This is the reason why Crypto.com price is free falling

CRO price plummets as community condemns reward program changes 

In a blog post, Crypto.com revealed changes in rewards on the usage of its Visa-enabled cards in several tiers. The exchange platform announced 0% rewards for lower-tier cardholders, such as Midnight Blue and Ruby Steel and 0.5% for Royal Indigo and Jade Green. Meanwhile, the highest tier Obsidian would receive 2% rewards. 

The CRO community has condemned the reward structure, and the token’s price took a nosedive, posting 7% losses overnight. 

Crypto.com Visa cards were launched in November 2018 and offered to users across 40 countries. More recently the platform has wanted to ensure the long-term sustainability of the card and introduced a myriad of changes, effective June 1, 2022. 

Though cardholders with an active 6-month stake were offered CRO earnings at the current rate until the end of the 180 days, the new rates looked unattractive to holders. The exchange introduced a cap on rewards on the Ruby Steel and Royal Indigo cards. 

Monthly CRO Card rewards 

There are no other changes in card benefits, and members continue to receive 100% reimbursements on their monthly subscription services. Higher-tier cardholders continue to enjoy services like airport lounge access. 

Interestingly, post Crypto.com’s announcement, nearly 70 million CRO has been undelegated from the Crypto.com chain. 

Staked CRO

Analysts have revealed a bearish outlook on Crypto.com price and predicted a further drop in the token. 

At the same time, they argue that as long as the CRO price remains below $0.50 this is the right time to accumulate Crypto.com.