Jim Cramer, the host of CNBC’s “Mad Money,” expressed doubts about Bitcoin‘s ability to maintain its value above $40,000. His perspective emerged during a period when Bitcoin’s price fell below this threshold, coinciding with the decline following the launch of Bitcoin Exchange-Traded Funds (ETFs).
The introduction of Bitcoin ETFs, seen as a milestone for mainstream investors entering the cryptocurrency world, aligned with a significant drop in Bitcoin’s market value, prompting a reevaluation of previous price movement predictions.
Cramer had previously highlighted the rapid appreciation of Bitcoin before the ETFs’ launch and predicted potential downturns and a lackluster market reaction, which seemed to materialize when Bitcoin’s price fell below $41,000.
In the digital asset sector, Grayscale, a major player, attracted attention by depositing approximately 15,308 BTC (worth about $623.8 million) with Coinbase Prime, which was part of a larger transfer of 63,991 BTC (worth roughly $2.68 billion).
Despite these developments, the ‘Inverse Cramer ETF,’ theoretically designed to take positions opposite to Cramer’s predictions, saw an increase in value, recently rising by 1.26% and trading at $20.14.