2020-10-19 17:55 |
Crypto.com (CRO) price has dropped more than 20% in the last two days after the staking rewards were slashed by 70%.
Fundamental analysis: Five million active usersThe number of active users has reached five million, a landmark that’s been overshadowed by 70% staking rewards cuts for the exchange’s native CRO token. This is the first time the famous cryptocurrency exchange has reached five million users, just three months after it hit the three million users milestone.
The company hit its first million users back in September 2019 and tripled that figure in the next nine months.
Kris Marszalek, co-founder and chief executive of the crypto exchange said his company intends to keep expanding its client base and added it’s targeting 15 million users by the end of the next year.
“Our longer-term strategic goal is to reach 100m users in the Crypto.com ecosystem within 5 years,” he said in a blog post.
However, many of Crypto.com’s users haven’t been happy lately as the exchange announced 70% cuts in staking rewards for CRO 24 hours before it hit the 5 million users milestone.
Crypto.com users that hold 5,000 CRO or more and staked for 180 days can gain only 6% on a yearly basis. Before the reductions, users were able to earn 20% under the same conditions.
The exchange’s incredible growth has been largely dependent on its huge marketing budget, with it recently spending a seven-figure amount for a marketing campaign. During the campaign, Crypto.com offered $2 million in Bitcoin to 25,000 users with a 50% discount and an additional $120,000 in a Twitter giveaway.
Technical analysis: CRO’s collapse continuesCRO/USD price is trading over 11% lower today to extend losses since yesterday to over 20%. Overall, the crypto asset is down around 30% since October 12.
CRO/USD daily chart (TradingView)The sellers are now working their way towards the next support line below the $0.10 mark. In case a rebound takes place, the buyers will target $0.1160.
SummaryFamous crypto exchange Crypto.com has hit a 5 million user base milestone, however, a lot of them are unhappy due to a recent announcement about the 70% staking rewards cuts for its CRO token.
The post Crypto.com (CRO) price down over 20% since yesterday appeared first on Invezz.
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