CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardholders

Name	Symbol	Market	Market Cap ($)	Algorithm
Amp	AMPUSD	Crypto	435,552,801	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Amp

AMPUSD

Crypto

435,552,801

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0001	1.31%	0.00776	0.00776	0.00778

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0001

1.31%

0.00776

0.00778

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00828	0.00739	0.00763	0.00766	0.001400 - 0.016850

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00828

0.00739

0.00763

0.00766

0.001400 - 0.016850

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:56:37	31.00	0.00776	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:56:37

31.00

0.00776

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,121,565.13	400,241,060.77	AMP	AMPEUR	AMPGBP	AMPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,121,565.13

400,241,060.77

CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardholders

02/05/2022 10:00pm

NEWSBTC

On Monday, Crypto.com’s Cronos (CRO) slide followed suit with a sharp drop after the crypto exchange said it was reducing some staking and rewards tied to its popular pre-paid Visa cards. According to Tradingview.com, the coin dropped by 19% to $.265. On Sunday before the announcement, CRO was trading above $.33 per coin. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline Crypto.com announced the changes in a blog post: To ensure long-term sustainability, we are introducing a number of changes to the CRO Card rewards programme, effective 1 June 2022 00:00 UTC. CRO Card Rewards Cut Down Next month, the company will reduce the usage rewards on four of the exchange’s card tiers. The most premium tier, the Obsidian tier, will see a Cronos card reward reduction from 5% to 2%. In addition, the Icy White / Frosted Rose Gold tier reward will be pulled down from 3% to 1%. The top tier of the company’s card program, Obsidian carries a $400,000 staking requirement and offers up to 8% cashback at retailers. According to company policy, there will be a limit on how much a person can earn CRO card rewards for two tiers. For example, the Ruby Steel Card earns are limited to $25 or equivalent in other fiat currencies like Dollars and Euros. While for the Royal Indigo/Jade Green tier, the cap is set at $50. In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Cards include Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian. Staking rewards involves coin owners “locking up” or delegating a portion of their crypto holdings to earn more interest on deposits. While explaining staking rewards, the exchange said; Cardholders with an active 6-month stake and who staked before 1 May 2022 13:00 UTC will continue to earn CRO Card rewards on spending at the current rate until their 180-day stake expires. Thereafter, the revised rates will apply. Cardholders who stake CRO after their 180-day lock expires will earn card spending rewards as per the schedule. Cronos Price Performance Since the start of January 2022, Cronos has been trading lower. The price of CRO was over $0.50 at the beginning of the year, but it has been retreating since then. At one point, CRO was close to sliding below $0.30. Cronos’ price skyrocketed during the NFL Super Bowl. But after that, there hasn’t been any sign of a recovery as the price of CRONOS crashed continuously. Related Reading | Analysts Predict ApeCoin To Hit $50 By End Of 2025 – And $100 By 2030 In the last 24 hours, CRO started the day in green, but after the company announcement price crashed below $0.30. Since then, the coin has lost 19% of its value and reached $0.26 lowest level. Featured image from Flickr, chart from Tradingview

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AMPUSD Amp