Aaryamann Shrivastava
FXStreet
- Crypto.com joined Binance and other major cryptocurrency exchanges in publishing its reserves.
- Crypto.com produced the reserves for nine assets, with USDT’s Reserve Ratio climbing to 106%
- Crypto.com price needs some buying pressure to breach its resistance level at $0.0676.
Crypto.com is one of the best-known crypto exchanges in the world thanks to its multiple sports partnerships, including a deal with FIFA World Cup Qatar 2022. However, at the end of the day, the stuff that matters is how much users have faith in the exchange, especially since the FTX collapse.
Crypto.com proves its mettle
Crypto.com followed in the footsteps of Binance, which urged other exchanges to join this movement back in November. Following the downfall of FTX, Binance suggested other crypto exchanges release their reserves in order to reassure investors that their funds are safe from an FTX event.
Soon after Binance, exchanges like OKX, Bitfinex and Huobi came forward to post their Proof of Reserves. Crypto.com became another addition to the list. Unlike Binance, which only posted its Bitcoin reserves of 101%, Crypto.com put up its reserves for all nine major crypto assets. While Bitcoin has a reserve ratio of 102%, USDT (Tether) has a ratio of 106% on the exchange.
Crypto.com reserves
Regardless, at the least, all the assets have a 1:1 reserve of its customer assets. Commenting on the Proof of Reserves report, Kris Marszalek, the CEO of Crypto.com, stated,
“Providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust.”
Is Crypto.com price setting itself up for a rise?
Generally, entities making moves in the positive direction are considered bullish triggers for their tokens. But given the current condition of the market, Crypto.com price will need a lot more than just positive development to recover from its present level.
Trading at $0.0641, Crypto.com price would be on its way toward marking a recovery if it finds some buyers to push the demand. This would set CRO on the path of breaching the $0.0676 resistance level. Thereon the altcoin will need to tag $0.0733, and flipping it into support would mark a 14% rise as well as a kick-start recovery.
CRO/USD 4-hour chart
However, if the selling pressure takes precedence and the Crypto.com price falls, the altcoin could end up at its immediate support level at $0.0618. Losing this support would send it slipping toward $0.0591. A daily candlestick close below this level would invalidate the bullish thesis, setting Crypto.com price on the way to tag $0.0564.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.