CNBC’s “Mad Money” host Jim Cramer expressed his concerns about Bitcoin reaching what he believes could be a market peak.
The outspoken financial expert shared his view following a dramatic swing in Bitcoin’s price, which saw the digital currency plummet to $58,000 after hitting a record high of over $69,000.
Despite the sudden drop, Bitcoin showed resilience, climbing back to the $66,000 mark.
A tumultuous market reaction
Bitcoin volatility has once again come to the fore as the currency has suffered a sharp decline following its rise to unprecedented levels.
The fluctuation was significant enough to prompt Cramer to pursue X, sharing a post that has since attracted the attention of investors and enthusiasts alike.
Cramer posted an image of a small dog wrapped in cloth and included a caption in which the dog, presumably named Pip, claims to have purchased Bitcoin at a price of $69,210.
In his post, Cramer took aim at Michael Saylor, a well-known Bitcoin enthusiast and co-founder of MicroStrategy, a company that holds a significant amount of Bitcoin in its coffers.
The term “stop me out” typically refers to the practice of setting a stop order on an investment where the position is sold when it reaches a certain price to avoid further losses. In this context, it appears to be used in a humorous way to suggest that the dog, as an investor, is looking to Saylor to potentially provide some sort of market intervention or bailout if the price of Bitcoin falls below the purchase price.
Peter Schiff’s celebration
At the same time, famous gold advocate and cryptocurrency skeptic Peter Schiff did not miss an opportunity to comment on Bitcoin’s recent price action.
Schiff’s critics pointed to the dramatic intraday drop of nearly $10,000 (a 14.5% drop).
Today #Bitcoin reached a new record of over $69,200. About four hours later the price collapsed to $59,300. That’s nearly $10,000 per Bitcoin, for an intraday drop of a staggering 14.5%. Nothing this volatile can be described as a safe haven or store of value!
— Peter Schiff (@PeterSchiff) March 5, 2024
His comments reignited the ongoing debate over whether Bitcoin is a safe haven or a stable store of value, especially given its recent price behavior.
The recent price has led to a notable shift in investor sentiment, as evidenced by the Bitcoin Fear and Greed Index, which fell to 75 from a peak of 90, all in the span of one day.
The sizeable price movements also led to significant market liquidations, with totals reaching over a billion dollars in a 24-hour period, affecting both long and short positions.
