.jimcramer remains bearish on Bitcoin
He also called Bitcoin a"strange animal," and stated that he believed it was being manipulated by Cindy Bank, a reference to the popular belief that large institutions and wealthy investors may be manipulating the cryptocurrency market.Finally, Cramer offered his advice to anyone who may be invested in Bitcoin during this rally."I would sell my Bitcoin right into this rally," he said."Believe me, I had not been a believer one time in Bitcoin, not here, not now.
Bitcoin's value spiked to nearly $25,000 with a 20% increase since Friday's lows. This sudden rise was due to the assurance of US authorities that deposits at failed Silicon Valley and Signature banks would be protected, which led to a rally of crypto-related companies along with major cryptocurrencies. However, the collapse of these banks is expected to result in a significant slowdown of rate hikes by the Fed, with no more rate hikes now considered the most likely scenario.
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