U.S. TV personality and CNBC’s Mad Money host Jim Cramer has reportedly sold most of his bitcoin holdings following China’s crackdown on crypto miners in the province of Sichuan.
In an interview on CNBC’s Squawk Box on Monday, Cramer said there existed structural issues with bitcoin and its price was ultimately looking at further downside.
Cramer cited three concerns including doubts about the integrity of stablecoin issuer Tether and its link to the crypto markets, China’s mining crackdown, and those outside Colonial Pipeline paying bitcoin to relieve ransomware attacks.
“$30,000 intraday, look out, gotta hold. Maybe the buy point,” said Cramer referring to bitcoin’s psychological region of support. “I’m not going there, sold almost all of my bitcoin. Don’t need it.”
The price of the world’s largest cryptocurrency by market cap fell more than 11% on Monday following news China’s central bank told the country’s major financial institutions to stop facilitating virtual-currency transactions.
Bitcoin was last seen changing hands for around $32,919, down 5.6% over a 24-hour period and around 50% from its all-time high of $64,829 on April 14, according to CoinDesk 20 data.
Source: Coindesk
