Benzinga - CNBC’s ‘Mad Money’ host Jim Cramer on Thursday, weighed in on Bitcoin’s (CRYPTO: BTC) notable decline following the launch of several Bitcoin exchange-traded funds (ETFs).
What Happened: Cramer on X said, “Nasty beginning to the bitcoin selloff. Someone’s probably going to try to make a stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up."
Nasty beginning to the bitcoin selloff. Someone's probably going to try to make a stand here but as we said last night you can't have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up— Jim Cramer (@jimcramer) January 18, 2024
His statement comes as Bitcoin saw a 4% decrease over the past day, now sitting at around $41,000, the lowest it has been since the debut of Bitcoin spot ETFs.
In another tweet, Cramer shared another point of view from stock and commodity trader Larry Williams, indicating that the market has not reached its lowest point yet. "The legendary Larry Williams warning me that we are very far from the bottom in crypto."
The legendary Larry Williams warning me that we are very far from the bottom in crypto— Jim Cramer (@jimcramer) January 18, 2024
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Why It Matters: Last week, Cramer spoke about Bitcoin’s future price movements. “Normally you would expect a top in Bitcoin on a sell the news situation. I am not even sure that happens…”
The SEC has given its nod to several spot Bitcoin ETFs from prominent financial entities, such as Grayscale’s Bitcoin Trust. The move has included products from Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin.
Photo Courtesy: Shutterstock.com
Price Action: At the time of writing, Bitcoin was trading at $41,148 down 3.40% in the last 24 hours, according to Benzinga Pro.
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