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Trump Media Ends Deal with Crypto.com Amid Cryptocurrency Market Downturn

Guavy AI Editorial Team
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BTC CRO
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Trump Media & Technology Group Corp., the conglomerate controlled by former US President Donald Trump, has ended its deal with Crypto.com to buy billions of dollars' worth of the CRO token. The two companies also canceled a plan to offer prediction market contracts on the Truth Social network.

The decision comes after Bitcoin prices fell nearly 50% from their peak last year, from around $65,000 to the current level. This decline has led to a decrease in enthusiasm for token-hoarding stock vehicles.

Crypto.com CEO Kris Marszalek stated that moving forward with the deal 'doesn't make sense' under current market conditions. The company will continue to pursue other exchange-traded fund (ETF) opportunities and find alternative ways to allocate resources.

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