Latest crypto news regarding Cronos (CRO) and GMX. Cronos (CRO) is the cryptocurrency issued by Crypto.com, the popular crypto exchange. It was launched in 2016, along with Crypto.com itself.
Initially known as “the Crypto.org coin,” the currency was renamed Cronos in February 2021. GMX, on the other hand, is a DeFi platform, built on the Arbitrum (Ethereum L2) and Avalanche network, which allows trading through perpetual futures up to x30 leverage on the most well-known and traded crypto assets such as: BTC, ETH, AVAX, LINK and many others. It also allows trading in the SPOT market.
Positive crypto news for Cronos (CRO): the Galileo update
Galileo is also compatible with EVM and makes it easy to switch from Cronos to Ethereum, facilitating the development of smart contracts and the arrival of new capital.
With Galileo, Mempool facilitates TPS scalability, -30% node storage and doubled speed. The Accelerator, which is the latest innovation introduced, is basically a series of quarterly milestones to attract developers and new capital.
Cronos is making $100 million available for workshops and projects that will give Token the right boost for a noteworthy 2023. The AMA will give players, funders, and insiders access to the accelerator program and attract third-party IT app developers to the Cronos ecosystem.
The Accelerator had its AMA on Twitter last week, and in a month’s time there will be a suspension of project registrations. The final part of the Accelerator is the DEMO day to be held in late April, where projects will also be viewed by the public.
Cronos will not only help from a technical point of view, but also support projects in finding capital and funders. The Accelerator is nothing more than a start-up incubator from which the future of Cronos will see the light of day.
After the Layer 2 fad, the focus now seems to have shifted to Layer 1s of which Cronos is a distinguished representative.
A look at the performance of the GMX crypto
The price of GMX crypto has declined by 1.60% in the past 7 days. However, the price has risen 0.89% in the past 24 hours. Although, it has decreased by 0.70% in the last hour. The current price is €67.69 for GMX.
The price of GMX is 67.16% lower than the all-time high of €206.13. The current outstanding supply is 8,527,992.789 GMX. The crypto opened in March 2023 at $71.790 and is expected to close the month at $62.633.
During March, the maximum expected price of GMX is $78.678 and the minimum price is $53.501. In any case, GMX is one of the most trending cryptocurrency projects right now.
A decentralized perpetual exchange without authorization and a spot exchange. By connecting their wallets, traders can use it to quickly exchange cryptocurrency on-chain.
The GMX protocol contains a native token called GMX that serves as a governance, utility and value accumulation token. Users can target GMX tokens to gain access to additional incentives and a share of the protocol fees charged by GMX.
The Arbitrum and Avalanche networks are supported by GMX. Since it is gaining ground during the cryptocurrency winter, it is potentially a good investment.
GMX reaches a new all-time high despite CEX uncertainty
Another noteworthy factor regarding GMX is the current regulatory tightening for crypto by the SEC. As we know, the US Securities and Exchange Commission has begun to intensify its crackdown on the cryptocurrency industry.
Recent enforcement actions have had a negative impact on cryptocurrency prices as early as mid-February.
The SEC is focusing in particular on stablecoin issuers. The SEC’s most recent crackdown on stablecoin came on 13 February through the issuance of a Wells notice to Paxos Trust Company, the issuer of Binance USD (BUSD).
The SEC is also putting centralized exchanges (CEXs) in the crosshairs by discussing how they can use customer funds as qualified custodians. Interestingly, traders have not taken a completely risk-free stance to the SEC’s recent activity.
In fact, some decentralized solutions, such as GMX (GMX), are going up. GMX has already benefited when a major centralized exchange experienced high outflows.
GMX tends to see an increase in fees and its token price. When Binance‘s net outflows reached $788 million in the 24 hours following the announcement by the SEC on 13 February, GMX’s price rose to a new all-time high of $83.02.
On 10 February, GMX reached its all-time high in commissions received, reaching $5.7 million. And with daily active users up 16.2% to 2,150, the outflow from Binance could lead to sustained growth for the exchange.
Investors appear to be betting on GMX’s growth, making it the ninth top token on 14 February by yield in seven days, gaining 12.9%.