According to U.Today, CNBC's Mad Money host Jim Cramer has once again stirred the cryptocurrency community with his latest tweet comparing gold and cryptocurrencies. In a recent post on X, Cramer stated, 'Remember this: gold held up a lot better than crypto.' This remark quickly garnered reactions from the crypto community, with many interpreting it as a potential bottoming signal for the cryptocurrency market.
Cramer's tweet comes amid heightened volatility in the cryptocurrency market. Cryptocurrencies experienced a significant drop on Monday, triggered by global market sell-offs due to recession fears. Bitcoin fell to $49,050, marking its lowest level and the first time it dipped below $50,000 since February, after trading around $70,000 just a week earlier. Ethereum's losses were even more pronounced, falling 17% to $2,259, extending its three-day loss to 24% and erasing its 2024 gains. The broader market sell-off began last week following a weaker-than-expected July jobs report, which fueled investor concerns about a recession. The Nasdaq Composite also saw a decline, and Japanese stocks entered a bear market on Monday after falling more than 12% overnight, the largest one-day drop since 1987.
Cramer's post drew significant attention from the crypto community, given his history of skepticism towards cryptocurrencies. Many in the community often view his predictions with caution, as they frequently turn out contrary to his statements. Comments under Cramer's post indicated that some interpreted his remark as a potential bottoming signal for the crypto market, suggesting that the worst of the downturn might be over. Others viewed it as a contrarian indicator, believing that skepticism from mainstream financial commentators could signal a buying opportunity. Cramer's recent comment has thus sparked a debate within the crypto community, with some seeing it as a market bottom and potential rebound.