August 10, 2022

On Monday, Crypto.com’s Cronos (CRO) slide adopted swimsuit with a pointy drop after the crypto change stated it was decreasing some staking and rewards tied to its fashionable pre-paid Visa playing cards. 

In line with Tradingview.com, the coin dropped by 19% to $.265. On Sunday earlier than the announcement, CRO was buying and selling above $.33 per coin. 

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Crypto.com introduced the modifications in a weblog publish:

To make sure long-term sustainability, we’re introducing plenty of modifications to the CRO Card rewards programme, efficient 1 June 2022 00:00 UTC.

CRO Card Rewards Lower Down

Subsequent month, the corporate will cut back the utilization rewards on 4 of the change’s card tiers.  Essentially the most premium tier, the Obsidian tier, will see a Cronos card reward discount from 5% to 2%. As well as, the Icy White / Frosted Rose Gold tier reward can be pulled down from 3% to 1%.

The highest tier of the corporate’s card program, Obsidian carries a $400,000 staking requirement and gives as much as 8% cashback at retailers.

CRO value buying and selling at $0.27 after firm announcement of rewards lower down | Supply: CRO/USD value chart from Tradingview.com

In line with firm coverage, there can be a restrict on how a lot an individual can earn CRO card rewards for 2 tiers. For instance, the Ruby Metal Card earns are restricted to $25 or equal in different fiat currencies like {Dollars} and Euros. Whereas for the Royal Indigo/Jade Inexperienced tier, the cap is ready at $50.

In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Playing cards embrace Jade Inexperienced, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian. Staking rewards entails coin house owners “locking up” or delegating a portion of their crypto holdings to earn extra curiosity on deposits.

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Whereas explaining staking rewards, the change stated;

Cardholders with an energetic 6-month stake and who staked earlier than 1 Could 2022 13:00 UTC will proceed to earn CRO Card rewards on spending on the present charge till their 180-day stake expires. Thereafter, the revised charges will apply. Cardholders who stake CRO after their 180-day lock expires will earn card spending rewards as per the schedule.

Cronos Value Efficiency

For the reason that begin of January 2022, Cronos has been buying and selling decrease. The worth of CRO was over $0.50 originally of the yr, but it surely has been retreating since then. At one level, CRO was near sliding beneath $0.30. Cronos’ value skyrocketed in the course of the NFL Tremendous Bowl. However after that, there hasn’t been any signal of a restoration as the worth of CRONOS crashed constantly.

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Within the final 24 hours, CRO began the day in inexperienced, however after the corporate announcement value crashed beneath $0.30. Since then, the coin has misplaced 19% of its worth and reached $0.26 lowest stage. 

                         Featured picture from Flickr, chart from Tradingview