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Did Jim Cramer Give The Bull Signal For Crypto? 🤯
Jim Cramer talks Crypto and NFTs, Voyager Bankruptcy, and Biden Bitcoin Mining Report
Yesterday, CNBC’s Jim Cramer went on a very bearish rant about Crypto and NFTs. As we’ve seen historically this has been contrarian signal. Essentially you want to do the opposite of what Jim Cramer says as he represents the mainstream media which is information for the masses not the educated/well researched investors. Here is what he had to say:
Now, does this mean the crypto market is about to pump to new all time highs? of course not, but it could be a signal a reversal is coming soon and this aligns with the potential reversal by the Fed with the upcoming midterm elections. We are still in a bear market and could see a small pump similar to what followed the 2017 bull market with a pump in 2019.
I still believe there is more pain ahead before we see a move upwards. We could also potentially see a pump then a dump into lower prices. Be prepared for different scenarios. Personally, I’m Dollar Cost Averaging right now with set price targets. I’m a long term holder and I’m prepared to not see a return on my investment for the next 2 years.
Voyager has filed for chapter 11 bankruptcy. Late Tuesday, Voyager Digital went on to file Chapter 11 bankruptcy in the Southern District of New York. All of its business entities, Voyager Digital Holdings, Voyager Digital LLC as well as Voyager Digital, Ltd. were part of the filling.
The Biden administration will be releasing a Bitcoin Mining report in a few weeks. Let’s hope there are not harsh regulations that come from this.