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CNBC Mad Money Host Jim Cramer has once again shaken things up in the world of cryptocurrencies with his latest tweet comparing gold and cryptocurrencies.
In an X post published a few hours ago, Cramer wrote“Remember this: gold has held up much better than crypto.” This statement quickly sparked reactions from the crypto community, with many interpreting it as a potential signal of bottoming out for the cryptocurrency market.
Cramer’s tweet comes as the cryptocurrency market is experiencing increased volatility. Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears.
Bitcoin 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.
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The developments reflect a broader market sell-off 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.
Ethereum’s losses were significantly greater. The cryptocurrency asset fell 17% to $2,259, extending its three-day loss to 24% and erasing its 2024 gain. The Nasdaq Composite saw a decline; Japanese stocks entered a bear market on Monday after falling more than 12% overnight, the biggest one-day decline since 1987.
The crypto community reacts
Cramer’s message caught the attention of crypto communitygiven his track record in cryptocurrencies, in which he has frequently expressed skepticism about the asset class. Most of the time, Cramer’s prediction turns out to be the opposite, and as a result, his words are often taken lightly.
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A review of comments under Cramer’s post indicated that some interpreted Cramer’s comment as a potential bottoming signal for the crypto market, suggesting that the worst of the recession may be over.
Some have also viewed it as a contrarian indicator, believing that when mainstream financial commentators express skepticism, it could signal a buying opportunity.
Cramer’s recent comments were seen by some as a market bottom and potential rebound.