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

  • Crypto.com coin sees traders flee this morning during the ASIA PAC and European sessions as the markets are upset.
  • The CRO price falls and wipes out Wednesday’s gains as a series of events put traders in trouble.
  • Expect further declines ahead of the number of US jobs on Friday.

The price action of Crypto.com (CRO) coins is in the crosshairs as some geopolitical elements push traders to withdraw from risk assets. For a few days, the PBOC has been trying to break the dollar’s strength with stronger fixes of its currency, but so far it has seen its efforts completely thwarted due to the largely announced freezes in Shanghai. Meanwhile, Russia has pledged to buy a substantial amount of the yuan and other friendly currencies, triggering another ruble run of strength against most major currency pairs.

CRO price not insensitive to forex correlation

Crypto.com’s coin price action takes a back seat today and is currently hitting Wednesday lows after initial gains were written off in the wake of two external geopolitical events. As you can read above, another round of lockdowns on major lockdowns in the city of Shanghai, one million people, is sparking fears of further supply chain problems and production disruptions. Subsequently, Russia is teasing and taunting the US and Europe by buying large chunks of forex from China and other “friendly” nations like India to trigger a devaluation for the already mistreated euro, overflowing with sentiment of negative risk that sees a small sale off in cryptocurrencies.

The CRO price could then drop further towards this week’s low of $ 0.1170, resulting in a possible 4% loss. Overall, this could be a significant sign of things to come with the U.S. jobs report on the agenda tomorrow, possibly triggering an exponential loss that could go as high as a 20% decline, with the CRO price dropping below. under $ 0.1000. That devaluation could come from a still strong and positive employment relationship, making it harder for markets to cling to the idea that the Fed will soon start losing its monetary conditions, thus not opening up more liquidity to invest in cryptocurrencies.

CRO / USD daily chart

CRO / USD daily chart

Of course, for now, the losses appear to be contained and, as seen this week, the US equity session has often reversed the losses incurred during the European trading session. It could be the same today with a very light US calendar on the economic front, opening up room for the bulls to push equities and risk assets higher. CRO price could be seen reducing 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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