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Crypto.com

Close fight between CRO and SHIB for the 12th position

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With a surge in price and market capitalization by more than 7% and 15%, respectively in the past 24 hours, Crypto.com Coin (CRO) has gained the 12th position in the world’s top-20 cryptocurrencies in terms of market capitalization. The coin has replaced Shiba Inu (SHIB) which has now slipped to the 13th position.

CRO took over SHIB recently but around 9 AM GMT+5:30, the SHIB regained its rank. But SHIB couldn’t survive for long in front of the burning heat of CRO. SHIB has slipped by 41% in the last 30 days after rising by more than 800% in the month of October. 

On the other hand, CRO has risen from 0.65 to $0.92 this week, marking a new all-time high at $0.92, at the time of publication. It has seen five continuous huge green candles on the weekly chart and surged its price by more than 300% in a month.

CRO’s latest partnerships contributed to the surge

The market cap of CRO is roaming around $22.2 billion whereas SHIB currently has a market cap of $21.5 with a price down by 6.5%.

The continuous upward rally of the coin can be attributed to the partnerships platform has recently made. Crypto.com recently announced its partnership with the MMA promotion and is seeking to release UFC NFTs. The digital asset provider has also signed a huge $700 million deal with AEG to rename the Staples Centre for 20 years. These increased activities along with the use cases have surged the price of the token.

On the other hand, meme token Shiba Inu seems to be losing its craze. However, after going down one position in the biggest cryptocurrency list, the huge SHIB community is trying to cheer itself up. A user on Twitter claimed that SHIB is coming back to 8th position really soon. 

As the bulls are returning after the recent market correction, we can expect CRO crushing some more spots to mark itself under the top-10 biggest crypto tokens.

Crypto.com [CRO] price soars by 800% in 12 months

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Crypto.com [CRO] has been skyrocketing amidst a sharp correction in the broader market. The native token set a new all-time high at $0.79 on the 22nd of November, surging by 11% in a span of 24 hours. For the uninitiated, Crypto.com is essentially a Singapore-based firm that runs a cryptocurrency exchange application. It was initially named ‘Monaco Technologies GmbH’ in 2016 by prominent engineers, Bobby Bao and Kris Marszalek who is now the Chief Executive Officer. The CRO blockchain acts as a vehicle that powers the firm’s mobile payments app. The native token went live in November-December 2018.

Amidst a slew of corrections in the market, the CRO token has managed to swoop in gains after the crypto exchange purchased the naming rights from the leading sports and live entertainment company, AEG for 20 years for a whopping $700 million.

Earlier in March this year, the project raised a massive $200 million in a venture capital funding round. The fund raised was largely deployed in marketing campaigns and helped increase the number of users on the platform. Crypto.com’s recent developments have catapulted CRO’s price to amass over a 41% surge in just a week. To top that, Coinbase listing also aided in the token’s initial growth.

How do Crypto.com’s [CRO] technicals look like?

CROUSD 2021 11 22 15 46 55

At the time of writing, CRO was trading near its peak price. The asset’s market cap was found to be at $17.69 billion while its 24-hour trading volume stood at $2.38 billion.

As indicated from the above 4-hour chart, the Relative Strength Index [RSI] has managed to hold above the 50-median line, signaling buyers are in control. The Chaikin Money Flow [CMF] rising above the zero line is projecting capital inflows in the coin market, hence a bullish phase. On the other hand, the Awesome Oscillator’s [AO] closing bar switched to red, depicting a probability of a mild pullback in the short term.

Crypto.com to allow Aussies access to tax reporting functions

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Prominent cryptocurrency exchange, Crypto.com has expanded its horizons and has dived into Australian shores with its tax reporting service.

As the crypto market witnessed significant growth over the last couple of months, almost every platform part of the industry followed suit. The surge in the popularity of the industry caused an array of crypto platforms to flourish. The focus shifted to exchanges and they were required to be on their best game. The fervor around the industry hasn’t subsided hence crypto exchanges were expected to expand. Keeping the same in mind. prominent exchange, Crypto.com went on to roll out tax services for its Australian users.

The exchange, in a recent announcement, revealed that it had launched a free tax reporting service for its Aussie customers.

Crypto.com takes its tax reporting service to Australia

While the exchange has already been offering this service for its customers in the United States as well as Canada, Australia would be its latest region. With this service users would be able to file taxes without much hassle in an easy manner, the exchange claims. Alongside this, the tax reporting service would be free of cost for Crypto.com users.

Elaborating on the procedure the announcement further read,

“Users can import crypto transaction records from supported exchanges and wallets by uploading a CSV file, or using API synchronisation with major platforms like the Crypto.com App. In a matter of minutes, Crypto.com Tax is able to provide users with an estimation of taxable gains/losses on relevant crypto transactions, which can then be downloaded for tax filing in the reporting format of their choice.”

Additionally, users would be able to generate an array of things including, transaction history, organized and accurate tax reports. short and long-term capital gains as well as losses, and crypto-related taxable and non-taxable transactions. Furthermore, this service offered in Australia was reportedly formulated keeping in mind the region’s tax requirements.

Crypto.com bags partnership with Formula 1

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Major cryptocurrency exchange, Crypto.com, has been making it big, and this time, its latest partnership has put the platform on a pedestal. Joining hands with Formula 1, Crypto.com will reportedly be taking crypto to the racing industry.

The emergence of crypto has spread across industries. As a result, the prospects of the crypto-verse have got an array of platforms embracing the market. While the industry has already made its presence in the sports sector, the trend continues to persist despite the recent downfall of the market. Formula 1 is the latest to onboard a crypto platform as a partner.

Crypto.com has bagged a global as well as inaugural partnership of Formula 1’s Sprint series. With this, the cryptocurrency platform would be able to garner brand presence during F1 events and trackside slots throughout the season for every race.

Crypto.com strikes $100 million deal with F1

According to the Crypto.com blog post, the platform will be part of the Silverstone event scheduled for 17 July 2021. In addition to boosting its brand presence, the cryptocurrency firm will also aid in developing non-fungible tokens [NFTs] with F1. The exchange is reportedly the “Official Cryptocurrency Sponsor and NFT Partner of F1®.” The co-Founder and CEO of Crypto.com, Kris Marszalek, revealed that the platform hopes to “connect” fans with the sport in distinctive ways.

The CEO and President of Formula 1 welcomed the crypto platform by saying,

“We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”

This is undoubtedly a step up for the digital asset platform considering, only six other brands have partnered with F1.

Ben Pincus, Director of Commercial Partnerships at Formula 1 elaborated on the latest partnership and the need for the involvement of a crypto platform and said,

“We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”