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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Cronos (CRO) Up 4% In Last Week Amid Recession Fears

Christian Encila
Christian Encila
2 years ago
4 mins read
CRONOS

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Crypto.com is one of the centralized exchanges that survived the market tribulations of 2022. Recent analysis done by CryptoCompare shows that the CEX had an average market share of 4.6% last year. Its native token Cronos, despite the challenges, was able to withstand the beating.

Although this is incredibly small compared to the big shots of the market, its mere survival could mean big things for its growth. 

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CRO And Macroeconomic Trends

The crypto market saw its value drop sharply as the bear market gripped the broader financial market. With major crypto institutions collapsing and the crypto market learning the mistakes of the 2008 financial crash, the industry is ready for a new start this year. 

The Federal Open Market Committee (FOMC) Meeting Minutes that kicked off yesterday certainly had an effect on Cronos (CRO) as a whole. After dropping in price in the past days, the minutes gave new hope to investors as Cronos traded at $0.0597 and gained 2.4% in the past 24 hours. 

Image: Coingecko

Major cryptocurrencies like Bitcoin and Ethereum also rose after news of a seemingly dovish macroeconomic stance by the U.S. Federal Reserve. 

This dovish stance can be a sign that the consumer price index (CPI) might be lower than that of November’s. A strong sign that the previous year’s interest hikes have a strong effect on managing the inflation problem. However, it remains to be seen whether it did lower or not. 

Image: CryptoSlate

Investors Should Watch This Level…

Good macros aside, the central bank is still hawkish on the acceptance of crypto on the financial system. But with that said, the crypto market and the traditional financial space are increasingly intertwined with one another and with the International Monetary Fund pushing for regulation. 

Although the markets should anticipate the introduction of legislation, CRO investors should still focus on the macro trends that will have an effect on the market right now. Next week, the Fed is expected to release the CPI data that would have an effect on the markets. 

Meanwhile, investors and traders should watch a breakthrough on the current CRO resistance at $0.0607 which would be a bullish indicator of things to come.

But with the CPI data incoming, holding off any major decision could be the wisest choice to do. 

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CRO/USD pair trading at $0.0595 on the daily chart | Chart: TradingView.com

Monitoring how Bitcoin and Ethereum move will also be crucial. Even though Cronos correlation is low right now, major market movements made by these two top cryptos would determine where the entire cryptocurrency market might go. 

However, with the fears of a recession gripping the markets, gains higher than $0.0638 might be impossible for Cronos as investor sentiment is dampened.

As the situation unfolds, investors and traders will have an answer as to what to do with their Cronos holdings.

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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