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.”
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.
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