U.Today – CNBC's Mad Money host Jim Cramer has stirred the waters in the cryptocurrency world again with his latest tweet comparing gold and cryptocurrencies.
In a post on X published a few hours ago, Cramer wrote: “Remember this: Gold held up much better than crypto.” This statement quickly generated reactions from the cryptocurrency community, with many interpreting it as a possible sign that the cryptocurrency market was bottoming.
Cramer's tweet comes at a time when the cryptocurrency market is experiencing heightened volatility. Cryptocurrencies fell on Monday amid a global market sell-off triggered by fears of a recession.
It 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 selloff that began last week, when a weaker-than-expected July jobs report fueled investor concerns about a recession. Bitcoin has fallen more than 18% since Saturday.
The cryptocurrency's losses were significantly larger. The cryptocurrency asset fell 17% to $2,259, extending its three-day loss to 24% and wiping out its 2024 gain. The has seen a decline; Japanese stocks entered a bear market on Monday after falling more than 12% overnight, the biggest one-day drop since 1987.
The crypto community reacts
Cramer’s post caught the attention of the crypto community, given his previous experience with cryptocurrencies, where he frequently expressed skepticism about this asset class. More often than not, Cramer’s prediction turns out to be contrary, and thus his words are often taken lightly.
A look at the comments under Cramer’s post indicated that some interpreted Cramer’s comment as a possible sign of a bottom for the cryptocurrency market, suggesting that the worst of the downturn may be over.
Some also considered it a contradictory indicator, believing that when mainstream financial commentators express skepticism, it could signal a buying opportunity.
Cramer's recent comment was seen by some as a market bottom and a possible rally.
This article was originally published on U.Today
