Despite Bitcoin (BTC) price surging +10.34 in the last 24 hours, Jim Cramer claimed that BTC is being “manipulated up.”
On the heels of bailouts of SVB and Signature — two major lenders in the U.S. — Cramer says that there is no foreseeable use case for Bitcoin.
I le tali atu i se fesili pe faʻamalosia le faʻamalosia o le faiga o teugatupe ma le feterale faʻaagaga le faʻatupeina o le BTC, na tali Cramer:
"Leai. Na alu aʻe Bitcoin i aso nei, ma e mafai ona ou finau o lea e le mafai ona taofia i faletupe. Bitcoin o se manu ese, o le a ou fai atu. Fa'aitu avanoa, ou te manatu o lo'o fa'aogaina. Sa fa'aogaina i le taimi atoa e Sam Bankman-Fried. Fa'amolemole aua ne'i e manatu, o lea e le'o fa'aogaina pea. Ma o le a ou faʻatau atu laʻu bitcoin i totonu o lenei faʻapotopotoga.
Cramer’s previous support for Silicon Valley Bank
Cramer recently supported was Silicon Valley Bank (SVB), telling viewers of his show ‘Mad Money’ last month to buy stock in the now defunct bank.
However, Cramer has been known to make an inverse call — even spawning several memes and even indexes based on picking the opposite of what Cramer recommends.
Quantbase’s Inverse Cramer Index is up 105.31% vs. benchmark since it’s launch March 31, 2017.
Bitcoin’s inverse Cramer surge
Following the announcement by U.S. authorities that deposits in failed banks would be protected, BTC price surged to nearly $25,000 — representing a 20% increase since Friday’s lows. The price rise caused a rally among major cryptocurrencies and crypto-related companies.
However, the collapse of these banks is anticipated to result in a significant slowdown in Fed rate hikes, and it is now considered unlikely that there will be any further rate hikes.
Source: https://cryptoslate.com/cnbc-host-jim-cramer-claims-bitcoin-is-being-manipulated-up/