- CNBC’s Mad Money host Jim Cramer claims, “Buyers are just walking away.”
- Crypto community on X takes Inverse Cramer’s hint as a local bottom signal.
- Bitcoin flops below $57K as over $1T was erased from stock markets overnight.
The notoriously wrong Mad Money TV show host Jim Cramer has voiced his opinion on the ongoing crypto and stock market downturn, stating, “It’s not a market-wide sell-off at all.” Nevertheless, the U.S. stock markets have been wiped out of an eye-watering $1.05 trillion on September 3, 2024.
$1T Wiped Out in Stock Markets as Bitcoin Struggles
Bitcoin (BTC) fell through $56,000, while Ethereum (ETH) slipped below $2,400 for the first time since August 8. Overall, the general crypto market has dropped 5.5% of its value in the latest 24-hour period.
While Cramer’s understanding of the crypto market has often led to an inverse effect on crypto prices, his recent criticism of Bitcoin and crypto in general has planted some optimism about an impending crypto rally. In an evening tweet on September 3, Cramer proclaimed, “Buyers just walking away at this point.”
Cramer’s Pessimism: Catalyst For Bitcoin’s Rebound?
This has sparked a wave of positive sentiment on X, as most traders aware of Cramer’s unconventional market understanding took it as a bottom signal. “OMG we have bottomed,” uttered TRACTO, while others thanked him for what’s understood as a well-timed bottom call.
Some traders like Crypto Santa were more cautious, reminding X’s crypto audience that the interest rate decision by the FED is yet to come, which is expected to have a brutal impact on crypto prices .
As for now, BTC is trading at $56,558.58, sliding down by 2.2% since Cramer posted his presumably bearish tweet. Despite the ongoing crypto market pullback, Bitcoin is still 13.6% up in a 30-day timeframe, while the year-to-date returns are going strong with a 118% increase.
On the Flipside
- While the crypto markets are yet to respond to Jim Cramer’s predictions, some stock traders have noticed an immediate ‘Inverse Cramer’ effect on some SP 500 listed company stocks.
Why This Matters
Experienced financial analysts can offer a unique perspective on the current crypto market sentiment, but their price predictions are not taken for granted.
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