Suspension of withdrawals is becoming the dreaded words that many crypto hodlers on exchanges are fearing the most. One of the first things I do when using any investment service is to test the "exits" to make sure I can get my crypto out and that I am familiar with how to do it.
With FTX and other exchanges blowing up, it is thought that contagion could be spreading also to CDC (crypto.com). The reasons for this are random "tweets" by the CEO of transfering $400m ETH to the wrong address and some skepticism over their crypto holdings.
Anybody who has been involved in transferring large sums of money or worked in any treasury functions, know that this is not something that could in any way be feasible.
In the meantime, the CRO token that is seen as the barometer of health for CDC has taken a spanking.
If we look at the 14 day chart provided by coingecko, we can see there has been a 39% drop in the token price since the 8th of November.
The reason given for this is FUD is the surrounding insecurity on the exchanges. This could well be a cause for some people wanting to sell their CRO, but most CRO is "locked up" in staking either on their exchange or for their visa cards. Could then speculators be responsible for this big market correction?
We can see that TVL has actually been increasing with CRO, so this doesn't seem a feasible explanation for the market correction.
CRO is ranked #31 on the market cap ranking of coingecko so it is a popular token. The value has also shrunk by over 80% as you can see thanks to DefiLlama.
The active wallet addresses after initially spiking remains similar to the current level.
However what is interesting is that there is a supposed 40% of token distribution that is supposed to be vested on the 7th of November according to this report here.
Was the FUD created in order to cover a massive dumping of CRO by insiders to CRO bagholders?
The marketcap according to coingecko fell from $3.1bn to less than $1.4bn. Was this caused by the vesting and insiders making bank?
If there was a huge vesting with 40% of circulating tokens entering the market, this is a huge windfall and it certainly answered the question I had a year ago about where does the yield come from with CRO. You are the yield as it looks like here.
An interesting tactic that could be used by creating FUD with such a large vesting taking place would be to sell the vest onto the market and then buy back your stake at the new lower price with the ensuing panic, thus cashing out a nice chunk of cash whilst still holding your bag. Is that what they call money for nothing?
Thanks for reading.
Credits:
CRO Whitepaper
Title image created in canva using licensed image from canva pro and image source and
source
I've been buying CRO here and there for quite some time. My goal was to get enough that I could get one of those higher level VISA cards, but I never quite got to that point. That being said, I have quite a bit that is not worth as much as it used to be now. I moved pretty much everything out of my Crypto.com wallet the other day except for the CRO. At this point selling is a waste. May as well hold on. If Crypto.com doesn't go under, it might come back in the next bull cycle.
I am holding CRO which is -80% or so. Not a huge amount to lose sleep over and like you, I keep it in there and see if it rebounds, which im sure with some good marketing, it might do as people will be attracted to it.
With this huge vesting finished, there shouldnt be anything to stop it rising from here if the expansion and usecases materialise like they envision.
Yeah, for sure. They seem to be one of the smarter ones. At least on paper.
Given a choice, I decide to buy some Wax though! !LOL
lolztoken.com
Because they're outstanding in their field.
Credit: reddit
@bozz, I sent you an $LOLZ on behalf of @mypathtofire
Delegate Hive Tokens to Farm $LOLZ and earn 110% Rewards. Learn more.
(1/8)
I am a WAX fiend. I used to have a pretty good WAX factory going back during the last bull run. WAX is probably my biggest holding outside of Hive and has been very good to me and my family.
Thats good to hear, I still need to stack some more, but it looks quite good in comparison to CRO.
What is it going for now? I bought most of mine when it was $.03, then I earned the rest from NFT sales and games.
The rewards earned on this comment will go directly to the people( @mypathtofire ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Post voted 100% for the hiro.guita project. Keep up the good work.
Stabilizer for CENT Token
New manual curation account for Leofinance and Cent
sad to see more and more big companies are collapsing. is this really a bubble that burst in the crypto world? but at least we can grow better after all the dust has settle down.
I don't think they are collapsing, I think they just cashed in a load of cash. That's why the token is tanking. !LUV
@ekavieka, @mypathtofire(1/5) sent you LUV.
wallet | market | tools | discord | community | <>< daily
HiveWiki
HiveBuzz.me NFT for Peace
Great statistics for CRO and crypto.com there Steve, I actually have a Visa card with them, but currently only €5 on it as I don't want to keep more than needed on any centralized entity, we will see what happens, but there is a lot of fear in the market right now and that could be problematic for them if they are not able to cover withdrawals, enjoy your day and stay !ALIVE
I have stopped using their card since the benefits were reduced and it doesnt make sense. The price of CRO makes me also into a big loss making scenario. Those with the most expensive card could also be looking at breath-taking losses.
@mypathtofire! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @flaxz.alive. (8/30)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
It is better to remove everything from Crypto.com in the current liquidity crisis. Not cool not to have access to your fund.
That makes sense. I'm withdrawing now. !CTP
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
Thanks for your support.
Currently, there is panic among cryptocurrency investors, and some have stopped trading.
The bear market will have an impact on many tokens, therefore they want it to be over before they return.
Thank you for sharing
That seems the case yes. I hope you are having a great day!? !ALIVE !CTP
@actordontee! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @mypathtofire. (2/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Yeah ,I had a great day. Thank you so much
Awesome. !LUV
@actordontee, @mypathtofire(4/5) sent you LUV.
wallet | market | tools | discord | community | <>< daily
HiveWiki
HiveBuzz.me NFT for Peace
I do use the Crypto.com card but I don't hold much CRO - I have a policy of spending it as quickly as I can when I load the card up - other than that I keep £10 on it for emergencies!
Thats a good strategy. We have the Ruby cards and am sitting on some big losses so far! I am staking them in the DeFi wallet but will hodl til the next bull run.
Ah thankfully I avoided the big cards, I've just got the basic so hold hardly any CRO, like literally a few squids worth.
I never liked those native/ DEFI coins.
That was a smart move!
Scary times indeed - you begin to wonder what is safe !
!PIZZA
!ALIVE
!CTP
@mypathtofire! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @hoosie. (2/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Yeah, me too! !BEER
I gifted $PIZZA slices here:
@hoosie(2/15) tipped @mypathtofire (x1)
Join us in Discord!