Crypto.com coin sees traders pull out of CRO as global market turmoil hits Defcon 1 | Cryptocurrency

  • The Crypto.com coin sees traders fleeing this morning during the ASIA PAC and European sessions as the markets shake.
  • CRO price tumbles and erases Wednesday’s gains as a series of events put traders on edge.
  • Expect further slowdowns ahead of Friday’s U.S. jobs numbers.

Crypto.com coin (CRO) price action is in the crosshairs as a few geopolitical elements prompt traders to pull back from risky assets. For a few days now, the PBOC has been trying to break the strength of the dollar with stronger fixings of its currency but has so far seen its efforts totally shattered due to the lockdowns announced largely in Shanghai. Meanwhile, Russia pledged to buy a substantial amount of yuan and other friendly currencies, triggering further appreciation of the ruble against most major currency pairs.

CRO price not insensitive to forex correlation

Crypto.com coin price action is down today and currently hitting Wednesday lows after initial gains were erased following two external geopolitical events. As you can read above, another round of lockdowns on major blocks in the city of Shanghai, which has a population of one million, is raising fears of more supply chain issues and production disruptions. Then Russia teases and taunts the US and Europe by buying large amounts of currency from China and other “friendly” countries like India to trigger a devaluation of the already battered Euro, translating into negative risk sentiment which sees a small sell-off in cryptocurrencies.

The CRO price could therefore drop further towards this week’s low at $0.1170, with a possible thin loss of 4%. All in all, this could be a telltale sign of things to come with the US jobs report tomorrow, possibly triggering an exponential loss of up to 20% lower, the price of CRO sliding below $0.1000. This devaluation could come from a still strong and positive jobs report, making it harder for markets to cling to the idea that the Fed will soon start to loose monetary conditions, thus not opening up more liquidity. to invest in cryptocurrencies.

CRO/USD daily chart

Of course, for now, the losses appear contained and, as seen this week, the US equities session has often reversed the losses experienced in the European trading session. That could be the case today with a very light US calendar on the economic front, opening some room for the bulls to push equities and risk assets higher. The price of CRO could be seen paring losses and trying to reach $0.1330, which is the new monthly pivot for September and coincides with the 55-day simple moving average (SMA).

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Crypto.com coin sees traders pull out of CRO as global market turmoil hits Defcon 1 | Cryptocurrency


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