The week that started on Monday, March 24, has been bloody in the equity markets and, by Friday, March 28, ensured that cryptocurrencies have also joined the plunge with a $100 billion 24-hour valuation drop.
Amidst the turmoil and the adverse news, a handful of major winners went relatively unnoticed – as did the announcements driving their performance. The end result was that one digital asset, Cronos (CRO), emerged as the best-performing cryptocurrency in recent trading.
Specifically, CRO soared 37.31% in the last week of trading and is changing hands at $0.10681. The majority of the rally occurred between March 24 and March 25, though the token has retained its new and higher levels through the subsequent volatility.
The DJT-Crypto.com ETF partnership
The main driver for the rally was Monday’s announcement that Trump Media (NASDAQ: DJT) has partnered with Crypto.com, the blockchain company behind Cronos, to issue digital assets exchange-traded funds (ETFs) and similar products.
Representatives from both entities spoke positively about the non-binding agreement. Trump Media’s CEO and Chairman, Devin Nunes, highlighted the role such partnerships can have in strengthening the U.S. economy:
We’re excited to join Crypto.com, along with our partner Yorkville America, to launch America First investment products supporting innovative crypto ventures, great American companies, and cutting-edge technologies. We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing. Investors will finally have options that adhere to their principles and that support superior U.S. companies precisely focused on their core businesses.
Crypto.com’s co-founder and CEO, Kris Marszalek, meanwhile, emphasized his pride in the partnership with Trump Media while also pointing out that the new exchange-traded products would be available on his platform.
In total, CRO surged 31.25% since the announcement. The persistence of the uptrend was simultaneously showcased in the fact Cronos is not only the best-performing top 100 digital assets in the weekly chart but also in the 24-hour timeframe on Friday, March 28.
The non-binding agreement may simultaneously serve as a vicarious confirmation that the Securities and Exchange Commission (SEC) under the second Trump Administration will be at least as receptive toward cryptocurrency ETF as many bulls have hoped for months.
Is DJT stock also soaring?
Lastly, it is interesting to note that though the original positive impact was also evident in DJT’s stock market performance, the positivity was not as resilient as in the cryptocurrency market.
Indeed, though Trump Media shares rallied 10.58% from $20.69 to $22.88 once the announcement was made public, they are 4.68% down in the last week of trading and are changing hands at $19.59 at press time on March 28.
Featured image via Shutterstock
