CRO mimicks Bitcoin profits as Crypto.com reports January achievements

Crypto.com, CRO mimicks Bitcoin profits as Crypto.com reports January achievements
image from crypto.com

Key Takeaways:

  • Crypto.com, a cryptocurrency exchange with daily trading volume of $2.34 billion, boasted its fresh achievements in the Jan 2022 performance report.
  • The platform’s native token CRO rallied 22% in the previous 5 days, following Bitcoin’s uptrend.

YEREVAN (CoinChapter.com) – Crypto.com’s native token CRO gained over 20% in the previous week after the platform reported a successful month with several new partnerships. However, the leading driver behind CRO’s uptrend was Bitcoin (BTC), as it has rallied 22% since Jan 23.

Additionally, the alpha crypto took the market along for the ride, and CRO also caught the wave.

CRO price action throughout the week. Source: CoinMarketCap.com
CRO price action throughout the week. Source: CoinMarketCap.com

CRO gains 43% following Bitcoin

Crypto.com’s monthly report could have influenced the CRO price. However, the primary fuel behind the uptrend was Bitcoin and the ubiquitous green candles across the market. CRO followed the flagship crypto since Jan 23 and subsequently rallied 43%.

Crypto.com (CRO) gained 43% since Jan 23. Source: CROUSDT on TradingView.com
Crypto.com (CRO) gained 43% since Jan 23. Source: CROUSDT on TradingView.com
Also read: Bitcoin spikes above $41k as crypto market goes green again.

Moreover, the digital asset complied with a bullish Falling Wedge setup that formed in late November. The latter featured two trendlines with a negative slope that drove the price down to $0.33 on Jan 22. Generally, the falling Wedge forecasts a bullish phase as the asset breaks the resistance line.

Crypto.com’s token broke the said resistance on Jan 26 and confirmed the pattern. As a result, the CRO/USD exchange rate stood at $0.47 in Monday’s European session.

Crypto.com January report

Crypto.com exchange “welcomed 2022 with new partnerships and milestones,” said the company’s Jan 2022 report. Most notably, the exchange signed a deal with LA Lakers’ LeBron James, who secured a 122-115 win against the NY Knicks on Feb 6.

The collaboration with the athlete and his LeBron James Family Foundation (LJFF) aims to “support education and workforce development opportunities focused on Web3.” Additionally, Crypto.com bought five-year naming rights to the Australian Football League Score Review, signed earlier in January.

Furthermore, the platform increased the deposit and withdrawal limits of multiple Fiat Wallets in the Crypto.com App. The company also lowered the minimum transaction amount to enhance user experience.

Also read: Crypto.com hack – 400 accounts were compromised confirms CEO Kris Marszalek. 

Crypto.com expansion

In detail, Crypto.com’s extensive advertising campaign began in Q4 2021. The exchange bought the naming rights to the iconic Los Angeles Staples Center for $700 million and attracted several A-list celebrities to their campaign, including Matt Damon.

Hilariously, animated sitcom South Park took a jab at the actor’s crypto Super Bowl ad in the premiere episode of Season 25. “We have to be brave. But not too brave, or else Matt Damon will come and take all our money,” joked the writers, as the crypto market collapsed in January.

Also read: Crypto.com (CRO) poised for gains in 2022, as it aims to make top 20 consumer brands.

However, the tables have turned for Bitcoin, which could mean more gains for CRO.

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Crypto.com, CRO mimicks Bitcoin profits as Crypto.com reports January achievements

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