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

• The Crypto.com coin sees traders fleeing this morning during the ASIA PAC and European sessions as markets rattle.
• CRO price falls, erasing gains from Wednesday as a series of events put traders on edge.
• Expect more declines in the run-up to Friday’s US jobs report.

Crypto.com coin (CRO) price action is in the crosshairs as a few geopolitical elements trigger traders to pull out of risk assets. For a few days already, the PBOC has been trying to break the dollar’s strength with a stronger peg for the currency, but so far has seen its efforts completely crushed due to announced shutdowns in a large part of Shanghai. Meanwhile, Russia has committed to buying a significant amount of the yuan and other friendly currencies, sparking renewed ruble strength against most major currency pairs.

The CRO price is not insensitive to currency correlation

Crypto.com coin price action is on the back foot today and is currently breaking Wednesday’s low after initial gains were erased on the back of two external geopolitical events. As you can read above, a new round of shutdowns at large blocks in the million-dollar city of Shanghai is sparking fears of more supply chain problems and production disruptions. Russia then teases and taunts the US and Europe by buying large chunks of currency from China and other “friendly” nations like India to trigger a devaluation for the already battered Euro, spilling over into negative risk sentiment leading to a small sell-off. of in cryptocurrencies.

The CRO price could thus fall further towards this week’s low of $0.1170, with a possible loss of 4%. Overall, this could be a telling sign of things to come with the US jobs report on the docket tomorrow, possibly triggering an exponential loss that could go as far as a 20% decline, with the CRO price falling below $0.1000. This devaluation could come from a still solid and positive jobs report, making it harder for markets to hang on to the idea that the Fed will soon begin to lose its monetary conditions, thus not opening up more money to invest in cryptocurrencies.

CRO/USD Daily Chart

Of course, for now, the losses look contained, and as seen this week, the US stock session has often reversed the losses incurred during the European trading session. That may be the case today with a very light US calendar on the economic front, opening up some room for bulls to push stocks and risk assets higher. The CRO price can 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).