- Jim Cramer said he would sell his Bitcoin, citing concerns about market manipulation by Sam Bankman-Fried.
- Bitcoin evangelist Neil Jacobs pointed out that Bitcoin had risen 9% since Cramer’s declaration.
- Bitcoin expert Ali, shared an image on Twitter explaining the psychology behind the crypto market by Wall St. Cheat Sheet.
CNBC Mad Money’s Jim Cramer said during a live telecast that he would sell his Bitcoin. However, according to crypto Bitcoin evangelist Neil Jacobs’ tweet on March 18, Bitcoin is up 9% since Cramer’s declaration.
“Don’t listen to Cramer. That was 4 days ago.,” advised Jacobs while sharing a video of Cramer responding to a caller about ongoing skepticism towards traditional banking and if the Federal Reserve has increased the investment appeal of Bitcoin.
In response, Cramer acknowledged the rise in the price of BTC but cautioned that the market is being manipulated by Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, who has faced controversy. Cramer advised against assuming that Bitcoin is no longer being manipulated. He also mentioned that he was once a supporter of Bitcoin but has changed his stance. He added,
No, Bitcoin is a strange animal. I will say point-blank, I think it’s being manipulated up. I would sell my bitcoin right into this rally.
Meanwhile Bitcoin expert, Ali shared an image explaning the psychology behind the crypto market in his latest tweet on March 18, titled “Psychology Of A Market Cycle,” by Wall St. Cheat Sheet.
The document highlighted that between the pekak and recovery of prices in a market, lies the a dip called “through” which forms the point of maximum financial opportunity.
Moreover, the image depicted the emotions that a trader experinces at different pounts in the market when the price is fluctuating. For instance, when the value is running low at the beginning of a rally, an invetsor may think “This rally will fail like the others.”
Meanwhile, at the rally’s peak, the trader will experience euphoria. “I am a genius! We’re all going to be rich!,” quotes the tweet.
Similarly, as prices begin to fall, the trader might go through a range of emotions including anxiety and denial, followed by panic and disbelief.