Crypto Contagion Concerns Sink Cronos, Curve, and Polygon This Week
Most major cryptocurrencies saw marked declines this past week, on growing contagion concerns resulting from the fallout of once-prominent crypto exchange FTX. Thus, it's perhaps unsurprising to note the double-digit declines in popular tokens Cronos (CRYPTO: CRO), Curve DAO (CRYPTO: CRV), and Polygon (CRYPTO: MATIC).
It wasn't necessarily the size of the weekly decline for these three cryptos -- which fell 18.2%, 19%, and 12.4%, respectively, as of noon ET on Friday -- that has shocked investors into selling. Rather, it's the nature of these three tokens that has helped to garner outsize losses relative to the overall market.
Cronos, the native token of the Crypto.com exchange, has reasonably become a target of short-sellers, after crypto lender BlockFi announced it may explore bankruptcy protection and Genesis and Gemini reported the halting of services this week.
Source Fool.com