This Crypto's 8% Surge Today Brings Its Year-to-Date Move to 44%
One of the hardest-hit large-cap cryptocurrencies in 2022, Cronos (CRYPTO: CRO), has been making some very positive moves to kick off this new year. Today's 24-hour surge of 8.7% as of 12 p.m. ET has been the latest in a string of rallies to start 2023. On a year-to-date basis, CRO is now up an impressive 44%, outpacing the broader market by a wide margin.
Much of this move appears to be tied to workforce reductions that the company announced last week. Cronos is the native blockchain of Crypto.com, a centralized crypto exchange that has seen significant scrutiny following the collapse of FTX and other centralized players last year. One executive hopes this significant layoff -- of 20% of the company's workforce -- will allow Crypto.com to traverse the "confluence of negative economic developments" currently plaguing the sector.
Cost-cutting is great, and in many respects, this should be bullish for Crypto.com's transaction-oriented exchange business. Because CRO is the native token of the Crypto.com exchange, a significant portion of Cronos' value is undoubtedly tied to the success of its parent exchange. Accordingly, with volumes down, reining in costs might be the only strategy available to the crypto exchange right now.
Source Fool.com
