Crypto.com (CRO) on a 20% Weekly Loss as UK Advertising Watchdog Bans Two Ads

  • com’s price lost 4% within the last 24 hours and more than 20% in one week amid news of a ban.
  • Advertising Standard Authority in the UK has banned two Crypto.com ads, deeming them irresponsible and misleading.
  • Experts forecast further drops in CRO price as the alt prints lower lows.

Crypto.com (CRO) price encountered plunges within the last week. The alternative toke has recorded losses in four successive weeks. Meanwhile, UK advertising regulators banned two advertisements by the exchange.

CRO Responds to Advert Ban with Price Plunge

The UK advertising regulator ASA (Advertising Standards Authority) banned two crypto ads from Crypto.com, labeling them irresponsible and misleading. The watchdog revealed its concerns on Crypto.com, encouraging market players to use credit cards when buying crypto.

Purchases completed via credit cards would meet high-interest rates and other related fees, translating to high risks by investors. The UK regulator believes that the ads by the exchange might take advantage of credulity and inexperience by investors.

The watchdog has criticized crypto exchanges that manipulate investors with failure to highlight related risks on ads for their services and products.

Business with Brian YouTube expert believes Crypto.com price might extend its downward movements. The alternative token has registered consistent losses for the last 30 days.

Meanwhile, some analysts trust a trend reversal might happen if the alt confirms the $0.45 current price as a low. That way, the crypto might bounce back from the level. Nevertheless, CRO is likely to keep in downtrends.

Though price plummets, off-chain and on-chain stats on Cronos network show that most of the CRO holders are profitable at the moment.

For now, Crypto.com’s road with fewer obstacles remains the downside since the alternative token prints lower lows after the latest downside move. Besides the advert bans by UK regulators, the overall downbeat mode in the financial markets contribute to CRO’s downswings.

Meanwhile, a bullish reversal in the broad market would support uptrends in Crypto.com. Nevertheless, the altcoin market battles to bounce back amid bearishness in the global marketplace.

Feel free to share your views in the comment section below.

Editorial credit: Ira Lichi / Shutterstock.com

By Edward Richardson
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