As of Monday morning, Bitcoin was at an 18-month low, losing 13.44 percent in the past 24 hours, leading to CNBC’s Jim Cramer sounding the alarm as the cryptocurrency market is crashing.
Other cryptocurrencies such as Ethereum, BNB, and Dogecoin, have lost 15.35 percent, 12.68 percent, and 15.65 percent, respectively, according to CoinMarketCap.
Cramer was asked whether he was concerned about the downward trend, to which the CNBC host replied, “there should be a lot of fear.”
“Well, I think that there should be a lot of fear, realize that the crypto situation is — this is crypto Monday,” Cramer said. “I think people are just frantically trying to get out of crypto, and, I don’t know, it’s happening very quickly. It’s really happening quickly, wow.”
Finally, Cramer replied to a question regarding whether his views on selling or buying crypto have changed due to the recent changes in the market.
“Well, I think a lot of places are trying to figure out whether how exposed they are, and I think that this is kind of day one of the reckoning,” said Cramer.
“So I think, Andrew, yeah, I think that people are going to freak out. I mean, look, there’s a lot of schadenfreude, saying, you know, I got out, but then there are a lot of people who’ve come on air who have just proselytize and proselytize, and they feel like the rainmaker.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
