Jim Cramer, a famous financial commentator, continues to attract attention with his statements and shares. Now he has made an interesting tweet about the Nasdaq, which has a high correlation with Bitcoin recently. What should be understood from Cramer’s message, which was ridiculed from time to time for his wrong predictions?
Cramer: Shorten this Nasdaq and invite me to your funeral!
Jim Cramer, a well-known financial commentator, made an interesting debut in a tweet today, saying, “Short this Nasdaq and invite me to your funeral.” Cramer’s post sparked a wave of backlash from the community.
By the way, it is worth noting that Jim Cramer has a reputation for incorrect predictions. This leads many to take a view that goes against the advice not to bet against the tech-heavy stock market index. The correlation between Bitcoin and the Nasdaq is an important context to consider when interpreting Cramer’s tweet.
In the financial landscape, Bitcoin and Nasdaq stocks often danced to the same tune, their prices swinging in harmony as investor sentiment, global economic trends and technological developments pulled the strings, experts say. This complex choreography between the flagship cryptocurrency and the tech-heavy stock index has sparked a growing bond between the two, causing some to question Bitcoin’s role as ‘digital gold’ and wonder if it is more of a speculative asset than a fixed store of value. .
The duet with the Nasdaq seems to have gained momentum as institutional investors embraced the ‘inflation hedge’ narrative after the US Federal Reserve’s strong monetary performance. However, the correlation between the two is not always flawless. There are also moments when they each part ways, moving to the rhythm of their own market forces.
Cramer is skeptical of Bitcoin (BTC)’s rally
cryptocoin.comAs you follow, the host of CNBC’s Mad Money is very skeptical of Bitcoin’s latest rally. In line with this, he recently encouraged investors to sell the flagship cryptocurrency and expressed concerns about the decentralized nature of the cryptocurrency and its potential manipulation by large institutions and wealthy investors.
Bitcoin’s value soared to around $25,000 after US authorities assured deposits at failed banks such as Silicon Valley Bank (SVB) and Signature Bank would be protected. At press time, Bitcoin was trading at $24,871, up 1.61% on a daily basis. In addition, the leading cryptocurrency gained more than 22% on a weekly basis.
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