One of the world’s leading cryptocurrency exchanges, Crypto.com, recently updated its Visa card policies. Thus, eliminating a critical feature that made it the most popular crypto card program.
Members of certain tiers of Crypto.com’s Visa card are now excluded from the cashback benefits they enjoyed through Spotify and Netflix.
Starting January 23, these cardholders will no longer receive CRO refunds and will instead receive a 2% rebate on their spending with Spotify and Netflix.
Shortly after the announcement on July 23, Cronos became a hot topic of discussion on social media. And, as a result, his social dominance reached its highest level in 2 months.
Every one of the 100 crypto mentions was related to Cronos.
Notably, CRO investors have been in a tough spot for a long time, thanks to the decline they’ve seen since its all-time high of $0.974 in November.
After the crash, the altcoin fell further on the charts and reached its trading price of $1.29, which is currently 85.5% below its peak.
Consecutive declines have triggered consistent losses for CRO holders. And, the average balance on their addresses started to drop at a rapid rate.
In just eight months, the figure has fallen from $533,000 to $50,000 at the time of writing, the lowest since January 2019.
These losses are the reason why even after the announcement of the policy change, few investors really reacted on chain.
The trading volume remained unchanged and the ongoing one-month accumulation worth CRO 110 million was also unaffected.
And it also didn’t entice long-term holders to move their holdings.
So, at this point, it became clear that when it comes to crypto, at least in the case of Cronos holders, it is about money rather than the network.