The cryptocurrency market came under further pressure in the last week. Wiith Bitcoin (BTC) surrendering its rally above the $30k level and trading at lows just above $20,000. Ethereum (ETH) was also hammered lower and currently trades under the $1,100 level. The market was being hit as the Federal Reserve was set to raise interest rates by the largest amount since 1984. As funding costs increase, the demand for riskier assets decreases and the cryptocurrency market is suffering. Investors looking for a safe haven in the storm should consider Chronoly (CRNO) instead of Bitcoin (BTC) or Ethereum (ETH). This unique project is taking luxury watch investing into a new age with a decentralised marketplace and fractional investing. Timepieces have proven themselves as a safe haven through many different market cycles and the CRNO token increased by 500% during its presale.
Bitcoin (BTC) Back at $20,000 as Crypto Liquidations Continue
Bitcoin (BTC) enthusiasts are in shock after the coin traded around the $20,000 level once again. Investors thought the next market rally of Bitcoin would emerge after a recent move above $30,000 but those gains have quickly evaporated. There are fears of insolvencies in the market and crypto lender Celsius paused its withdrawals due to “extreme market conditions”. The Three Arrows digital fund also faced around $400 million in liquidations and were selling positions to lower its collateral levels. The expected rate hike by the Federal Reserve is not helping crypto assets at this time.
Ethereum (ETH) Merge Delay has Weighed on the Project
Ethereum (ETH) was also trading at levels not seen since 2020 and the market is punishing the project for its recent delay of the Merge version 2 update to the project. Staked Ethereum (stETH) has been a key problem with the current crypto crash and Celsius, alongside the Three Arrows fund, had been collateralizing the coin and were now bailing out with the coin breaking its peg to ETH and falling under $1,000.
Chronoly Could be a Safe Haven in the Storm
Chronoly (CRNO) was able to rise 500% even through the market turmoil thus proving that it’s not here for a short term and could prove to be a crucial crypto project in the upcoming times. Chronoly could actually be a safe haven in the current storm because of its focus on tokenizing luxury watches in NFT form. Luxury watches have been a reliable investment in different market environments while historically appreciating in value. Projects are collapsing now because they rely solely on investor faith. Many investors are pulling their deposits for safer investments and the market cap of projects in the decentralised finance sector have struggled.
Chronoly is creating a blockchain marketplace where you can buy, trade, borrow and purchase a rare, exclusive and luxury watch which is then minted as an NFT backed against the real asset. Those timepieces are kept in secure storage to provide further investor confidence. The watch market has suffered in the past from centralization, as only wealthy investors could get access to rare million-dollar watches. Chronoly allows fractional investing which lowers the barriers to entry where investors can purchase fractions for as little as $10. Investors can also stake their CRNO tokens for an annual yield and that is another reason to put capital into the project while the crypto market finds a bottom in price. Top analysts predict this could be the next 1,000x token and has the potential to rise a further 2,500% during the rest of presale.
Website: https://chronoly.io/
Presale: https://presale.chronoly.io/register
Telegram: https://t.me/Chronolyio
Twitter: https://twitter.com/Chronolyio
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
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