The recent resurgence of the crypto markets has left Jim Cramer, an American media personality, confused. The media personality earlier predicted that the market would continue to sink.
Cramer Blames Manipulation For Recent Market Gains
There have been indications in the past month that the crypto market is beginning to recover from the downturn of the previous year. Since 2023 began, BTC’s price has increased by about 30% from $17K to $21K.
ETH had witnessed a price hike of 30% as well. In addition, the total market cap has crossed $1 trillion after dropping last year.
Instead of acknowledging the recent gains in the crypto market, the crypto skeptic argued that market manipulation led to the gains. Following the FTX collapse, which affected the entire crypto market, Cramer has made a few controversial statements regarding the crypto market.
One of the most notable instances was his comment about Sam Bankman-Fried. As the FTX saga unfolded, the media personality argued that those who had invested in cryptocurrency because of Bankman-Fried were foolish.
Meanwhile, Cramer was part of those who were singing the former billionaire’s praises before the crisis. He even called Bankman-Fried “the new J.P. Morgan” in a tweet on June 22nd, 2022.
Like most individuals, Cramer also believed that the crypto market crisis would cause an extensive crackdown from government officials, who would initiate a “sweep” operation.
This is one of his many predictions that is gradually becoming a reality. According to Cramer, this sweep had already begun on January 12th with the crisis involving Gemini and Genesis, which he referred to as “a fantastic short squeeze rally.”
The Inverse Cramer Concept
However, the analyst’s predictions about cryptocurrency firms were completely false. Recently, Cramer argued that the Securities and Exchange Commission (SEC) would not approve Binance’s acquisition of Voyager’s assets.
He said the securities regulator is afraid Binance would turn out trickier than expected. Fortunately for Binance.US, a US bankruptcy court has greenlighted its Voyager Asset acquisition proposal worth over $1 billion.
Meanwhile, it is widely known that most of Cramer’s comments don’t come to pass. As a result, investors have gone as far as to create Inverse Cramer indicators.
Last year, users named a pair of exchange-traded funds after the media personality. One fund, called “Cramer’s Picks,” will follow his advice, while the other, called the “Inverse Cramer” fund, will do the exact opposite.
Furthermore, the Inverse Cramer idea has even made its way onto social media, with a page dedicated to highlighting Cramer’s consistent errors and mistakes.
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