- Jim Cramer’s recent tweets express caution towards Bitcoin (BTC).
- Cramer doubts BTC’s ability to regain stability.
- Economist Peter Schiff notes that all new Bitcoin ETFs are in a bear market.
In recent tweets, CNBC host Jim Cramer has expressed a cautious stance on Bitcoin (BTC). Cramer described it as a “tough own” and cast doubt on BTC’s ability to regain stability.
Cramer shared a cautious view on Bitcoin just as spot ETFs were introduced to the market. The timing seems odd because these ETFs came around and triggered a drop in the price of BTC.
The debut of Bitcoin ETFs, which was predicted to cause a surge in the BTC price, has coincided with a decline in Bitcoin’s market value. This decline has prompted a reevaluation of earlier bullish forecasts for Bitcoin’s future, with Cramer’s recent analysis aligning with this shift in sentiment.
As noted by economist Peter Schiff, all of the new Bitcoin ETFs have now entered bear market territory, typically defined as a drop of 20% or more from a peak price. Schiff provocatively suggested that the VanEck Bitcoin Trust ETF (EBIT) should change its ticker symbol from “HODL” to “GTFO.”
Following the debut of Bitcoin ETFs, the price of BTC surged past $48,000. However, the price swiftly plunged and is trading at $40,071 at press time.
According to CoinGecko data, BTC dropped below the $40,000 level and went as low as $39,494 before climbing back to its current price. Bitcoin has shed 6.3% of its value in the last seven days and 14.5% in the last 14 days.
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