- Jim Cramer said that the crypto market correction won’t stop at $1 trillion while calling NFTs awful.
- Considering many of his past failed calls, crypto enthusiasts mocked the prediction, calling it the most bullish signal for the market.
Jim Cramer, the host of CNBC’s Mad Money TV show, shared his opinion about the current state of the crypto market. Commenting on the recent turmoil, Cramers said that there’s no real value in the crypto market.
While speaking to CNBC’s Squawk Box on Tuesday, July 5, Cramer said:
Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there. What an awful asset. NFTs sold to you. Made up.
Cramer’s comments followed a steep correction over the last eight months in the crypto space. The broader crypto market has corrected more than 66 percent since November 2021. On the other hand, Bitcoin has corrected 70 percent since its all-time high.
This year of 2022 has been quite brutal so far for Bitcoin and the broader crypto space. While the S&P 500 corrected 19 percent since the beginning of 2022, BTC has corrected at three times the speed dropping over 57 percent.
Related: Coinbase attributes two-thirds of the crypto market correction to global macro factors
Apart from the mainstream crypto market, Cramer also lashed out at non-fungible tokens (NFTs) by calling them awful. After the mega bull run of 2021, the NFT market has been on a sharp decline with trading volumes drying up pretty fast.
Similarly, over the last two months, several DeFi players have bled through the nose. Several of them have also announced insolvencies following the market turmoil.
Crypto community takes a jibe at Cramer
Cramer’s recent commentary on the state of crypto has been for the crypto community. Two months back, Cramer was ultra bullish about the crypto space. When the ETH price tanked under $3,000, Cramer also shared his bullish view stating that it could easily gain 35-40 percent from the current levels.
Now, anyone who would have invested in ETH on Cramer’s advice at that point would have lost more than 60 percent so far. Last year, Cramer also said that investors should prefer Ethereum over Bitcoin. Before shilling for ETH, Cramer was bullish on Bitcoin.
During the 2021 bull peak, Cramer said that investors should allocate at least 5 percent of their portfolio to Bitcoin. The BTC price has already corrected more than 70 percent from then. Cramer’s calls seem to come at the wrong time. Following his calls, markets have usually reacted completely opposite. Earlier this year, Cramer gave a bullish view on Netflix (NASDAQ: NFLX) following which, the stock tanked severely.
Following his recent comments about crypto, people started mocking that this is a bullish signal for the crypto space.
I’m sorry @jimcramer but I have to agree that your comment is the most bullish sign Crypto has had in weeks. https://t.co/iKT8his8wr
— John E Deaton (204.4K Followers Beware Imposters) (@JohnEDeaton1) July 5, 2022
Another Twitter handle @LilMoonLambo said: “Jim Cramer, finally being bearish on crypto makes me feel like we’re about to start the biggest parabolic pump ever.”
Crypto bear market just ended https://t.co/9a7tGjLYiW
— Coffeezilla (@coffeebreak_YT) July 5, 2022
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