TLDR
- Cronos (CRO) price surged 30% after Trump Media and Technology Group announced plans to develop ETFs with Crypto.com
- Trading volume for CRO exploded almost six times from $21 million to $126 million
- The ETFs will offer exposure to Bitcoin, Cronos, and “diverse industries such as energy” under the “Truth.Fi” brand
- The partnership comes just months after Crypto.com faced SEC scrutiny for allegedly operating an unregistered securities exchange
- An upcoming Cronos zkEVM mainnet upgrade on March 26 may also be contributing to price momentum
Cronos (CRO), the native token of Crypto.com, has seen a sharp price increase of 30% over the past 24 hours, reaching $0.10 according to CoinGecko data. This price surge follows an announcement that Trump Media and Technology Group (TMTG) has signed a non-binding agreement to partner with Crypto.com to develop exchange-traded funds (ETFs).
CRO Price
The announcement has sparked a rush of trading activity. CRO’s trading volume jumped nearly six times from $21 million to $126 million by Monday evening as traders moved to capitalize on the news.
Daily transactions have more than doubled from roughly 40,000 to over 82,000, according to data from CronoScan. This shows a clear increase in network activity following the announcement.
TMTG Partnership Details
The partnership between TMTG and Crypto.com aims to create what TMTG CEO Devin Nunes called “inventive funds.” These funds will focus on companies that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy.
The planned ETFs will provide investors exposure to Bitcoin, Cronos, and other sectors including energy. These products will be launched under the “Truth.Fi” brand across U.S., European, and Asian markets.
Any launch would be subject to regulatory approval. The companies hope to align their strategy with President Trump’s economic agenda.
This deal comes at an interesting time for Crypto.com. The Singapore-based firm faced SEC scrutiny just five months ago when the agency filed notice that it intended to sue Crypto.com for operating an unregistered securities exchange.
Crypto.com rejected these allegations and countered with a lawsuit of its own. However, the company dropped its suit in December, around the same time its CEO met with then-President-elect Trump.
Technical Upgrade
The Cronos price bump also comes ahead of a planned technical upgrade. The Cronos zkEVM mainnet upgrade is scheduled for March 26 and will introduce several new features to the network.
This upgrade will have a brief 1-2 hour downtime. It will add smart account single sign-on (SSO), making it easier for users to log in with Google, Apple ID, and Mobile options.
The upgrade will also lay groundwork for a zero-knowledge gateway. This will set the stage for faster zk-chains interoperability, which could enhance network performance.
From a technical perspective, CRO has formed some strong patterns. The token has bounced off the $0.0715 support level multiple times since August last year, forming what some analysts call a quadruple-bottom pattern.
The price has also moved above its 50-day moving average. The Relative Strength Index (RSI), a momentum indicator, has been trending upward.
Some analysts believe the CRO price could continue rising to around $0.133, which would represent a 30% increase from current levels. This price target coincides with the 61.8% Fibonacci retracement level, a commonly watched technical indicator.
The Cronos DeFi ecosystem appears to be stabilizing as well. The total value locked (TVL) in Cronos DeFi protocols has increased to $424 million from this month’s low of $330 million.
However, not all indicators are equally bullish. While daily timeframe technical indicators suggest continued upward movement, weekly indicators remain mixed, with the MACD (Moving Average Convergence Divergence) still below zero.
