Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Jim Cramer's Market Statement Ignites Buzz in Crypto Community, Here's Why

Published 05/07/2024, 11:37 AM
Updated 05/07/2024, 03:00 PM
Jim Cramer's Market Statement Ignites Buzz in Crypto Community, Here's Why

U.Today - The crypto community is abuzz following a recent market statement by Jim Cramer, the host of CNBC's Mad Money. Known for his bold market predictions, Cramer's comments have historically served as an unintended contrarian indicator, particularly for crypto investors. His latest statement has once again spotlighted the peculiar trend of his forecasts, often contrary to market outcomes.

The markets posted mixed action on Tuesday, with stocks gaining as traders looked for more clues as to when the Federal Reserve may start cutting rates. Cryptocurrencies rather saw a decline, with Bitcoin leading other majors to trade in red, down 1.10% in the last 24 hours to trade at $63,399.

In reaction to the market action, Jim Cramer tweeted "look out bears" alongside a GIF image that bore the caption "i will find you."

The crypto community's reaction to Cramer's statements is a mix of skepticism and amusement. Many debate the implications of his words, with some viewing them as an indication of the reverse of what he thinks.

The community's reaction to Cramer's latest statement is particularly noteworthy given the current uncertainty on the market.

Bitcoin rebounded late last week after fresh U.S. jobs data soothed concerns that the economy was overheating and Fed Chairman Jerome Powell ruled out raising interest rates as the central bank’s next move.

However, other conflicting economic statistics, such as an increase in the employment cost index, may indicate that the true direction of inflation remains uncertain.

Robinhood (NASDAQ:HOOD) reported on Monday that the SEC's enforcement staff had written the company a Wells notice, suggesting that it had reached an initial determination to recommend enforcement action — the latest hint that the agency is not backing down from its years-long crackdown on digital assets.

Santiment, an on-chain analytics firm, suggests that given social trends, the news surrounding Robinhood could impact market activity throughout May.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.