The cryptocurrency market has not been kind to the Binance exchange and its BNB token of late. The exchange was reeling from an investigation by the SEC that threatened to lock the project in a Ripple-style court battle over the token's security status. A few weeks ago, Binance froze BTC withdrawals amid the market's liquidity issues. These types of events have shaken investors' faith in crypto projects and it will slow the uptrend recovery.

A new token on the block is Chronoly (CRNO), which offers different forms of utility and could provide investors with optimism during these bearish markets. The project is creating an NFT marketplace for NFTs that are 100% backed by physical luxury watches, such as Rolex's.

Binance Coin (BNB) Can Recover but Crypto Volumes May Slow

Binance Coin (BNB) is still holding strong at number 5 in the list of coins by market cap with a $38.4bn valuation. That represents a coin price of $234 but is a far cry from the highs of over $650 registered previously. As the market was dragged lower by BTC some projects were hit with their own specific problems and Binance BNB seemed to have quite a few of their own. Reuters wrote an article that accused Binance of money laundering on its platform. The project refuted that claim but it aroused investor suspicion.

The second event was an SEC investigation into whether the Binance token (BNB) should be classed as a security. That could drag the coin into the same lawsuit struggle that Ripple has gone through. Finally, a couple of weeks ago the platform froze BTC withdrawals for a number of hours due to the market volatility, and that also damaged investor confidence. The recovery in BNB could be slow and we will need to see trading volumes increase on the platform in the months ahead.

Chronoly (CRNO) Readies a Trust-Based Asset

Chronoly.io has the chance to pick up the baton from some of the better-known projects on the issue of trust and real-world utility. Asset-backed NFTs in the world of luxury watches can provide security for investors and reduce volatility from speculative money.

NFTs on the Chronoly marketplace will be easier to value for traditional investors due to the assets that it holds. NFTs will be minted against the physical watch and the value on the open market for the watch will determine the value of the NFT. Investors can track historical prices, review openship history and validate the authenticity of the watch on a decentralised ledger. Industry experts are calling disruptive innovation and the birth of the "phygital" era.

Investors who hold a fractional share of the watch backed NFT, are then exposed to the same share of the underlying watch. They can trade in and out of different watches, just like stocks, but also collect all the NFT fractions and claim the physical piece by placing a 100% buyout offer. Analysts have predicted the Chronoly native token (CRNO) could rise by 2,000% during the presale phase giving a massive boost to investors during such a bear market.

More information on the Chronoly presale is here:

Website: https://chronoly.io/

Telegram: https://t.me/Chronolyio

Twitter: https://twitter.com/Chronolyio