CRO Price Chart

Cronos price prediction remained bullish on November 16, as CRO crossed over the 38.2% Fibonacci retracement level of $0.0710. The 50% Fibo level, however, is now acting as a major resistance near $0.0765. Crypto.com, an exchange and wallet provider, is being investigated by the cryptocurrency community. Lookonchain, an analytics company, has researched Crypto.com funds.

According to their findings, Crypto.com Ethereum wallets and six Bitcoin wallets have $2.68 billion in digital assets. Shiba Inu (SHIB) are more prevalent on the exchange than Ethereum (ETH).

According to the data, it owns $531 million in SHIB and $446 million in ETH. It also has its CRO token, which is worth $80 million.

According to the data provider, 40% of Crypto.com assets had low liquidity. It also reported a fraudulent asset transfer that occurred prior to the exchange issuing its proof-of-reserves. Before the reserve announcement, the exchange had withdrawn 50 million USDC from Circle and 210 million USDT from Binance.

Binance CEO Changpeng Zhao reiterated the concerns in a tweet on November 13 by stating that if an exchange has to move a large amount of cryptocurrency before or after publishing its wallet addresses, it is an obvious indicator of problems.

On November 14, the Chinese industry publication Wu Blockchain reported that the crypto.com wallet had sent approximately a billion dollars in stablecoins to FTX in the previous year. Clients withdrew funds from the platform over the weekend. In these trying times, the discovery that Crypto.com mishandled a $400 million transaction added to the anxiety. As a result of these concerns, CRO, the exchange’s native coin, dropped significantly over the last weekend.

Upcoming Proof-of-Reserves

Last month, the industry was taken aback when $400 million in Ethereum was discovered. Despite the crypto exchange’s confirmation that the transfer was unintentional and that the funds had been reclaimed, investors were dissatisfied. Additionally, there were allegations that Crypto.com had been exposed to FTT. Following the failure of FTX, critics predicted that Crypto.com would be the next exchange to fail.

However, Kris Marszalek, the exchange’s CEO, dispelled them. Marszalek addressed current issues during a live-streaming session on November 14 and stated that the exchange’s balance sheet is “very strong,” and that consumers should not be concerned about their funds because the exchange’s reserves cover all of its members’ assets. He also stated that the exchange’s exposure to FTX is less than $10 million, reassuring the community that Cronos is not used as collateral for loans. The exchange is also putting up a Proof-of-Reserves (PoR), which is expected to be released in the coming weeks and will provide comfort to its clients.

The first Proof-of-Reserves dashboard allocates the company’s nearly $3 billion in assets.

According to Crypto.com, a fully audited PoR provides more information about the reserves’ health. Kris Marszalek has come forward to address and deny the allegations, assuaging investors’ fears. It prevented the CRO/USD exchange rate from falling further.

Cronos Price Prediction

The CRO/USD pair opened at $0.0693 and has since reached a high of $0.0758 and a low of $0.0687. Cronos’s current price is $0.072, with a 24-hour trading volume of $71 million. Cronos has dropped by 0.42% in the last 24 hours. CoinMarketCap currently ranks #29, with a live market cap of $1.8 billion. It has a circulating supply of 25 billion CRO coins and a maximum supply of 25,263,013,692 CRO coins. Lastly, 30.263,013,692 CRO coins are available.

CRO Price Chart

CRO Price Chart – Source: Tradingview

On November 16, Cronos price prediction remained bullish, as CRO crossed above the 38.2% Fibonacci retracement level of $0.0710. However, the 50% Fibo level is now acting as a major resistance near $0.0765. A bullish crossover above $0.076 could lead the pair to $0.0822. While support remains around $0.070 or 0.065.

Dash 2 Trade - New Gate.io Listing

Our Rating

Dash 2 Trade
  • Also Listed on Bitmart, Changelly, LBank, Uniswap
  • Collaborative Trading Platform Token
  • Featured in Bitcoinist, Cointelegraph
  • Solid Proof Audited, CoinSniper KYC Verified
  • Trading Community of 70,000+ Members
Dash 2 Trade