CNBC's Jim Cramer Says Bitcoin ‘Is Losing Its Spark' And ‘Sun May Be Setting' On Crypto

As it falls below $6,000 dollars, Bitcoin (BTC) “may be losing its magic,” according to CNBC's Jim Cramer.

“I think the tide has turned against it” Cramer said Tuesday on CNBC's Squawk on the Street.

“I'm not saying his time has passed, but there's a notion that the sun seems to be setting”.

On Tuesday, Bitcoin reached its lowest level of the year, trading at around $6,036 dollars. Since the cryptocurrency reached its all time high of nearly $20,000 dollars back in December 2017, the currency's rise has certainly been fading.

At the same time, Cramer warned investors not to invest in Nvidia, which manufactures chips used for cryptocurrency mining, with bitcoin.

“It's not a play about crypto. I think crypto's going to be very bad for [Nvidia] this quarter but they immunized against that.”

Cramer said.

In a recent interview between Cramer and Udi Mokady, president and CEO of CyberArk, Mokady commented on some of the misuses of cryptocurrency.

To which Cramer replied, “This thing has really become like an outlaw currency”.

Clearly, virtual currencies are not in their best moment. What is important to mention is that in the long term, most of the experts remain bullish, similar to what happened in the past with Bitcoin and other cryptos such as Litecoin (LTC).

In the last 24 hours, the total capitalization of the cryptocurrency market has fallen by $19 billion, according to CoinMarketCap. Other altcoins such as Ethereum (ETH) and XRP have fallen by about 65 percent and 89 percent, while Bitcoin has lost almost half its value this year.

Here is the full video:

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first...

KuCoin Hack Update: 11 Crypto Projects Freeze the Stolen Tokens

Over the weekend, KuCoin lost about $275 million in BTC, XRP, BSV, XLM, TRX, stablecoins, ETH, and other ERC-20 tokens in a security breach....

Bitcoin Re-Entering the ‘Intense Historical Trading' Area Following a Strong Uptrend

Bitcoin is back at near $11,000. The leading digital currency has been making its way upwards since the mid of last week. Today, to mark...

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network. 2317 BTC was minted on Sept....

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today