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Exchange tokens are making shockwaves across the crypto market lately, and today it is Cronos’s turn to make the headlines as Trump Media announced that it will acquire $6 billion worth of the token to launch a CRO treasury.
Through a new entity called Trump Media Group CRO Strategy, the Trump family tech business will partner with Crypto.com – the crypto exchange that oversees the development of the Cronos blockchain – to launch this new trading vehicle through which both retail and institutional investors will be able to get exposure to CRO via the regulated markets.
Trump Media Keeps Betting On the Crypto Industry
This treasury will be funded through a $1 billion initial CRO allocation, plus $420 million in cash and other instruments, and a $5 billion equity credit line that will be progressively used to acquire more CRO tokens.
“Financial markets are becoming increasingly digital every day, and companies of all sizes and sectors are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition and are poised for even greater utility,” commented Devin Nunes, the CEO of Trump Media & Technology Group.
The market responded positively to the news as the price of CRO has exploded by nearly 28%. Trading volumes have surged by 900% to $448 million as a result of the news, as investors see this as a positive step that could accelerate mainstream investments into CRO.
This token is used by Crypto.com customers to get fee discounts, send gift cards, receive cash-back rewards for the use of Crypto.com’s payment cards, and more. Its demand is primarily influenced by the exchange’s user base growth.
Trump Media has been expanding its footprint in the crypto space through companies like World Liberty Financial (WLFI) and now through the launch of this treasury company.
President Donald Trump has vowed to make America the crypto capital of the world, and his business empire seems to be expanding in that direction with this type of strategy.
CRO Hits Key Resistance Buy Buying Pressure Persists
As a result of today’s strong uptick, Cronos (CRO) has now delivered a 44.7% gain since the year started, making it one of the top-performing tokens in the market during this period.
CRO has hit a key resistance today at $0.20, from which the token has experienced strong drops in the past. However, the situation has changed now with the launch of this treasury company, as Trump Media’s investment is as large as the project’s circulating market cap.
Thus far, the price does not seem to be retreating from this mark. Hence, we could expect a bullish breakout soon that pushes CRO to a higher high.
The token is still 79% off its all-time record from 2021 and could continue to surge over the next few days. Momentum readings favor a bullish outlook, as well as the Relative Strength Index (RSI) just pushed through overbought levels, meaning that positive momentum is accelerating.
Other exchange tokens like BNB Coin (BNB) have already made new all-time highs during this cycle. If CRO eyes its 2021 record, it would mean a 360% upside potential ahead.
As exchange tokens keep rising, top DeFi crypto presales in this segment like Bitcoin Hyper (HYPER) could capture some of this positive momentum and deliver strong gains for early buyers.
Bitcoin Hyper (HYPER) Nears $12M Raised to Launch Its Powerful L2
Bitcoin Hyper (HYPER) is an ambitious project that aims to unlock the untapped potential of BTC’s decentralized finance (DeFi) ecosystem.
Through a Solana-based layer-2 chain, Bitcoin Hyper creates an efficient environment where BTC holders can earn passive income via staking, lending, and yield-farming, among other activities.
The Hyper Bridge will safely receive BTC tokens in a designated Bitcoin wallet and mint the corresponding amount in the Hyper L2.
As top wallets and exchanges embraced Bitcoin Hyper, the demand for $HYPER will skyrocket, and early buyers will reap the highest returns.
To invest in this presale, head to the Bitcoin Hyper official website and connect your wallet. You can either swap ETH, USDT, or SOL for this token or use a bank card to invest.
