Alex Dovbnya
Jim Cramer, the prominent CNBC personality, has issued a serious warning about Bitcoin price
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Jim Cramer, the host of CNBC's “Mad Money,” has issued a stark warning about the future of Bitcoin (BTC) on social media network X.
Cramer, known for his incisive financial commentary, pointed to the troubling start of the Bitcoin sell-off.
He noted: “Someone will probably try to take a stand here, but as we said last night, you can't double the value of an asset by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up.”
On a recent episode of “Mad Money,” Cramer said that Bitcoin may have “peaked” and predicted a possible decline in value.
On January 12, he reiterated his belief that Bitcoin has peaked on Twitter.
This Cramer prediction proved correct considering Bitcoin price slipped below $41,000 on Thursday.
ETF launch: A sell-the-news event?
The conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF last week resulted in significant outflows of over $1.5 billion.
JPMorgan analysts led by Nikolaos Panigirtzoglou have raised concerns about further outflows, potentially reaching $3 billion, which could put more downward pressure on Bitcoin prices.
Economist and well-known cryptocurrency skeptic Peter Schiff also weighed in, warning about the impact of the new SEC regulations on transaction costs and the future price of Bitcoin.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
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