Cronos Price Tumbles After Trump Media Abandons Treasury Plans

Cronos has seen significant price drops after major backer Trump Media pulled out of its treasury plans with Crypto.com. The token is now down 14.04% over the past week, according to CoinMarketCap.

The news broke that Trump Media was walking away from its treasury plans with Cronos, which had been a major bullish catalyst for CRO's price last year. This move removes a demand source that markets had priced in, leading to today's sharp red candle and surge in trading volume as positions get unwound.

$CRO has been in a clear downtrend since mid-May, with the 20 and 50 EMA crossover on May 17 marking the beginning of this trend. The token attempted two separate reversal efforts this cycle but failed to close above the EMAs on both occasions.