CNBC Mad Money host Jim Cramer is once again vocal about his negative predictions for cryptocurrencies, this time claiming that he received a warning from “Larry Williams” that the cryptocurrency market is still a long way from the bottom.
Jim Cramer sees further declines in cryptocurrency prices
According to this latest prediction, Jim Cramer notes that the cryptocurrency market is likely to see further price declines in the coming days and weeks. Although there is no guarantee that his predictions will be correct, the overall cryptocurrency market has shown bearish signs with the prices of several currencies including Bitcoin (BTC) and… HThere is (ETH) in red.
Remarkably, this is the second unenthusiastic prediction made by the US TV host in the past few days regarding cryptocurrencies. When the price of Bitcoin was around $42,000, Jim Cramer made a post on X implying that Bitcoin You won't move It exceeded its levels at that time.
“Checking in with Larry Williams. Big Bitcoin Summit… MAJOR,” the CNBC Mad Money host posted at the time.
Since then, Bitcoin has not gained much in terms of price but the coin has surpassed Jim Cramer's expectations. Overall, Bitcoin has shown some negative sentiment towards the digital currency whose ETF was just released by several prominent institutions including BlackRock.
Why is the price of Bitcoin falling?
Initially, it was veteran cryptocurrency trader and CEO of Blockchain Investment Fund and Advisory Services Ran Neuner attributed The price fell to a drastic dump of Grayscale's GBTC. However, it is now becoming a broader challenge for the cryptocurrency market as the ecosystem overall appears to be overwhelmed.
In the wake of this decline, the broad market capitalization fell from approximately $1.82 trillion to $1.66 trillion.
These price declines are a result of volatility, earnings season, and macro considerations. There is also the challenge of a rising US dollar causing selling pressure on Bitcoin. It is generally known that a downward movement in Bitcoin prices directly leads to the same movement in other digital assets.
Bitcoin is trading at $41,270.72 It is down 3.03% and Ethereum is trading at $2,447.96, down 3.49% in the past 24 hours. Other altcoins are facing the same fate but upcoming events including potential interest rate cuts are likely to trigger a more promising reaction from these coins.
