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Jim Cramer's Bearish Remarks as Bitcoin Dips Below $27K, Ether Maintains Stability

Oct 14, 2023 at 10:07 am

Ether demonstrated signs of steadiness following an almost week-long descent.

Bitcoin experienced a slight dip of just under 1% in the last 24 hours, as bearish sentiments, including those expressed by Jim Cramer, a former hedge fund manager and the host of CNBC’s Mad Money, gained traction. The overall market capitalization saw a 0.3% decrease.

Meanwhile, Ether (ETH) exhibited signs of stability, holding around $1,500 with a modest 0.5% gain after its nearly week-long decline. This descent began on Monday after the influential Ethereum Foundation exchanged $2.7 million worth of ETH for stablecoins.

XRP and BNB Chain’s BNB tokens both saw a 0.4% drop, while Solana’s SOL experienced a 1.4% decline. The sole gainer among the large-cap tokens was Chainlink’s LINK, which saw a 2.2% increase. One research firm even suggested that it might be the “safest bet” for capitalizing on the emerging trend of real-world asset (RWA) tokenization.

The Bitsday Market Index (BMI), a comprehensive indicator composed of numerous tokens, fell by 0.4%, indicating overall losses within investor portfolios.

Jim Cramer joined a growing group of bearish analysts on Tuesday, putting forth the idea that bitcoin might face a significant downturn.

Earlier in the week, several traders informed Bitsday that they anticipated a further decline in risky assets, including bitcoin and technology stocks, as the conflict between Hamas and Israel escalated. This heightened concerns of global instability, potentially leading to a flight to safer assets.

Read more: Slashing Saga: Lido's ETH Staking Woes

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