In an X post made a few hours back, Cramer wrote, “Remember this: gold held up a lot better than crypto.” This statement quickly garnered reactions from the crypto community, with many interpreting it as a potential bottoming signal for the cryptocurrency market.
Cramer’s tweet comes as the cryptocurrency market is experiencing increased volatility. Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears.
Bitcoin fell to $49,050 at one point, its lowest level and the first time below $50,000 since February, after trading 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 concerns about a recession. Bitcoin has dropped over 18% since Saturday.
Ethereum‘s losses were significantly greater. The cryptocurrency asset fell 17% to $2,259, extending its three-day loss to 24% and wiping out its 2024 gain. The Nasdaq Composite has undergone a decline; Japanese stocks entered a bear market Monday after falling more than 12% overnight, the largest one-day drop since 1987.
A look at the comments under Cramer’s post indicated that some interpreted Cramer’s comment as a potential bottoming signal for the crypto market, suggesting that the worst of the downturn might be over.
Some also held it as a contrarian indicator, believing that when mainstream financial commentators express skepticism, it could signal a buying opportunity.
Cramer’s recent comment to some was seen as a market bottom and potential rebound.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
