Crypto.com’s CRO Tanks 6% Daily—Market Shrugs Off Major Partnership News
CRO bulls got a reality check as the token nosedived 6% despite Crypto.com’s latest high-profile alliance. Another case of ’buy the rumor, sell the news’—or just Wall Street’s usual skepticism toward crypto handshake deals?
Price action defies partnership hype. The dip comes as traders ignore what should’ve been a bullish catalyst, proving once again that crypto markets reward cynics more than cheerleaders.
Silver lining? Volatility creates opportunity. For degens watching the charts, this could be the dip before the next leg up. Or just another reminder that in crypto, fundamentals are optional.
The Deal’s Specifics
The popular cryptocurrency exchange Crypto.com shook hands with the investment management firm Canary Capital to establish the Canary CRO Trust.
The financial vehicle is designed explicitly for eligible individual and institutional accredited investors in the United States and will provide them with exposure to CRO – the native token of the Cronos network.
Steven McClurg, CEO of Canary Capital, praised Crypto.com for its efforts to “set the bar for what it means to bring institutional-grade access to crypto markets.” He thinks the initiative will increase the demand for CRO and “will reflect the broader success” of the platform.
Eric Anziani, President and COO of Crypto.com, said that providing traders with additional options to engage with the digital asset sector is “central” to the company’s vision.
“We are incredibly excited to partner with Canary Capital to enable more investors in the U.S. to contribute to the Cronos journey ahead,” he added.
CRO Heads South
Despite the announcement, the price of CRO remains in red territory on a daily scale. Currently, it trades at around $0.09 (per CoinGecko’s data), representing a 6% decrease on a 24-hour scale.
One likely reason contributing to the downtrend is the overall decline of the entire cryptocurrency market observed in the past several hours. Recall that bitcoin (BTC) surged past $107,000 but was violently rejected and was pushed south to under $102,500. Ethereum (ETH), Solana (SOL), Cardano (ADA), and many other leading altcoins also dropped, registering even bigger daily declines than the largest cryptocurrency.
It is worth noting that CRO’s price reacted much more positively and spiked by double digits following Crypto.com’s previous partnership, inked in March. Back then, the company teamed up with TRUMP Media and Technology Group (TMTG) – the media company whose majority owner is US President Donald Trump.
Their goal is to launch certain exchange-traded funds (ETFs) and exchange-traded products (ETPs) with BTC and CRO as underlying cryptocurrencies.
“We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing,” TMTG’s CEO Devin Nunes stated at the time.
