Jim Cramer, host of CNBC’s Mad Money, said on Monday that he will empty his entire wallet in light of the recovery in the cryptocurrency market. Looks like today’s price rally makes ‘The Curse of Jim Cramer’ real once again.
Bitcoin (BTC) climbs to $25,000 ahead of US CPI data
Today, another interesting day is shaping up in the cryptocurrency market as the issues surrounding quite a few banks in the US continue. US employment data to be announced in the coming hours will cause more activity. Prior to that, Bitcoin’s price approached $25,000 and the market’s total value regained $1 trillion support.
Still, not everyone is so optimistic about the cryptocurrency market, which has seen the US financial crisis with a double-digit rally. CNBC’s Mad Money host and former stockbroker Jim Cramer reported that he will empty his entire wallet as the cryptocurrency market recovers. He made harsh statements about Bitcoin…
Holy shit. New #Bitcoin ATH incoming. pic.twitter.com/DBX2wiyDSh
— Samson Mow (@Excellion) March 14, 2023
Jim Cramer urges investors to ‘sell’ as crypto market gains momentum
Cramer urges investors to be cautious when dealing with Bitcoin, as the cryptocurrency market is still subject to manipulation. In his latest Mad Money post, he warned that “Bitcoin is a strange animal” and urged investors to sell during the rally.
“I used to sell my Bitcoin at this rally, believe me, I was someone who believed in BTC,” Cramer said. After the statements, the price of Bitcoin is trading above $24,000 for the first time in over two weeks. The widespread rally has had its effect on most altcoins.
Stocks recommended by Jim Cramer suffer the biggest losses
The bankruptcy of Silicon Valley Bank and Signature Bank SBNY, a subsidiary of SVB Financial Group SIVB, is preparing a difficult period for investors who rely on Cramer’s stock advice. Among these closes, many stocks that Cramer previously recommended are among the ones that fell the most.
Last week, New York-based Signature Bank became the latest victim of a global chain of bankruptcies. This news comes in the wake of Silicon Valley Bank’s (SVB) plunge just two days ago, marking the second-largest collapse in US history after Washington Mutual’s bankruptcy in 2008. Details of SVB bankruptcy cryptocoin.comWe have included it in this article.
Finally, let’s mention that Signature Bank, which has more than $110 billion in assets, witnessed the third largest bank failure in US history. There was a sharp increase in bank failures during the 2007-2008 US financial crisis, but the banking system has not seen such a high number of failures since.
