Bitcoin (BTC) is standing there naked
Bitcoin reached a peak, and some would say insane price of $69,000 as recently as November 2021. However, since then it has lost over two-thirds of its value. As at the time of writing, the price of Bitcoin was a little over $19,000 and although that does represent a massive loss of value, there does appear to be a lot of resistance that is keeping Bitcoin from falling below the $18,500k mark. At least for now.
Cryptocurrencies have benefited from the most favorable financial conditions for most of their existence. Since Bitcoin's inception, the Fed has mostly worked to support demand. The US Federal Reserve acquired Treasury securities and government-backed mortgage securities worth $6.5 trillion during that time. In an effort to promote risk-taking, raise asset values, and increase demand through wealth gains, this kept rates low. But those days are rapidly drawing to a close, leaving many to believe that Bitcoin’s essential ‘nakedness’ will be exposed. The reality is that in the final analysis, Bitcoin is just a series of numbers and not much else.
Nobody is coming to rescue Bitcoin and if the crypto market does not recover, then the Bitcoin price could have a lot further to fall.
The team behind Chronoly (CRNO) are looking like a pretty prescient bunch right now. They had the foresight to launch a new token that is not simply a string of numbers. Instead, they adapted a model that used to be used for national currencies last century. That method was called the “Gold Standard'' ; it meant that the currency was pegged to the price of gold. Chronoly (CRNO) works similarly, only instead of precious metals, the token is pegged to the value of a high-end, investment-grade watches.
Each watch is represented by an NFT which is then sub-divided into much smaller NFTs for users to buy with an investment from as little as $10. Investors can trade their NFTs, stake for extra income, borrow against them and trade them either on Chronoly’s own marketplace or on a third-party platform such as OpenSea.
As if this was not attractive enough, Chronoly throws in some further goodies, such as a free monthly lottery in which the winner gets a real investment-grade watch and also a referral scheme that pays holders 10% of the value of any investment they introduce.
Since launch, the price has increased 500% from $0.01 to $0.06. Crypto enthusiasts have been talking about this up and coming token which has gained real traction amongst the crypto community. Although significant gains are predicted to be had with the token, the NFT’s that will be launched on the marketplace are being talk about as a potential new ‘stablecoin’ The potential therefore for Chronoly to become a unicorn company during 2023 and embed its position as a top crypto project seems more like a reality waiting to happen. This has to be one of the most interesting projects we have seen during 2022. Find out more about how to enter the presale below.