Market Overview

Jim Cramer Says He'll Buy More Bitcoin When It's Under $20,000, Calls Market 'Erratic'

Jim Cramer Says He'll Buy More Bitcoin When It's Under $20,000, Calls Market 'Erratic'

CNBC’s host and a co-founder of Jim Cramer has said when Bitcoin (BTC) goes under $20,000, he’s a “buyer again.”

What Happened: Cramer said he would buy bitcoin again when it goes under $20,000. He mentioned he tried to trade over the weekend and said it was “really hard to do,” despite having “many resources on this,” in an interview today.

“People have to realize that this is a market not like any market you’ve ever seen. We don’t know who’s buying, we don’t know who’s selling, we don’t know what’s going on.”

Cramer called the crypto market “no different from an entirely erratic stock, except for it trades 24/7.”

CNBC’s host also mentioned that he was about to speak to Jeffrey Sprecher, the CEO of Intercontinental Exchange Inc (NYSE: ICE), whose company is “offloading a big portion of their crypto business, basically creating a Coinbase for points in crypto.” He expressed his hope this move would bring liquidity to the market because “we don’t have it.”

Why It Matters: The crypto market has had $200 billion wiped out in the last 24 hours after hitting $1 trillion on Jan. 6. It has regained some positions since and is currently at $956,6 billion.

Bitcoin, which hit a record $41,000 three days ago, fell as low as $30,450 today and was traded at $35104.83 at press time.


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