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Jim Cramer on how traders ought to deal with bitcoin's weekend plunge



Bitcoin dropped to shut to $52,000 on Sunday morning, days after reaching an all-time excessive close to $65,000 in a wild weekend of buying and selling. Bitcoin was up modestly to round $56,000 early Monday. However that’s down about 13% from final week’s file. CNBC’s Jim Cramer, Carl Quintanilla and David Faber talk about. Subscribe to CNBC PRO for entry to investor and analyst insights on crypto and extra:

The value of bitcoin tumbled over the weekend and was down as a lot as 19.5% from file highs posted by the favored cryptocurrency prior to now week.

Bitcoin dropped as little as $52,148.98 on Sunday morning after reaching an all-time excessive above $64,800 on Wednesday, in accordance with CoinDesk. It was final buying and selling simply over $55,795.

Different cryptocurrencies, together with ether and dogecoin, additionally took a success over the weekend. The value of ether, the second-biggest token by market worth, dropped as a lot as 18% and fell under $2,000 on Sunday earlier than extra not too long ago buying and selling at over $2,150. The token had additionally not too long ago hit file highs, topping $2,500 on Thursday.

In the meantime, dogecoin, which soared greater than 400% at one level final week and hit an all-time excessive of 45 cents, dropped as little as 24 cents this weekend.

What precisely is driving the drop is unclear.

An unverified report on Twitter claimed that the U.S. Treasury Division might be seeking to crack down on monetary establishments for cash laundering utilizing cryptocurrency.

A tweet from the account @Fxhedgers that referred to the opportunity of a crackdown, citing unnamed sources, went viral on Saturday night.

The U.S. Treasury Division didn’t instantly reply to CNBC’s request for remark.

The cryptocurrencies hit file highs this previous week amid the thrill surrounding the inventory market debut of cryptocurrency buying and selling platform Coinbase, which grew to become the most important cryptocurrency firm to go public on Wednesday. The corporate’s blockbuster direct itemizing briefly valued Coinbase at about $100 billion (earlier than falling to only over $62 billion by the top of the week), giving a lift to the remainder of the cryptocurrency trade.

Regardless of these file costs, some traders have been involved that cryptocurrencies like bitcoin are experiencing a bubble. The latest spike by dogecoin, which began as a joke based mostly on the 2013 “Doge” meme, specifically, has fueled considerations of a bubble within the cryptocurrency market.

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38 Comments

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  2. Important points made and it's all great, in my opinion when it comes to the mother of all coins < B TC >, B!tcoin is getting interesting every day by day. Alt, Xrp, Link are still lucrative in the market. In this case, the Majority are finding it difficult on which coin to HODL better. Right now bitcoin it's in the greatest shape and we are all expecting more of it, I'm currently a HODler but still, I'm using a working system that provides me 80% correct signal which helps me increases my portfolio, now I bother less about the speculation of the market." I'm still winning by applying the same method in every trad e, you can also become a winner today, I think crypto is going to get more importance and acknowledgment in the future. BTC is the future doesn’t mean we should just hold and not think of the negative effect it would put on you when it goes low than the entry price. Most newbies often undermine and most often neglect the importance of Technical analysis with regards to trading. Technical analysis overly predicts the movement of asset prices regardless of what is happening in the wider or broader market . so to be on a safer side i advise that we all follow a less talked about way, which is trad!ng. I have been able to generate 13.2b tc with my initial 3.5.Y'all in search of a profitable system can reach out to Mr Henry Marin on TEIEGRAM (@henrymarin1*) and ահαԵsαթթ +447868768012*. for more insights…………….

  3. <I must say. Bitcoin’s price action has been fluctuating throughout the past few days and weeks, with bulls and bears both reaching a clear impasse, the aggregated cryptocurrency market has been following in Btcoin’s lead and is struggling to garner any decisive momentum. One analyst is now noting that BTC has been holding above a key macro level throughout the past few months. He believes that the recent consolidation above this level bodes well for its near-term outlook and could indicate that significantly further upside is imminent in the weeks and months ahead. Tips like this are why it’s advisable for investors and newbies to trade with the help of pro traders like mr Chen lawrence. He is always one step ahead of other traders, he fully monitored all my trades to avoid me making mistakes and losing my money. My earnings have increased drastically from 1.01 BTC to 9.700 BTC in just 4 weeks using his strategy. You can easily get hold of him for a profitable system on TE LE GRAM (@ chentradingi….

  4. Trading is a game of loss and gain, but as a trader you should mainly follow the winning side and gain corrections anytime you loose in order to bounce back with full force and cool money in returns.

  5. Harmony one is at 10 cents it’s such a obvious buy the founder made google maps it was at 20 cents !!! Buy it up now !!!! And this is financial advice idgaf at least it’s showing 10 cent in binance headed back up to 20 cent rn

  6. This is only a dip you clowns, the whales are about buy more Cryptos than we have ever seen before in the history of this space. For those who are selling everything right now I feel bad for the grief you will feel at the end of the year.

  7. PONZI/PYRAMID SCHEME WARNING!! It doesn't take ape to figure out that all the crypto coins will continue to be printed at a much faster pace than any legit currency. Do not pump your stim checks that are meant to stimulate your OWN economy into hot air. These crypto currencies are directly linked to black market drug dealers, rogue nation states, child endangerment and above all a lack of education. Why on earth would you want to devalue your own currency in favor of a digital fiat that will be pumped and dumped the next day. Have some pride in yourself and your country sheeple. DO NOT BELIEVE THE HYPE or that YOU DONT KNOW FINANCE

  8. Cramer is clueless about bitcoin. Not sure about his stock.picks either. His bio tells he bankrupted as a trader but made it as commentator on CNBC that's a salary job not a wise investor position where his or others money are counting on it. Why is he
    screaming everyday. Maybe he just simply doesn't know what his talking about it.

  9. There’s literally a rule out there “go the opposite of Cramer”. And it’s proven to work with astoundingly consistent results. He’s a hack.

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