop in the token’s perpetual futures funding rates.

Funding rates are recurring payments made by traders based on the difference between the prices in the futures and the spot market. A positive funding rate means bullish traders (long positions) pay bearish traders (short positions), representing their confidence about a price rally.

Conversely, a negative funding rate means short traders pay long traders to keep their positions open. On Nov. 14, CRO’s funding rates on Huobi and OKX dropped to minus 3%, showing traders are extremely bearish on the token.

CRO funding rates history. Source: Coinglass.com

“This is literally the exact same dynamic that occurred before Celsius and FTX collapsed,” warned Dylan LeClair, senior analyst at digital asset fund UTXO Management on Nov. 13, when CRO funding rates were near minus 2%.

FTX contagion fears spread to Crypto.com 

The CRO sell-off started from fears of contagion amid the FTX fiasco, particularly concerns that Crypto.com, a Singapore-based crypto exchange, would collapse in the same manner as FTX.

At the core of these worries is potential insolvency, with analysts pointing out that Crypto.com is holding low-liquid cryptocurrencies like Shiba Inu (SHIB) and its own token CRO as reserves, which reportedly make up 40% of the exchange’s total assets. 

In addition, Crypto.com also moved $210 million worth of stablecoins from Binance and Circle before demonstrating its reserves to the public. Binance CEO Changpeng Zhao confirmed the move, urging caution, the day before CRO dropped to its April 2020 low.

What’s more, Crypto.com also misconducted a $400 million Ether (ETH) transaction, sending it to a Gate.io exchange wallet instead of its cold storage. Later, the exchange did manage to recover the funds, but that also raised a lot of questions.

Overall, Crypto.com saw its users withdraw $14 million in ETH and $39 million in other tokens over the weekend, according to data tracked by Argus Inc.

50% Cronos price relief rally ahead?

Strictly from a technical perspective, however, CRO’s price could nevertheless see a potential relief rally in the coming weeks.

A set of indicators support the said bullish outlook, including CRO’s weekly relative strength index (RSI), which dropped to nearly 30, or nearly “oversold” territory. A similar drop in June earlier this year had preceded a 75% recovery rally from $0.099 to $0.162, as shown below.

CRO/USD weekly price chart. Source: TradingView

The other bullish indicator includes strong historical support of $0.061. In addition, CRO’s current price range of $0.061 and $0.111 has the token’s highest volume profile visible range (VPVR) on record.

In other words, CRO price could recover to $0.111, up over 50% from the current price levels, as its next upside target. 

Related: Exchange outflows hit historic highs as Bitcoin investors self-custody

Conversely, CRO/USD falling alongside funding rates suggests that its drop may have been driven by futures markets, which was also the case with Terra’s collapse in May. Thus, the persistent bearish sentiment across the entire cryptocurrency market could dampen CRO’s recovery prospects.

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.

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Crypto Exchanges KuCoin and OKX Asked by Authorities To Freeze $67,000,000 in Bitcoin Tied To Do Kwon: Report

Crypto Exchanges KuCoin and OKX Asked by Authorities To Freeze ,000,000 in Bitcoin Tied To Do Kwon: Report

Two crypto exchange platforms are being reportedly asked by South Korean authorities to freeze tens of millions of dollars worth of Bitcoin (BTC) tied to Terra (LUNA) founder Do Kwon. According to a new report by Bloomberg, South Korean prosecutors are asking the KuCoin and OKX crypto exchanges to freeze 3,313 BTC linked to a […]

The post Crypto Exchanges KuCoin and OKX Asked by Authorities To Freeze $67,000,000 in Bitcoin Tied To Do Kwon: Report appeared first on The Daily Hodl.

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

CME Group to Offer Market Participants Ethereum Options 3 Days Before the Merge

CME Group to Offer Market Participants Ethereum Options 3 Days Before the MergeThree days before Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the world’s largest derivatives marketplace in terms of volume, CME Group, announced plans to list ethereum options. While CME’s ether options product prepares for regulatory review, the company detailed that the options contract will be measured at 50 ether per contract, using the CME […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 Exchanges

Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 ExchangesAmid the market carnage tied to Terra’s recent fallout, bitcoin sent to exchanges saw a brief spike on May 7, jumping more than 2% higher from 2.481 million to 2.532 million bitcoin. Despite the recent increase of bitcoin sent to trading platforms, the number of bitcoins on exchanges today remains lower than ever before. Bitcoin […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last Month

Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last MonthDigital currency markets have been tumultuous during the past month as bitcoin shed 15.43% and ethereum dropped 17.49% against the U.S. dollar. Moreover, crypto spot volumes are down 18.95% lower than the month prior, and both futures and options volumes were down in April as well. Lower than average trade volumes typically suggest overall interest […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Rumors Claim Large Bitcoin Wallet Is a Whale’s Stash or Microstrategy’s Wallet Despite Conflicting Data

Rumors Claim Large Bitcoin Wallet Is a Whale’s Stash or Microstrategy’s Wallet Despite Conflicting DataFive months ago, Bitcoin.com News published a story concerning the speculation surrounding the third-largest bitcoin wallet, as many observers believe the address is a mega whale. The report noted at the time that the address “1P5ZED” shows all the tell-tale signs that it’s an exchange platform, but to this very day speculators still assume and […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Argentinians Are Now Using P2P Markets to Multiply Their Savings

Argentinians Are Now Using P2P Markets to Multiply Their SavingsArgentinians are now discovering that P2P (peer-to-peer) markets can be used to maintain or multiply their savings in crypto and foreign currency. According to local media sources, more and more Argentinians are using P2P exchanges and markets to apply arbitrage and earn money being P2P cashiers. Maximiliano Hinz, Latam operations director of Binance, states that […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

13 Crypto Exchanges Custody 7% of the Crypto Economy, Coinbase Dominates With $56.2B AUM

13 Crypto Exchanges Custody 7% of the Crypto Economy, Coinbase Dominates With .2B AUMAs 2022 begins, 13 different cryptocurrency exchange platforms have more than a billion dollars each in digital currencies held in reserves. Between all 13 trading platforms, the group of exchange platforms hold a whopping $165.25 billion worth of bitcoin, ethereum, and tether. 13 Crypto Exchanges Hold a Billion or More in Crypto Equalling Over $165 […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years