Crypto news: Crypto.com coin (CRO) surge defies market
As the cryptocurrency market traded sideways over the last 24 hours, one digital token from the top 50 virtual currencies shot up. Crypto.com coin (CRO) surged 28.84% over the last 24 hours and is up 69.21% week on week. The coin grew to a total market value of $14.5bn and claimed the 15th spot among the largest cryptocurrencies.
CRO skyrocketed on the news that the cryptocurrency exchange platform Crypto.com will be buying the naming rights for a property complex that includes the home stadium of the Los Angeles Lakers, currently called the Staple Centre.
Bitcoin (BTC) has stabilised at around $60,000 (£44,428), while ether (ETH), which was eyeing $5,000 for the first time in history just little over a week ago, was trading between $4,100 and $4,200, Wednesday morning London time.
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Other crypto news
- Fund manager Invesco is deferring a launch of its blockchain exchange-traded fund in India, following reports that India is set to ban the use of cryptocurrencies as payments. “From the developments of the last few days, Indian lawmakers have been meeting participants in the country’s digital assets industry, which will likely culminate in a new legislative framework being formulated. In light of the above, we believe it is important for investors to fully understand all aspects before making long-term investment decisions,” Invesco Mutual Fund said in media statement.
US-based blockchain firm ConsenSys raised $200m from a host of hedge funds and private equity firms. The new investment injection, which brought the firm’s valuation to $3.2bn, will be used to expand crypto wallet MetaMask, blockchain development tool Infura and new hiring.
Quote of the day
Following a “friendly competition” between Miami mayor, Francis Suarez, and incoming mayor of New York City, Eric Adams, debating whose city will become the crypto capital of the world, on the other side of Atlantic, the mayor of Lugano, Switzerland, Michele Foletti, made a bid for his city to become crypto/blockchain friendly:
Round-up of coins by market capitalisation
As of 10:00 UTC:
- Bitcoin (BTC) was flat, adding 0.17% to reach $59,161.58.
- Ether (ETH) climbed 1.32% to $4,194.96.
- Binance coin (BNB) increased 1.35% to $567.03.
Winners and losers
- The two main dog-themed cryptocurrencies, dogecoin (DOGE) and Shiba Inu (SHIB) lost 12.13% and 9.36% respectively.
- Avalanche (AVAX) is up 17.34% week on week and on track to become 11th biggest cryptocurrency by market capitalisation, surpassing SHIB.