Cronos (CRO) Jumps 40% After SEC Ends Probe, BlockDAG (BDAG) Raises $5M in 2 Days

Cronos (CRO) has been climbing steadily, gaining 40% this week after the SEC officially concluded its inquiry into Crypto.com without charges.

Cronos (CRO) is heating up again, gaining a stellar 40% this week as the SEC closed its inquiry into Crypto.com without any penalties. This rare positive outcome from the new SEC, known for its restructured approach and tougher stance, marks a significant shift.

Crypto.com is also in talks with Trump Media to develop crypto-backed ETFs, which could place Cronos at the center of this partnership. This announcement alone sparked a 10% daily rally in CRO.

However, despite the optimism surrounding Crypto.com’s endeavors and the promising developments with Trump Media, there are increasing concerns regarding a potential reintroduction of 70 billion CRO tokens that were previously part of the total supply but were later removed.

The cryptocurrency regulator closed its investigation into Crypto.com without announcing any penalties, according to an email from the agency. The probe, which began in March 2021, focused on whether the cryptocurrency exchange violated securities laws.

This development comes as a positive sign for the cryptocurrency industry, which has been subject to increased scrutiny from the SEC in recent months. The agency is currently suing several cryptocurrency exchanges, including Binance and Coinbase (NASDAQ:COIN), for allegedly selling unregistered securities to U.S. investors.

Crypto.com has been a subject of interest for the SEC due to its activities in the U.S. market. The exchange offers a wide range of cryptocurrency products and services, including a trading platform, a cryptocurrency wallet, and a cryptocurrency Visa card.

Crypto.com also recently announced a non-binding agreement with Trump Media & Technology Group to explore the creation of jointly branded crypto-backed exchange-traded funds (ETFs). The partnership aims to leverage the strengths of both companies in their respective domains.

This initiative follows the recent approval of the first Bitcoin ETFs for retail investors by the agency, marking a milestone in cryptocurrency regulation.

However, despite these partnerships and new products, Crypto.com has faced criticism for its handling of a large-scale token burn earlier this year. Blockchain analyst ZachXBT raised concerns that Crypto.com may try to deceive investors by recirculating 70 billion CRO tokens that were previously removed from the total supply.

According to XBT's analysis, Crypto.com's actions could have severe implications for the cryptocurrency market. He highlighted that a complete wipeout of all major cryptocurrencies would only amount to about $350 billion, while 70 billion CRO at its peak reached a market cap of $490 billion.

This analysis suggests that the potential impact of reintroducing 70 billion CRO could be even greater than the total value of all major cryptocurrencies at the time. Such a move could have a devastating effect on investor confidence and the long-term sustainability of the cryptocurrency market.

As the SEC continues its heightened scrutiny of the cryptocurrency industry, the implications of this closed probe and the agency’s broader stance on digital assets will be closely watched by market participants.

Zcash (ZEC) Price Today Spikes 12% as It Hits Key Support, Is a Breakout Imminent?

Zcash (ZEC) is showing promise with a 12% price spike in 24 hours, pushing it back into the top 100 cryptocurrencies.

The bullish price action saw ZEC rebound from $25 to trade above the $33 support. This move could be pivotal for ZEC, which has been stuck in a long-term bear market.

After spending several years in a downward trend from its all-time high in 2017, ZEC’s price has been unable to sustain any meaningful rallies.

However, recent indicators suggest that the tide might be turning for the privacy-focused cryptocurrency.

Zcash price today is up 12% in the 24 hours to 07:26 ET, bringing its gains over the past seven days to 18%. Its price is now at $36.06, and it is the 96th largest cryptocurrency.

Still, despite the recent positivity, the long-term outlook for Zcash remains mixed.

On the plus side, the Relative Strength Index (RSI) is showing signs of strength, moving into overbought territory, which could indicate that the bulls are in control.

The MACD is also bullish, with the 12-period EMA crossing above the 26-period EMA, signaling a potential continuation of the uptrend.

Furthermore, Zcash price broke out of a key resistance trendline, which could trigger another leg of the rally.

However, Zcash price faces another level of resistance at around $45.63, which could limit the upside potential in the short term.

To sustain the rally and pave the way for further gains, Zcash price needs to close above the $45.63 resistance. A breakout from this level could propel Zcash price towards the next resistance zone at