The recent rise of the Cronos (CRO) token has attracted attention from investors and traders in the crypto market. Over the past 24 hours, the token's price has increased by 56%, which is related to new initiatives and speculation.
Partnership with Trump Media and Yorkville
The biggest news is the partnership between Trump Media & Technology Group Corp. and Yorkville Acquisition Corp., which announced a collaboration with Crypto.com to launch a CRO treasury valued at $6.24 billion. As part of this initiative, they plan to purchase $1 billion worth of CRO tokens, making up about 6.31 billion tokens, nearly 19% of the total supply. This initiative signals major institutional interest in the token.
ETF Speculation
The CRO token was already in the spotlight due to a proposed Crypto Blue Chip ETF, where CRO was allocated a 5% share. Although the U.S. Securities and Exchange Commission (SEC) has not yet approved the ETF and delayed the decision until October 8, the speculation regarding CRO’s participation in a regulated fund adds to the rally.
New Trading Opportunities
The decentralized exchange GMX recently introduced CRO/USD perpetual swaps with leverage up to 50x. This allows traders to borrow money to trade on the token’s price, irrespective of whether it goes up or down. On its first day, CRO futures trading exceeded $1.4 billion, confirming the level of speculative interest.
The recent surge of the CRO token is linked to several factors, including institutional initiatives and speculation. While the market demonstrates a bullish trend, technical signals indicate potential corrections in the future.
