Mad Money Host Jim Cramer Argues That the Tide is Turning Against Bitcoin
Jim Cramer, host of CNBC’s Mad Money, argued that Bitcoin may have reached its peak. His comments come as the cryptocurrency market dropped below $200 billion in value, with Bitcoin struggling with the $6,000 mark. In June 2018, the former hedge fund manager said the leading virtual currency could eventually be worth $1 million one day. Jim Cramer Expects Price of Bitcoin to Stabilize At $800-$1,000 The cryptocurrency market is signaling a risk-off sentiment as market capitalization breaks below $200 billion and reverses gains obtained in late 2017. Adding to the negative sentiment is Bitcoin’s dominance, climbing above 50%, as traders hesitate to invest in altcoins. With Bitcoin’s market capitalization heading down to $100 billion, Cramer took the opportunity to, indirectly, retract his bullish outlook on CNBC’s “Squawk on the Street“. “I think the tide has turned against it […] I’m not saying its time has passed but there
Like this article? Take a second to support us on Patreon!