Why Cardano, Chainlink, and Cronos Are Slumping Today
It's another day of turmoil in the world of crypto. Most cryptocurrencies are trading lower Wednesday, with Cardano (CRYPTO: ADA), Chainlink (CRYPTO: LINK), and Cronos (CRYPTO: CRO) among the biggest large-cap decliners. As of 1:15 p.m. ET, those tokens had declined 3.7%, 5%, and 6.8%, respectively, over the prior 24 hours.
Most of Wednesday's price action with respect to these tokens appears to be related to the ongoing fallout from the collapse of FTX. Following an announcement from FTX CEO Sam Bankman-Fried that his centralized exchange is expected to enter bankruptcy proceedings, contagion-related fears have become the primary concern for crypto traders. On Tuesday, the news flow continued on this front, when crypto lender BlockFi become the latest to announce a possible bankruptcy filing.
For Cronos, the native token of the Crypto.com exchange, this decline is not unexpected. The token has remained under fire even after Crypto.com's CEO held an AMA ("ask me anything") session for the public on YouTube, as investors are looking to limit their exposure to exchange-related tokens.
Source Fool.com
