In the wake of the recent launch of 11 SEC-approved spot Bitcoin ETFs, the cryptocurrency market has witnessed significant volatility, particularly concerning Bitcoin’s value.
As of 12:15 p.m. UTC on 23 January 2024, Bitcoin is trading at approximately $38,788, marking a 4.88% decline over the past 24 hours. This downturn follows a peak of $48,733 on 11 January, indicating a 20.40% correction since the spot ETFs’ introduction in the U.S.
CNBC’s Jim Cramer highlighted the struggle of Bitcoin to maintain its $40,000 level.
Former hedge fund manager Jim Cramer is the host of the CNBC show “Mad Money w/ Jim Cramer. “ He is also a co-anchor of CNBC’s “Squawk on the Street, “as well as a co-founder of financial news website TheStreet. His career in finance includes managing his own hedge fund and several years at Goldman Sachs. Cramer’s approach to investing and his energetic TV persona have made him a notable figure in financial media.
On 22 January 2024, as Bitcoin struggled to maintain its position above the $40,000 mark, Cramer commented on BTC’s recent price correction.
Well, earlier today, Cramer doubled down on his thesis, anticipating a strong but ultimately unsuccessful effort to uphold this price point, citing a lack of sufficient capital inflow. His perspective introduces a new narrative: “Number Go Down,” reflecting a bearish outlook on Bitcoin’s immediate future.
Contrasting Cramer’s view, CryptoDan, a prominent crypto influencer, emphasized the historical significance of the SEC’s approval of spot Bitcoin ETFs. He views this development as a paradigm shift in U.S. finance, expressing hope for similar advancements in Australia. His stance suggests a more optimistic long-term view of the market’s evolution.
Alex Becker, a crypto advisor and investor, shared his insights, arguing that the Bitcoin ETF is not a typical “sell the news” event. He believes that current sellers may regret their decision in the next 6 to 12 months, predicting even the $49,000 price point will seem like a bargain in hindsight. Becker’s comments imply confidence in Bitcoin’s long-term value, advising against selling unless one is a trader.
Adam Back, CEO of Blockstream, offered a different angle, urging not to blame the spot Bitcoin ETFs for the recent price dip. He highlighted the substantial buying support from these ETFs, equating their impact to a 30x effect of Bitcoin’s halving event. Back’s analysis suggests that the current price movements are more a result of “weak hands” in the market, rather than a lack of support from ETF investors.
Peter Schiff, known for his critical views on cryptocurrencies, commented on the media’s coverage of Bitcoin’s price movements. He expressed surprise at the orderly nature of Bitcoin’s decline, despite its significant drop below the $40,000 mark.
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