CRO ‘Crypto.com’ has purchased the name rights to Los Angeles’ famed Staples Center for $700 million.
After winning the naming rights to Los Angeles’ Staples Center, Crypto.com’s native coin CRO achieved an all-time high of $0.6847 USD, today on 22nd Nov.
The cryptocurrency trading platform revealed recently that it has paid Anschutz Entertainment Group (AEG) $700 million to rename Staples Center to Crypto.com for the next twenty years. It established ties with the downtown arena’s native sports clubs, including the NBA’s Los Angeles Lakers and Clippers, as well as the National Hockey League’s Los Angeles Kings.
Is CRO On The Risk Of Sell-Off.?
CRO rose about 27.50 percent the day after Crypto.com’s marketing partnership was announced, and then rose another 20 percent the next day to a new high of $0.6857, putting its market worth around $17.319 billion.
Crypto.com Coin Price Chart – Source: CoinMarketCap
The bullish surge of the Crypto.com cryptocurrency took it near to its upward sloping resistance level, forming a wide Ascending Channel pattern. Bears eventually returned to reinforce the upper trendline of the Channel as resistance, but bulls outmaneuvered them, leading the price to bounce higher.
As a result, CRO entered price discovery, indicating traders’ expectations that its inclusion at a prominent sporting venue would raise uptake and pricing.
However, when its relative strength index hit the overbought zone, there was a potential for a selloff.
As a result, after rising today, CRO exhibited symptoms of correction, implying that many traders opted to lock in profits in the hopes that the CRO price increase would not continue.
Understanding CRO Coin
Crypto.com, which was founded in 2016, is now the world’s ninth-largest crypto spot exchange. Its volume in the preceding 24 hours was $2.37 billion, which is +458% up for the day.
The Ultimate Fighting Championship (UFC), football club Paris Saint-Germain (PSG), and the Philadelphia 76ers, a basketball team, are all sponsors of Cypto.com. The agreements are comparable to previous sponsorships between crypto businesses and sports teams, such as BitMex and Binance’s partnerships with AC Milan and Lazio of the Italian Serie A, respectively.
Meanwhile, following an announcement this year, FTX became the official crypto exchange brand for Major League Baseball, with its native coin FTT surging by more than 750% this year. The firm also purchased the naming rights to the FTX Arena, which is home to the Miami Heat.