It is expected to be caused by the newly elected U.S. president disapproving the funding bill for the year 2025, which includes pay rises and multiple benefits for congressmen from the Democratic party. Tech magnate and head of D.O.G.E. Elon Musk also paid attention to that bill, speaking against it on X.
Jim Cramer tweeted that he had studied every governmental shutdown “since the time of Bill Clinton” regarding the way to react best to it investment-wise. Therefore, Cramer said, “You always had to BUY the fear not sell it.”
Now that Cramer has tweeted about “buying the fear” and not selling it, many commentators, including cryptocurrency fans, began tweeting that it is definitely worth selling, not buying.
Over the last 24 hours, the world’s largest cryptocurrency, Bitcoin, has shed a large part of its gains added over the last month. Bitcoin declined by almost 10%, falling from the $102,450 zone and landing at $92,951. By now, BTC has rebounded a little and is changing hands at $95,200. The key reason for the rapid and deep Bitcoin decline was the recent statement by Federal Reserve boss Jerome Powell about the Fed planning to reduce the high pace of interest rate cutting next year. Rather than the 100-basis-point cut expected by the crypto community, the Fed plans to do a 25-basis-point cut in early 2025.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
