Schlagwort: crypto market news

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CRO token down 12% after Crypto.com reduces rewards on Visa Cards

Cronos (CRO) has become one of the worst-performing cryptos, trading at $0.310417, down 12.86% in the last 24 hours.

One of the main reasons for the price of CRO to drop token is a blog post that Crypto.com exchange published on Sunday, May 1st, noting that they had reduced the rewards they were offering on their lower-tiers Visa cards. Crypto.com also said that it had reduced the CRO staking rewards by more than a half.

The exchange also added that from 1st June its Midnight Blue card tier will not be offering rewards to its customers but other tiers like Icy White, Obsidian and Ruby steel will offer reduced rewards. In addition, there will be a reward spending cap, where the highest amount of the reward will be locked at $50 per month.

Crypto.com, however, termed this a “difficult decision”  saying that it had to be done because of the need for sustainability.

The slashing of the rewards earned the exchange a lot of criticism on social media where users stated that they were given fewer CRO staking options and less use of the Visa cards. Some also threatened to opt for other crypto card operators like Coinbase and Binance.

However, this is not the first incentive cut the exchange has made this year. In March, it cut the interest rate on token deposits twice giving prior notice to its users. 

Despite the challenges, the Crypto.com exchange still seems to be growing by the day with over 10 million users besides the fact that it will be the official sponsor of the FIFA World Cup 2022.

Reduced crypto Lending activities

Crypto.com’s recent move portrays a broad issue in crypto lending due to the rising U.S interest rate, high inflation, high returns, and weak market performance which are becoming unsustainable. An increase in crypto adoption leads to more account holders which makes big payouts unachievable.

However, this issue has been mostly experienced in the majority of the DeFi lending platforms where they are forced to lower the interest rates as the user counts and deposits continue to grow. Crypto lending platforms could also follow suit as the adoption rate increase.

The post CRO token down 12% after Crypto.com reduces rewards on Visa Cards appeared first on Coin Journal.

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Highlights May 2: Cryptos mixed, Cronos sheds 15%

The crypto market as a whole is mixed with most top 100 coins adding or losing 1-5% of their value at the time of writing. 

Top cryptos

The majority of top 10 cryptos registered gains. Bitcoin was up around 2% at time of writing, trading above $38,000. Ethereum climbed around 3%, and Cardano and XRP registered gains of around 2% and 5%, respectively. 

Crypto.com’s Cronos dropped to #20, losing around 15% today. For most of the year, the CRO token has been trading at relatively low levels. The price is now close to its lowest level this year.

The dynamic exchange sponsors many sports events and featured Matt Damon in an endorsement, but this has failed to reflect on CRO’s price.   

Top movers

Outside the top 20, Tron gained 6% after reporting the total accounts on its network have now exceeded 90 million. 

Fantom jumped in Asian hours, up by almost 15%. It is still growing with gains of 6% at the time of writing. Fantom integrated Chainlink this week and announced a series of exciting giveaways today. 

As for the losers, the main ones today are all coins that registered major gains last week. These include Kyber Network’s KNC with -9% and ApeCoin with -11%. 

Trending

The biggest winner today is MetaPay, a token that you can shop in the Metaxion universe, a new metaverse. With MetaPay, you can sell the parcels and avatars you buy in the metaverse or convert these into MetaPay tokens. 

The Metaxion demo has been released on the website. MetaPay is having another rally, up 1,069% at the time of writing.  

The post Highlights May 2: Cryptos mixed, Cronos sheds 15% appeared first on Coin Journal.

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Solana restarts after bots cause a 7-hour outage

The Solana Mainnet Beta had lost consensus after a flood of transactions – reportedly 4 million per second and at over 100gbps – hit the network on Saturday.

Solana validators have successfully restarted the proof-of-stake blockchain network after seven hours of downtime, according to an update posted today, 1 May.

“Validator operators successfully completed a cluster restart of Mainnet Beta at 3:00 AM UTC, following a roughly 7 hour outage after the network failed to reach consensus. Network operators and dapps will continue to restore client services over the next several hours.”

This is a second major outage for Solana, a PoS blockchain that’s only behind Ethereum for NFTs. In September last year, the network went dark for 17 hours amid another flood of inbound transactions.

Bots sent 4 million transactions per second

According to details shared on Twitter, Solana went offline on Saturday around 20:00 UTC after bots flooded it with 4 million transactions per second and 100gbps of transaction data. 

The transactions were largely related to the Metaplex Candy Machine, an NFT program most new Solana projects use to mint NFTs.

With such a huge demand on the network, validators ended up unable to reach consensus. The result was that block production stopped.

It was not until seven hours later that Solana validators managed to coordinate a restart using instructions from one of the network’s validators. The restart, handled via Solana’s discord channels and the Google doc instructions, saw validators finally take control at slot 131973970.

While the network is back online, the Solana core developers are still investigating the outage and why validators were unable to recover. Metaplex has announced measures to help “stabilise” the network.

SOL price

In the market, SOL, the native token of the Solana network, slumped sharply following the incident. SOL/USD traded to lows of $83.19 before recovering slightly after the restart.

The pair currently changes hands around $88.56, nearly 5.6% down in the past 24 hours as the broader crypto market battles sell-off pressure.

The post Solana restarts after bots cause a 7-hour outage appeared first on Coin Journal.

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Metahero (HERO) price surged by over 5% yesterday and slid back to red: here is why

Due to market uncertainty, the HERO coin has been one of the most volatile cryptocurrencies over the past month. Yesterday it surged by more than 5% but later dropped to today’s 8.74% price drop%. 

But why did the coin rise yesterday and why was the rise too shallow. In this article, we will look at the possible reasons behind yesterday’s uptrend.

Metahero background

But before we delve into these reasons it’s important, we first enlighten those who might be coming across the term ‘Metahero’ for the first time.

In a nutshell, Metahero is a crypto coin metaverse launched in July 2021 with a vision to create an ultra-realistic digital world where users can scan real-world humans and objects into the Metaverse.

It partnered with the leading 3D 16k scanning technology and also the leading gaming industry, Wolf Digital World (WDW), to aid its vision.

Metahero Metascanner on site at FAME MMA # 14

One of the main reasons why Metahero’s price is rallying is the current development it’s undertaking with the recent one being the sponsorship from the FAME MMA event where they will make their first traveling scanner (Metascanner) available on site. All the users will have an opportunity to check this one out.

This event is scheduled to take place next month, on May 14. 

Metahero’s Everdome NFT drop

Another reason that has highly contributed to the recent bullish trend is after Everdome (Metahero’s Metaverse) finished the Genesis NFT drop snapshots last week.

DOME (Everdome native token) holders will be allowed to claim founding keys to Everdome.

HERO staking announcement

Another reason that might have spiked the rally to some extent is after Metahero announced last week that HERO staking was going to commence on April 22 on a new centralized exchange, Kanga.

https://metahero.io/news/hero-staking

However, according to the announcement, the withdrawn tokens will be locked for 7 days and APYs generated automatically based on Kanga’s system.

The post Metahero (HERO) price surged by over 5% yesterday and slid back to red: here is why appeared first on Coin Journal.

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Here is why the price of XDC Network (XDC) coin has been surging in the past two weeks

While the majority of the altcoins are dipping, the price of the XDC coin has been rallying in the past two weeks.

Yesterday the price of the XDC coin surged by more than 13% hitting a daily high of $0.06817 before tracing back to today’s price level of $0.06077. The coin has rallied by over 7.8% over the past seven days and by over 11.0% in the past two weeks.

In this article, we will focus on the reasons why XDC Network’s price has been rising in the past two weeks.

XDCNFT project launch by BlocksWorkz tech firm

One of the main reasons for the current price surge is its recent project (XDCNFT) launch by BlocksWorkz tech firm.

The project is a Non-Fungible Token, (NFT) marketplace that uses XinFin’s blockchain technology (XRC20 network).

The project’s new features

Even though the project was launched at the beginning of this year, 2022, it has continued to add more new features and new NFTs. The NFT partnerships with XDCNFT have also caused it to gain more traction.

In addition to these new and exclusive features, XDCNFT offers only 1% transaction fees and free installation.

XDCNFT tokens

XDCNFT only accepts two tokens for the purchase of NFTs. These tokens are; the XDC (XinFin’s native token) and BLKZ (BlockWorks native token).

All the XDCNFT users are required to have either of the two tokens to sell or buy the NFTs of their choice. Besides, as the number of XDCNFT users increases, the number of BLKZ and XDC holders has also been increasing.

However, the XDC token will have a greater impact on buying as compared to the BLKZ token. This is because XDC has more circulation and usage in the market.

In addition, the increased number of XDC transactions on the XRC20 network increases the market price of the XDC token.

The post Here is why the price of XDC Network (XDC) coin has been surging in the past two weeks appeared first on Coin Journal.