Crypto.com Coin has lost around 33% since April 29, 2022. Thus, the price has fallen from +/-$0.39 to around $0.26. Many investors sold their Crypto.com coins after an update was announced by the crypto exchange. The subject refers to well-known credit cards, which have a high cashback rate had. We at CryptoTicker get to the bottom of it and explain how the Crypto.com coin could go on.
Important: The change only applies from June 1, 2022.
The reason for the sharp drop in prices is the change in future cashback when paying with their credit cards. The owner of Crypto.com has cut cashback rates drastically, which is why a credit card is no longer worth it for investors. As a result, some are selling Crypto.com coins because they are no longer of any personal use. You used to get 1% cashback for the free credit card. Here is a list of the number of percentages you were getting before the announcement:
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Here, you can see that 2% cashback alone could be a tidy sum in the long run if you use it to pay for your entire day-to-day life. Now, however, those rates have been extremely screwed up. Here is a new preview:
Here we can see that Crypto.com makes the free credit card unnecessary. With this card you get 0% instead of 1% which is absolutely useless. The Ruby Steel card has been downgraded from 2% to 0.5%, which is only a quarter of the previous percentage. The higher you go up with the card, the less the percentages are deducted. However, this move by the company is extremely detrimental to the Crypto.com course.
In the short term, this change caused the price to drop sharply. One about 33%. However, this is only short-lived. In the long term, this change could reward the price of Crypto.com Coin. Because fewer coins are distributed, fewer coins are sold, which is why fewer and fewer coins come into circulation. So far, it is not possible to say clearly how the course could continue. If investors calm down, prices could rise.
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The Crypto.com community has received many complaints as the changes are anything but good for investors. The CEO of Crypto.com then commented and wanted to accommodate the community.
Here, however, only the APYs for staking are adjusted. Small investors only get 4% and investors who have invested €35,000 or more get 8%. However, this does not change the cashback percentages, which is why the community continues to be disappointed.
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