- Jim Cramer is trending on Crypto Twitter after advising to “sell your Bitcoin.”
- The top crypto asset skyrocketed by 18.2% to $26,295.04 in the last 24 hours.
- Cramer receives immense backlash for endorsing SVB, turns on ‘safety mode.’
Mad Money host Jim Cramer is back in the spotlight on Crypto Twitter. This comes a month after Mr. Cramer advised his viewers to buy Silicon Valley Bank stock, which was deemed insolvent last Friday. However, the recent bank run caused by massively selling off securities at a loss rate didn’t stop the controversial presenter from making a bold claim about Bitcoin (BTC) in last night’s episode of Mad Money.
In the episode, Mr. Cramer asserted that he never was “a believer of Bitcoin. Not here, not now.” The fundamental statement stems from Cramer’s opinion that even decentralization cannot prevent price manipulation by the larger players in the crypto game. Cramer’s condemnation of the leading digital asset once again resulted in a double-digit bull run for BTC.
Cramer Goes Low Pro, Investors Outraged
Meanwhile, ‘Cramer’ is trending on Twitter this Tuesday afternoon, as crypto enthusiasts and traders are ripping into Cramer’s dangerous endorsement of Silicon Valley Bank and First Republic Bank, right before both of them were shredded to pieces due to unsuccessful security investments.
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Even though Cramer’s Twitter profile header reads “get in-depth investment advice,” the controversial financial analyst took extra safety measures on his account, enabling Safety Mode. Ultimately, this means that people not in the same circle would get auto-banned or require manual approval.
Bitcoin Steps Away from the Bears
As the crypto community and the stock market were waiting for today’s FED CPI rate announcement, the leading digital asset, Bitcoin (BTC), found strength for a surprise rebound rally after last week’s bull trap. Fortunately, the CPI rate calculated for February is just 6%, dropping for eight months in a row. Ultimately, this was just enough to push BTC back to $25,000 levels for the first time since June 2022.
Indeed, Bitcoin managed to break out from the protracted descent and reclaimed the next key support level at $25,000, which historically holds strong in volatile market conditions. At press time, the number one digital asset trades at $26,295.04, with an 18.3% daily uptrend, also having a solid month with 20.1% gains.
On the Flipside
- Bitcoin’s double-digit rally could also be highly influenced by the reassurance from the United States authorities that all deposits in the now-bankrupt Silicon Valley and Signature banks will be protected under the law.
Why You Should Care
It’s important to understand how media personalities can affect the crypto markets.
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