Is It Time To Sell Bitcoin? The CNBC host says BTC is being manipulated up as it nears $30,000
- Jim Cramer, the host of CNBC’s Mad Money, believes that Bitcoin’s recent price increase is the result of continuous market manipulation.
- Claiming that Sam Bankman-Fried is engineering Bitcoin’s price pump, Cramer went on to suggest that holders are selling their Bitcoins right into the current price rally.
The past week has not been easy for cryptocurrency investors and traders alike, as ongoing market events took off at a time when Bitcoin and all cryptocurrencies were nursing a bearish attack. Onlookers have been curious to know what key players think about the current situation and how it might affect the top cryptocurrency Bitcoin.
In response to this question, a CNBC host has provided feedback on what he thinks is happening in the Bitcoin market. Jim Cramer, host of CNBC’s Mad Money, gave this feedback in response to the question of whether the current issues troubling the traditional market make an investment case for Bitcoin.
Dissenting, Cramer went on to acknowledge that the price of the leading cryptocurrency rose today and as such Bitcoin cannot be held in banks. He went on to say that the price of the asset is being manipulated upwards and that the manipulation is engineered by Sam Bankman-Fried.
Jim Cramer believes this is the best time to sell Bitcoin
As for holding Bitcoin at this point, Cramer suggests that selling Bitcoin right into the current rally is a move he would make.
While there is no telling if he himself has the asset at this point, with his bearish stance on Bitcoin, it is likely that there is little or no Bitcoin in his possession. he said in response to the question.
No. Bitcoin went up today and I can argue that now it cannot be held in banks. Bitcoin is a strange animal, I would say. Quite simply, I think it is being manipulated. It was manipulated all along by Sam Bankman-Fried. So please don’t assume it’s still not being manipulated. And I would sell my bitcoin right into this rally.
Sam Bankman-Fried was the CEO and co-founder of the now bankrupt cryptocurrency exchange FTX. The founder has been a topic of conversation in the cryptocurrency industry since the FTX controversy began to build. Fried was arrested back in January, following criminal charges filed by US prosecutors. He is currently awaiting trial, which was scheduled for October 2.
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This is not the first time Jim Cramer has warned crypto holders to sell their positions in the market. Back in December 2022, he predicted that the market would collapse in 2023 and advised investors to make a quick exit, reiterating that it was “never too late to sell a terrible position.” Cramer also predicted that assets such as Dogecoin, Cardano, Polygon and XRP will crumble to zero.
Meanwhile, Bitcoin has made a remarkable price rally, with the asset breaching the $26,000 price mark, as the US inflation rate comes in at 6%.
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