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Data posted to Twitter this morning by the blockchain analytics firm, Santiment, shows that the recent exchange drama following the FTX catastrophe has led to increased trader interest in crypto exchanges’ proof of reserves. The crypto exchange, crypto.com, has also entered the spotlight after its CEO announced that $400 million was sent to an incorrect address.
As can be seen from the chart above, the latest news of Crypto.com’s “accidental” transfer of $400 million in ETH to the wrong address has hit social media.
At press time, the price of Crypto.com’s native token, Cronos (CRO), is trading at $0.06239 following an 8.92% drop in price over the last 24 hours, according to CoinMarketCap. CRO has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH) by 8.43% and 7.99% respectively.
Trading volume for the token has however spiked over the last 24 hours. The total daily trading volume for CRO now stands at $228,126,127 at press time, which is a 265.98% spike in total.
Daily chart for CRO/USDT (Source: CoinMarketCap)
CRO’s price has plummeted below the daily 9 and 20 EMA lines, with the news of the accidental transfer pushing the price of the exchange token even further down. This downward movement in CRO’s price has resulted in the daily RSI for the token entering into extreme oversold territory, with the RSI line still sloped negatively.
The current daily candle suggests that CRO has dropped to its bottom as bulls attempt to ease the momentum of the current sell pressure.
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