Home Cryptocurrency

Why Is the Cronos (CRO) Crypto Plunging Today? – InvestorPlace

Copyright © 2022 InvestorPlace Media, LLC. All rights reserved. 1125 N. Charles St, Baltimore, MD 21201.
May 3 at 4 P.M. ET – Emergency Divergence Briefing
14 years ago, a rare divergence anomaly turned market volatility into back-tested gains of 2,150%, 591% and 861%… It’s happening again, and Luke Lango & Louis Navellier are giving away the #1 way to play it.
The benefits provided to Cronos' users will be slashed
Cronos (CRO-USD), a cryptocurrency formerly known as Crypto.com Coin, is sliding almost 17% today. Sparking today’s retreat in the Cronos crypto is Crypto.com’s decision, announced yesterday, to slash the rewards given to Cronos’ users.
In the future, users of the cryptocurrency will only get bonuses of 0%-2%, based on the tier of Cronos that they are using.
Crypto.com explained that “Cardholders with an active 6-month stake and who staked before 1 May 2022 13:00 UTC will continue to earn CRO Card rewards on spending at the current rate until their 180-day stake expires. Thereafter, the revised rates will apply.”
Additionally, Crypto.com stated that, starting on June 1, “CRO staking rewards will no longer be offered” to the holders of some stakes. The staking rewards of most tiers will be eliminated on June 1 or at the end of 6-month “staking periods.” However, the owners of Cronos will continue to receive 100% compensation for their payments to certain subscription services, including those provided by Netflix (NASDAQ:NFLX) and Spotify (NYSE:SPOT). Cronos owners’ Amazon Prime fees will also be reimbursed.
According to Crypto.com, the changes announced yesterday will “ensure [the] long-term sustainability of Cronos.”
Over the last month, Cronos has tumbled about 40%. So far this year, it has sunk about 50%.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/05/why-is-the-cronos-cro-crypto-plunging-today/.
©2022 InvestorPlace Media, LLC
Market Insight, Financial Articles
Stocks to Buy
Hot Stocks
Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes. Copyright © 2022 InvestorPlace Media, LLC. All rights reserved. 1125 N. Charles St, Baltimore, MD 21201.
Not Yet a Premium Subscriber?

source

Ads
Previous articleThis Week in Apps: Apps blocking Russia, Walmart adds virtual try-on, Netflix’s trivia game – TechCrunch
Next articleHere's What $21,200 Worth Of Tuning Looks Like On Tesla Model Y – InsideEVs