Bitcoin (BTC) and Ethereum (ETH) are trying to find support from the latest crypto turmoil but the $20,000 level is becoming elusive for BTC. The coin gave up some gains on Friday to sit just above the big number currently trading at $21,074. Ethereum is back above $1,000 after being pulled below $1,000 last week after a hedge fund in trouble liquidated its holdings. The drama in the top two coins has again dragged the crypto market lower but Chronoly (CRNO) was a rare gainer. The project is entering the NFT space with tokenized investment in luxury watch brands and the project shook off the bear market by rising 400% in presale.
Bitcoin (BTC) Trades at $20k but Some Dreams are in Tatters
Investors were assured that Bitcoin (BTC) would hit $100k in 2021 but almost a year later it is trying to cling onto the $20k level. The dreams of BTC maximalists, who believe that the coin alone will dominate the sector, are up in smoke. Government regulation, central bank currency plans and weakness in some DeFi projects has sucked the wind from the BTC sail. Usually when markets take such a tumble, they need time to recover and crypto may be the same with investor confidence rattled once more.
Ethereum (ETH) Highlights the Dangers of Leverage
The Ethereum (ETH) slump below the $1,00 level is another warning of leverage risk. The Three Arrows hedge fund had taken big loans from crypto exchanges and margin calls led to the liquidation of assets in a staked ETH synthetic instrument. Weakness in ETH created a hole and fears over the company’s insolvency added to losses. The losses have also exposed the DeFi market where TVL values were seen as rock solid but investors have fled as interest rates rise.
Chronoly (CRNO) Can Save Investors from False Promises
Chronoly (CRNO) is the world’s first fractional watch investment platform built on the Etheruem blockchain. A user can invest into an F-NFT from as little as $10. The NFT is backed by a rare, luxury and exclusive watch. Investors that have been burned by the false promises of analysts should look under the hood at this project. Asset-backed NFTs offer a tokenized investment that will hold its value and avoid the crypto bear markets. As we have seen in the current environment, part of the crypto hit was from inflation, but watches are an inflation hedge. Investors have also diversified into physical assets like watches in previous times of war.
There are benefits in Chronoly that traditional investors and professionals are seeming to take a major interest in. The decentralised marketplace for NFTs brings 24-7 trading and new liquidity. Historical and real-time pricing, alongside verification via the blockchain brings reliable transparency to the market. The watch market has historically been troubled by fakes and bad actors but Chronoly will change that by storing all the watch details in the metadata making it easy for anyone to verify the authenticity of a watch.. The project fully insures the watches it stores and will be audited for investor assurance. It is also predicted that prior to the completion of presale phase 3, on September the 27th CRNO could rise a further 2,000% from its current position. Which if you ask me, a 20x ROI within the space of a few months, in a bear market seems only to be dreamed of at the moment.
More information on the Chronoly.io presale here: