Jim Cramer Ignites Crypto Community Response with Gold Crypto Tweet

Jim Cramer, the host of CNBC’s Mad Money, has once again made waves in the cryptocurrency sector with a recent tweet comparing gold to cryptocurrencies.

In a post shared a few hours ago, Cramer stated, “Remember this: gold held up a lot better than crypto.” This remark quickly attracted attention from the crypto community, with many interpreting it as a potential signal for a market bottom.

Cramer’s commentary comes at a time when the cryptocurrency market is facing significant volatility. Recent market sell-offs, driven by recession worries, caused a decline in cryptocurrency values. Bitcoin, for instance, dropped to $49,050 at one point, marking its first dip below $50,000 since February, after having traded around $70,000 just a week prior.

This downturn reflects a larger market trend that began last week, following a disappointing jobs report for July, which heightened investor fears regarding a recession. Since Saturday, Bitcoin has lost over 18% of its value.

Other cryptocurrencies also experienced substantial losses. Another notable asset fell 17% to $2,259, marking a three-day loss of 24% that erased its gains for 2024. In addition, stocks in Japan entered a bear market on Monday as they dropped over 12% in a single day, representing the largest decline since 1987.

Cramer’s tweet prompted various reactions from the cryptocurrency community, especially given his history of skepticism towards digital assets. Typically, many take his predictions lightly since they often turn out to be off the mark. Comments under Cramer’s post reflected a mix of opinions, with some seeing his remarks as a sign that the crypto market may be nearing a bottom, suggesting that the worst of the downturn might be over.

Others viewed it as a contrarian indicator, believing that skepticism from mainstream financial commentators could signal a buying opportunity. Thus, Cramer’s latest remarks were perceived by some as a potential turning point for the market.