U.Today — CNBC’s “Mad Money” host Jim Cramer has once again stirred up trouble in the cryptocurrency world with his latest tweet, in which he compared gold to cryptocurrencies.
In a post X published a few hours ago, Cramer wrote, “Remember this: gold has held up much better than cryptocurrencies.” The statement quickly sparked backlash from the crypto community, with many interpreting it as a potential signal of a bottom in the cryptocurrency market.
Cramer tweeted as the cryptocurrency market experienced heightened volatility. Cryptocurrencies fell Monday amid a global market sell-off sparked by recession fears.
At one point, the rate fell to $49,050, its lowest level and the first time it had traded below $50,000 since February, after hovering around $70,000 a week earlier.
The developments reflect a broader market sell-off that began last week, when a weaker-than-expected July jobs report fueled investor fears of a recession. Bitcoin is down more than 18% since Saturday.
Losses were much wider. The cryptocurrency asset fell 17% to $2,259, extending a three-day loss to 24% and erasing a gain from 2024. They fell; Japanese stocks entered a bear market on Monday after falling more than 12% overnight, their biggest one-day decline since 1987.
Cryptocurrency community responds
Cramer’s post caught the attention of the crypto community, given his previous history with cryptocurrencies, where he has often expressed skepticism about the asset class. Cramer’s predictions have often turned out to be the opposite, which is why his words are often taken lightly.
An analysis of the comments under Cramer’s post indicates that some interpreted his statement as a potential signal of a bottom in the cryptocurrency market, suggesting that the worst of the recession may be over.
Some also viewed it as a contrarian indicator, believing that when leading financial commentators express skepticism, it could be a signal to buy.
Cramer’s latest comments were seen by some as a signal that the market had bottomed out and could rebound.
