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Elon Musk’s Crypto Power

Jim Cramer says “Elon Musk has too much Crypto Power”

Cramer is not very happy with how much power Elon has in the crypto industry.

Jim Cramer didn’t like Elon Musk’s Crypto Power

His approach comes from recent events where Musk was purported to have caused the backtracking of Bitcoin’s price. The largest cryptocurrency trades for a new ATH of around $64,000 in the month of April. But Bitcoin now trades for just $43,000 per unit, sporting a loss of over $20,000 as of now.

A lot of people are blaming Musk’s recent decision to halt bitcoin payments for all Tesla goods and services. Formerly, Elon claimed that his company was the first major institution to allow Bitcoin payments for different products. However, he took back that decision because of fears about the mining process, which he states can harm the environment.

elon's crypto power

After that announcement, Bitcoin fell into the $40,000 range, and then underwent another major drop after Elon Musk hinted that he could be looking into selling his personal bitcoin stash. Cramer thinks that this is the last straw.

The host of “Mad Money” refers to Musk’s statements as “comical” in an interview, and it disturbs him that only one man could hold a lot of influence where the world of crypto evolves.

“A lot of people hang on Musk’s every word. I felt from the beginning when he was on ‘SNL’ with Dogecoin that people have to understand… this is a dice roll.”

Jim Cramer

Still, Bitcoin’s price is down at the moment, and a lot of analysts claim that things can probably get worse before getting better. Now, many investors are betting that BTC’s price can fall to $30,000 in the next few weeks, making this a bigger downpour.

Will the crypto market get better?

Pankaj Balani, the chief executive officer of Delta, mentioned in a statement where the currency will likely to end up:

“Yesterday, we saw a lot of volume in the $40,000 puts. In the previous dips, we had seen that the sentiment had not changed as much. This time around, we are seeing change of sentiment. We are not seeing any signs of bottom fishing. Consensus seems to be that it has fallen quite sharply, and it can fall a little more. So, $35,000 to $38,000 is the zone where most traders are looking at.”

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