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It certainly appears that the crypto market is going as far down as possible, therefore it might be safe to say that the so-called “crypto winter” is upon us.
CNBC’s Jim Cramer may have just revealed what he thinks is the popular belief amongst tech executives in Silicon Valley. The “Mad Money” host says he got the idea from speaking to a number of the so-called executives. This was during a San Francisco trip he made sometime last week. Cramer also added that the popular belief is that Bitcoin, just like every other scam, may have successfully dispossessed unsuspecting investors of an unbelievable amount of money.
While Cramer revealed about 15 other discoveries from his week in San Francisco, his takes on Bitcoin have been singled out and heavily criticised.
As Bitcoin Plunges Even Further
On Monday, Bitcoin went way under, with its price plunging even below the $23,000 level. And this meant an over 66% fall from its record high of last November. But Bitcoin’s fall is simply a smaller representation of what is presently going on in the wider crypto market.
To put things into perspective, the entire crypto market as of Monday now has a total market capitalization of below $1 trillion. But that was still above $3 trillion last November.
Not minding the current situation, however, the world’s leading cryptocurrency is certainly no stranger to bear markets and so-called crypto winters. In fact, on so many occasions, Bitcoin has recovered back to previous records and even surpassed them. However, just as Cramer tweeted:
“Crypto need the big crypto lovers to buy and stabilize.”
But the question remains, whether or not the big crypto players are ready to come into the crypto market mix. At least, to stop the bleeding. They have done so, many times in the past though.
Crypto Community Mocks Cramer’s Takes
Meanwhile, a lot of individuals and well-known crypto enthusiasts are not having any of Cramer’s takes on Bitcoin. Recall that last year, Cramer only said positive things about crypto in general. However, seeing what the market currently looks like, it might be understandable why anyone would feel the need to shift the goal post.
Dogecoin co-creator Billy Markus minced no words and wrote a comment to Cramer saying, “Jim ya gotta shut up sometimes.”
Kevin Leu of Xend Finance also denied Cramer’s comments about tech executives from San Francisco. He wrote in part:
“As someone who lives in SF, and knows many ‘traditional’ tech execs and VCs, I don’t know any who say crypto is a con…”
Meanwhile, despite all the criticisms from Twitter, it certainly does seem that the crypto market is going as far down as possible. And that’s what “crypto winter” is all about. According to CoinMarketCap data, the combined market capitalization of all cryptocurrencies has now dipped to $948 billion at press time.