While the crypto market has just begun flashing green after getting severely impacted by the FTX wipeout, concerns regarding withdrawing funds from Singapore-based crypto exchange firm Crypto.com are peaking. According to some users on the platform, crypto withdrawals via bank transfers are taking longer than expected, fading the trust of users from Crypto.com. After the sudden collapse of popular crypto exchange FTX, the crypto community worries about securely storing funds in Crypto.com as users believe that it can be the next target of bankruptcy.
Is Crypto.com Next After The Death Of FTX?
This year has brought a nightmare for crypto investors as several hacks, exploits and the downfall of a popular crypto exchange FTX clouded the future of Web3. Recently, many users of Crypto.com have complained about the excessive time it is taking to withdraw crypto funds from the platform to a bank account.
A well-known crypto analyst and trader, MartiniGuyYt, raised a concern regarding a withdrawal of 2 BTC from Crypto.com that has been pending for 24 hours. He further expressed his doubts about its normalcy as he hinted at a bankruptcy for Crypto.com. However, it is reported that a small amount of transactions are executing smoothly, whereas huge transactions are facing difficulties.
Finally, Kris Marszalek, the CEO of Crypto.com, clarified all concerns via a YouTube live stream today as he mentioned that the withdrawal was working correctly and would continue to serve users. Furthermore, the CEO clarified its connection with bankrupt crypto firm FTX as Crypto.com had low exposure ($10 million worth) to FTX, and they also have a solid balance sheet.
CRO To Witness More Price Dips
In the last week, the FTT token wiped billions of dollars from the crypto market, and its impact now seems to spread through other cryptocurrencies as Crypto.com’s native token, Cronos (CRO), witnesses massive withdrawals in the last 24 hours.
Looking at the daily price chart, Cronos formed a long bearish candle with a decline of over 36% in the last 24-hours. CRO has broken out of its ‘W’ pattern, making it trading below the fundamental support level of $0.08 with more bearish predictions in the coming hours.
The RSI-14 indicator trend line has dropped from an overbought region of 65 to an overselling region of 32. The current movement from RSI indicates increased selling pressure, which may soon lead to a sharp decline in the price chart.
Moreover, the MACD line has also moved lower as it is trading in the negative zone and is acting as a catalyst in pushing the CRO lower. The SMA-14 is falling sharply in proportion to the EMA-20 and EMA-50, which could soon turn the portfolio into the red.
The Bollinger bands are also declining according to the negative market sentiments. The Bollinger band’s lower limit is at $0.069, where CRO is currently trading. If CRO breaks this support level, it may initiate huge selling pressure and trade near the next support level of $0.0522.
However, from its current price level, CRO could turn bullish as Crypto.com assures investors about its security and stability. If CRO breaks above the upper boundary of its Bollinger Bands at $0.087, it could soon head towards its EMA-100 resistance at $0.1190.
