Bitcoin bulls defend $23K amid warning bear market rally ‘alive and well’

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

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

Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet?

On-chain data shows Bitcoin exchange reserves have sharply increased in value, a sign that the selloff may not be over yet. Bitcoin Exchange Reserve Observes Rapid Rise As pointed out by an analyst in a CryptoQuant post, a high number of coins have entered exchanges over the last day. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently present in wallets of all centralized exchanges. When the value of this metric goes up, it means the supply on exchanges is going up as investors are depositing a net number of coins. As holders usually transfer to exchanges for selling purposes, such a trend could be bearish for the price of the crypto. Related Reading | Panic Vs Pandemic: Crypto Market Is More Fearful Than On Black Thursday On the other hand, a declining value of the reserve suggests investors are withdrawing their coins at the moment. This kind of trend, when prolonged, can be a sign that holders are accumulating, which could prove to be bullish for the coin’s price. Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past few months: Looks like the value of the metric has jumped up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserve has observed a sharp increase in its value recently. The chart also shows the curve for the “all exchanges netflow,” another metric which measures the net amount of coins entering or exiting exchanges. Related Reading | Bitcoin Faces a New Downtrend Of 28.82%, Why Someone Still Makes More Than 1000% ROI Basically, this metric tells us about how much the reserve is increasing or decreasing right now. As expected, its value also shot up over the last few days. The fact that the Bitcoin exchange reserve doesn’t seem to have changed trend and is still rapidly rising after the crash may mean that the crypto’s price could see further decrease in its value in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, down 30% in the last seven days. Over the past month, the crypto has lost 32% in value. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have ben moving sideways since the crash | Source: BTCUSD on TradingView Following the crash, Bitcoin touched as low as $20k, before rebounding back a little to the current levels. Currently, it’s unclear whether the carnage has ended, or if further decline is coming. But if the exchange reserve is anything to go by, then signs aren’t looking in the crypto’s favor. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Uncertainty Looms Despite Bitcoin, Ethereum Rebound

Bitcoin and Ethereum kicked off Fridays trading session in a positive posture. While the technicals show bullish signals, caution is advised until a clear resistance break. Bitcoin and Ethereum Bounce…